Market Overview
The global EV charging cable market size was worth US$ XX Million in 2021 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
A charging cable is used to recharge the batteries of an Electric Vehicle (EV). The cable connects the electric power outlet with the car’s charging cable port. The charging cable cables have stable electrical properties, thermal durability, abrasion resistance and high mechanical strength.
EV charging cables come in two main types, A.C. and D.C. charging cables. The cables can be classified based on their various power ratings, charging cable speeds, construction, etc. They are mainly used for domestic/household charging cable or commercial charging cable stations.
Source: DataM Intelligence Analysis (2022)
Market Dynamics
The demand for EV Charging cable cables is driven by the more comprehensive and ever-growing adoption of electric vehicles as consumers become ever more climate-conscious and the drive to decarbonize transportation gathers pace. The growth of wireless charging will present a key challenge for the growth of this market.
Growing Adoption of Electric Vehicles
Consumers and governments globally are becoming more climate-conscious. A major push is underway to decarbonize transportation to avoid the most severe effects of global warming and man-made climate change. Recently, at the COP26 climate conference in Glasgow in November 2021, many governments have pledged net-zero carbon emission targets for the middle of the century. It is bound to accelerate the adoption of carbon-free mobility solutions such as Electric Vehicles (EV).
The increasing adoption of EVs will significantly boost, particularly in laggard markets such as South America, the Middle East and Africa. The growing adoption of EVs will accentuate the need for EV charging cable infrastructure and accessories such as Charging cable cables. Many leading EV developers, such as Tesla and Ford Motor Company, Mercedes-Benz AG, BMW AG, General Motors, invest significantly in researching and developing new EV charging cable infrastructure and technologies.
Growth of Wireless Charging cable
The car is charged wirelessly from the road surface when static or in motion in a wireless EV charging cable. The wireless EV charging cable system consists of a transmitter coil embedded in the road surface connected to an electric power source. The transmitter coil generates a varying magnetic field picked up by a secondary coil embedded in the EV. The secondary coil converts the magnetic field into electrical energy, thus recharging the EV batteries.
While still in the pilot stage, wireless EV recharging technology is expected to have widespread adoption in the coming years in conjunction with increasing consumer preference for the premium segment, semi-autonomous and autonomous vehicles. The coming of wireless charging cable presents a challenge to the EV charging cable market's growth.
Lack of Standardization
The highly competitive nature of the EV market means a wide variety of electric vehicle models from different manufacturers. Every major EV manufacturer has its proprietary EV charging cable infrastructure and accessories. It has created such a situation that one can find many other charging cable protocols, plug designs and cables within a single market. These systems' wide variety and mutual inoperability prevent consumers from using EVs to their full potential and increase uncertainties among potential EV users. Standardization would be beneficial, not only to consumers but also to equipment manufacturers and charging cable point operators. Currently, world governments have no laws under consideration that mandate standardization in the EV sector. Thus, a lack of standardization represents a key challenge to the growth potential of the EV charging cable market.
COVID-19 Impact Analysis
The EV industry experienced sharp declines in production and sales in 2020 due to the COVID-19 pandemic. Various governments-imposed lockdowns globally to curb the pandemic’s spread and many manufacturers had to suspend operations temporarily. Industrial manufacturing is a highly capital-intensive business and thus, many component manufacturers were facing bankruptcy. Vehicle production resumed in a limited capacity after lifting the lockdowns.
The COVID-19 pandemics’ knock-on effects on the global supply chains have caused shortages of essential components for the EV industry. It has led to long lead times and reduced production rates, even after the complete lifting of pandemic-related restrictions. The pandemic will have a negligible impact on the long-term growth of the EV charging cable market since the demand for EVs remains strong and will continue to grow significantly in the coming years.
Segment Analysis
The EV charging cable market is segmented on charging cable type, cable length, charging cable level, end-user and region.
The global EV charging cable segment is split into commercial and household charging cables based on the end-user. Household charging cable dominates this segment since every EV sold comes with a dedicated charging cable to plug into the household wall socket. The widespread adoption of public charging cable infrastructure has not caught up with the growth in EV sales. Many companies collaborate with local and national governments globally to develop large-scale EV charging cable infrastructure.
Source: DataM Intelligence Analysis (2022)
Geographical Analysis
Asia-Pacific is leading in the global EV charging cable market. The region accounts for the largest market share, primarily due to the presence of China, as it is the biggest EV producer globally. China produced about 4.6 million vehicles from 2010-2020 and accounted for 44% of the EVs sold during the same period.
Source: DataM Intelligence Analysis (2022)
Competitive Landscape
The global EV charging cable market is highly competitive, with global companies active in the sector. Some of the major players contributing to the growth in the segment are LEONI AG, T.E. Connectivity, Coroplast, BESEN Group and Aptiv, Burgg Group, Dyden Corporation, Chengdu Khons Technology Co., Ltd., Phoenix Contact, General Cable Technologies Corporation, EV Teison, Sinbon Electronics. The significant players adopt several growth strategies such as new product launches, acquisitions, joint ventures and collaborations, contributing to global growth in the industry.
LEONI AG
Overview: LEONI AG is a solutions provider for data and energy management in the automotive sector. It was founded in 1917 and headquartered in Nuremberg, Germany. The company has around 100,000 employees in over 30 countries. The company’s customer group mainly comprises passenger and commercial vehicle manufacturers and automotive component manufacturers.
Product Portfolio
- LEONI EVC 3057 is a 3-Phase A.C. charging cable for domestic and commercial use rated to a maximum of 32A and 750V. It is certified to European VDE EN 50620 standards.
Key Developments: On 30th April 2019, the company unveiled its new generation of EV Charging cable cables called LEONI Hivocar at the Hybrid & Mobility Expo in Stuttgart, Germany. The new cables are more efficient than the previous generation and have significant thermal durability and electrical stability.
Why Purchase the Report?
- Visualize the composition of the EV charging cable market segmentation by charging cable type, cable length, charging cable level, end-user and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the EV charging cable market by analyzing trends and co-development deals.
- Excel data sheet with thousands of EV charging cable market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global charging cable market report would provide access to an approx.: 70 market data tables, 70 figures and 180 pages.
Target Audience
- EV and EV component manufacturers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Utility Companies
Report suggestion:
- Electric Vehicles Market
- Electric Vehicle Charging Cable Station Market
- EV Battery Market