Global EV Charging Cable Market Insights Forecasts to 2033

• The Global EV Charging Cable Market Size was Valued at USD 1.28 Billion in 2023
• The Market Size is Growing at a CAGR of 17.15% from 2023 to 2033
• The Worldwide EV Charging Cable Market Size is Expected to Reach USD 6.23 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global EV Charging Cable Market Size is Anticipated to Exceed USD 6.23 Billion by 2033, Growing at a CAGR of 17.15% from 2023 to 2033.

Market Overview

Electric vehicle (EV) charging cables are devices that deliver power from charging stations to electric or hybrid automobiles. They are made up of conductive materials like copper or aluminum that are enclosed in durable insulation materials like rubber or plastic. EV charging cables are widely utilized in a variety of settings, including home charging, commercial charging stations, public transportation facilities, fleet operations, shopping malls, workplace charging, on-street charging, highway service stations, multi-family housing, and hospitals. They are safe, long-lasting, and highly adaptable solutions that offer energy-efficient charging and compatibility with a variety of vehicle kinds. The global EV charging cable market is expected to expand due to increased EV adoption, rising demand for EV fast-charging connections, and rapid expansion in EV supply systems. In addition, due to its high adaptability and lightweight design, the EV charging cable is incredibly easy to use and convenient. Furthermore, increased EV adoption, rising demand for fast charging connections, and increased government efforts to reduce carbon footprints all help drive the global EV charging cables market.

Report Coverage

This research report categorizes the market for the global EV charging cable market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global EV charging cable market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global EV charging cable market.

Driving Factors

The increasing deployment of charging stations is expected to drive up demand for related components like EV charging cables. Several governments are funding the construction of charging stations and subsidizing EV charging infrastructure. In addition to subsidies, governments are implementing favorable policies for installing EV charging infrastructure. Several governments offer various types of incentives, including low or no registration fees and exemptions from import, purchase, and road taxes. Furthermore, the market is expanding as a result of increased government initiatives and efforts to promote the use of EVs. Countries such as China, the Netherlands, the United States, France, Norway, and Japan have made significant investments in charging infrastructure, which is expected to influence the size of the EV charging cable market. Furthermore, increasing collaboration between government agencies and the private sector to improve the availability and accessibility of charging stations is positively impacting market growth. This multifaceted approach by governments worldwide is a critical driver in the growing market for EV charging cables.

Restraining Factors

The initial investment in establishing a fast-charging system is significantly higher than that of petrol, CNG, or LPG fuel stations. This has been a significant barrier preventing countries around the world from transitioning to EVs on a larger scale. The cost of EV fast charging is high due to higher equipment costs and the need for the fast charger to install a transformer to connect the grid to the charging system. All these factors might hamper the growth of the global EV charging cable market.

Market Segmentation

The global EV charging cable market share is classified into power supply, shape, and application.

• The AC segment is expected to hold the largest share of the global EV charging cable market during the forecast period.   

Based on the power supply, the global EV charging cable market is divided into AC, and DC. Among these, the AC segment is expected to hold the largest share of the global EV charging cable market during the forecast period. Depending on the vehicle and the charging infrastructure, AC (alternative current) charging provides 120 V and a 22-kW charging speed. Household and semi-commercial stations worldwide primarily use AC power supplies. This type of power supply outlet is inexpensive to install and has a low power output. Due to these factors, the AC segment is dominating the global EV charging cable market.

• The coiled segment is expected to grow at the fastest CAGR in the global EV charging cable market during the forecast period.   

Based on the shape, the global EV charging cable market is divided into straight, and coiled. Among these, the coiled segment is expected to grow at the fastest CAGR in the global EV charging cable market during the forecast period. Coiled cables are also known as spiral cables, and because they do not extend over the ground, they are easier to maintain and less likely to cause hazards. As a result, these cables are longer-lasting than straight cables and require less storage space. Also, developments are expected to decrease the price of coiled cables, driving the segment's growth in the global EV charging cable market.

• The public charging segment is expected to grow at the fastest CAGR in the global EV charging cable market during the forecast period.   

Based on the application, the global EV charging cable market is divided into public charging, and private charging. Among these, the public charging segment is expected to grow at the fastest CAGR in the global EV charging cable market during the forecast period. These stations have been built in shopping malls, airports, hotels, commercial parking lots, government offices, taxi stops, and motorways. Charging stations allow consumers to charge an electric motor quickly and at a specific voltage level. Demand for public charging stations is expected to increase over the projection period as the use of electric vehicles grows and EV owners demand lower charging rates.

Regional Segment Analysis of the Global EV Charging Cable Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global EV charging cable market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global EV charging cable market over the predicted timeframe. China, South Korea, and Japan are the primary driving forces behind regional growth. China has the largest electric vehicle charging cable market. The Japanese and Chinese governments anticipated the growth potential of the global EV supply equipment market and thus implemented a variety of policies and initiatives to encourage major market players to manufacture EV charging infrastructure in their home markets. The region's high number of EV charging stations is expected to boost regional market growth over the forecast period.

North America is expected to grow at the fastest pace in the global EV charging cable market during the forecast period. This is due to manufacturers placing a greater emphasis on developing fast, efficient, and high-performing electric vehicles. The expansion of cutting-edge charging infrastructure, as well as the presence of major EV supply equipment manufacturers in the region, are expected to propel the regional market. The North American region is expected to be one of the fastest growing markets for EV charging cables, owing to the high adoption rate of electric vehicles and favorable government regulations and incentives. In the United States, there is a sizable market for electric vehicles and the infrastructure required to support them.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global EV charging cable market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Leoni AG
• Phoenix Contact GmbH & Co. KG
• TE Connectivity Ltd.
• Schneider Electric SE
• Aptiv PLC
• Dyden Corporation
• Cixi City Henghe Yuefeng Electric Cable Factory
• TEK cable
• Sumitomo Electric Industries, Ltd.
• Huber+Suhner AG
• Bals Elektrotechnik GmbH & Co. KG
• Coroplast Fritz Müller GmbH & Co. KG
• Brugg Kabel AG
• Cable Manufacturing & Assembly Co., Inc.
• Jiangsu Ruiyang Cable Co., Ltd.
• Sinbon Electronics Co., Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2023, Leoni AG renamed its Business Group AM to the Automotive Cable Solutions (ACS) Division, emphasizing the importance of automotive cables within the company's cables segment. With ten facilities in seven countries and approximately 3,300 employees, ACS is a major supplier of standard automotive, special, and charging cables.

• In August 2022, Huber+Suhner collaborated with South Korean EV charging system manufacturer SK Signet. As part of this collaboration, both companies will work together to advance and encourage innovation in EV charging infrastructure.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global EV charging cable market based on the below-mentioned segments: 

Global EV Charging Cable Market, By Power Supply

• AC
• DC

Global EV Charging Cable Market, By Shape

• Straight
• Coiled

Global EV Charging Cable Market, By Application

• Public Charging
• Private Charging

Global EV Charging Cable Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa