Global EV Charging Cable Market Insights
Global EV Charging Cable Market size was valued at USD 670 million in 2021 and is poised to grow from USD 791.87 million in 2022 to USD 3450 million by 2030, growing at a CAGR of 18.1% in the forecast period (2023-2030).
The market is anticipated to grow owing to increasing EV adoption, rising demand for EV fast-charging connections, and rapid growth of EV supply systems. Electric vehicles (EVs) include rechargeable battery packs installed to provide the energy required to power them; these batteries can be charged using public or private station outlets. Battery electric vehicles (BEVs), which are driven solely by electricity, significantly reduce the noise, air pollution, and greenhouse gas emissions associated with driving. As a result, there is a growing need for infrastructure to support electric vehicle charging.
In addition, the market is growing as a result of rising government initiatives and attempts to encourage the use of EVs. Countries like China, the Netherlands, the U.S., France, Norway, and Japan have made large investments in the construction of charging infrastructure, which is also expected to have an impact on size of the the EV recharging cable market. For instance, the installation of a dedicated home charger for an electric car is offered in the U.K. for USD 650.
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Analysis:
Global EV Charging Cable Market Segmental Analysis
Global EV charging cable Market is segmented based on Shape, Power Supply, Charging Level, Application, Length, Mode, Diameter and region. Based on Shape the EV Charging Cable Market is segmented Straight and Coiled. Based on Power Supply the EV Charging Cable Market is segmented into AC charging and DC charging. Based on Charging Level the EV Charging Cable Market is segmented into Level 1, Level 2, and Level 3. Based on Application Private charging and public charging. Based on Length the EV Charging Cable Market is segmented into 2-5 meters, 6-10 meters, >10 meters. Based on Mode the EV Charging Cable Market is segmented into Mode 1 & 2, Mode 3, Mode 4. Based on Diameter the EV Charging Cable Market is segmented into Up to 10mm, 10mm to 20mm, and more than 20mm. Based on region the global EV charging cable Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Shape
The market is segmented into straight and coiled cable based on cable shape. With a market share of over 62.0% in 2021, the straight cable segment was the market leader. This trend is expected to continue during the forecast period. These cables are now used in the majority of public charging stations since they are simple to install, need little maintenance, and are affordable.
The market segment for coiled cable is expected to grow at the highest CAGR of 27.3% during the forecast period. These are also referred to as spiral cables, and also because they don't stretch out over the ground, they are simple to maintain and less likely to cause hazardous situations. As a consequence, these cables are more lasting than straight cables and need less storage space. Also, it is expected that developments would decrease the price of coiled cables, driving the segment's growth over the forecast period.
Analysis by Application
The market can be segmented into applications in both private and public charging. With over 71.0% of the total revenue in 2021, the private charging segment dominated the market, and it is expected that it will continue to hold the lead during the forecast period. The wide use of these electric vehicle charging stations for private charging is critical for growth.
The fastest CAGR of 27.0% is expected for public charging stations during 2022-2030. Shopping malls, airports, hotels, parking lots for commercial properties, offices of the government, taxi stops, and motorways all have these stations built. The charging stations offer the ability to charge an electric motor fast and at a voltage level. Over the projection period, demand for public charging stations is anticipated to rise because of the growing use of electric cars and the growing demand among EV
EV Charging Cable Market Top Player’s Company Profiles
- Phoenix Contact GmbH & Co. KG
- Leoni AG
- Schneider Electric SE
- TE Connectivity Ltd.
- Dyden Corporation
- Aptiv PLC
- Sumitomo Electric Industries, Ltd.
- TEK cable
- Coroplast Fritz Müller GmbH & Co. KG
- Bals Elektrotechnik GmbH & Co. KG
- Brugg Kabel AG
- Jiangsu Ruiyang Cable Co., Ltd.
- Cable Manufacturing & Assembly Co., Inc.
- Sinbon Electronics Co., Ltd.
- Cixi City Henghe Yuefeng Electric Cable Factory
- LAPP Holding AG
- General Cable Technologies Corporation
- Huber+Suhner AG
- Zhejiang Kehong Optoelectronics Co., Ltd.
- Ningbo Qiaopu Electric Co., Ltd.
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