The global electric vehicle charging cables market size is expected to reach USD 1.25 billion by 2027, expanding at a CAGR of 25.4% from 2020 to 2027. The market is expected to be driven by the rising large-scale adoption of electric vehicles (EV), rising demand for quick charging cables, and rapid growth of EV supply equipment around the world. Governments across the world are taking various steps to minimize greenhouse gas emissions, encouraging the use of electric cars, coupled with building new EV charging stations at a rapid pace.
Breakthroughs in the electric vehicle charging technology, such as robotic charging, improved socioeconomic standards, and improved charging facilities, are projected to raise the demand for battery-electric cars, resulting in increased usage of EV charging stations. The recovery from the COVID-19 pandemic is expected to boost the market demand. Following that, an increase in the electric vehicle supply will necessitate further charging facilities, which is expected to boost the demand for electric vehicle charging cables in the coming years.
Electric Vehicle Charging Cables Market Report Highlights
• On the basis of power supply, the AC segment accounted for a market share of 73.3% in 2019. Depending on the car and charging infrastructure requirements, alternate charging provides a 120 V with a charging speed of 22 kW. The AC power supply is mainly found in semi-commercial and residential stations across the world.
• The DC segment is anticipated to exhibit the highest CAGR of 28.0% during the forecast period owing to several advancements in public stations.
• On the basis of cable length, the below 5-meter cable length segment led the market in 2019 with a market share of over 53.0% and is expected to maintain its dominance over the forecast period owing to the global adoption of private electric car charging stations.
• Based on the charging level, the Level 2 segment dominated the market in 2019 and is projected to witness significant growth during the forecast period.
• The public charging station is anticipated to be the fastest-growing application segment over the forecast period. These charging stations have the capability to charge an electric vehicle in less time with high voltage.
• In May 2020, Phoenix Contact received the Good Design award 2019 for its AC charging cables for electric vehicles and charging stations for their sophisticated design.
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Electric Vehicle Charging Cables Market Segmentation
Grand View Research has segmented the global EV charging cables market based on power supply, cable length, charging level, shape, application, and region:
Electric Vehicle Charging Cables Power Supply Outlook (Revenue, USD Million, 2016 – 2027)
• Alternate Charging (AC)
• Direct Charging (DC)
Electric Vehicle Charging Cables Length Outlook (Revenue, USD Million, 2016 – 2027)
• Below 5 meters
• 6 meters to 10 meters
• Above 10 meters
Electric Vehicle Charging Cables Charging Level Outlook (Revenue, USD Million, 2016 – 2027)
• Level 1
• Level 2
• Level 3
Electric Vehicle Charging Cables Shape Outlook (Revenue, USD Million, 2016 – 2027)
• Straight Cable
• Coiled Cable
Electric Vehicle Charging Cables Application Outlook (Revenue, USD Million, 2016 – 2027)
• Private Charging
• Public Charging
Electric Vehicle Charging Cables Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• South Korea
List of Key Players of Electric Vehicle Charging Cables Market
• Leoni AG
• Chengdu Khons Technology Co., Ltd.
• Phoenix Contact
• General Cable Technologies Corporation
• TE Connectivity
• Dyden Corporation
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