Surge in adoption of EVs, increase in demand for fast charging cables, and rise in government initiatives for lowering down carbon footprints drive the global electric vehicle charging cable market growth.
Allied Market Research published a report, titled, “Electric Vehicle Charging Cable Market by Power Type (AC charging, DC charging), by Application (Private charging, Public charging), by Cable Length (2 meter to 5 meter, 6 meter to 10 meter, Above 10 meter), by Shape (Straight, Coiled), by Charging Level (Level 1, Level 2, Level 3): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global electric vehicle charging cable industry generated $0.67 billion in 2021, and is estimated to reach $3.45 billion by 2031, manifesting a CAGR of 18.1%· from 2022 to 2031.
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Covid-19 Scenario
- Manufacturing activities of components of electric vehicle charging cable were stopped completely or partially due to lockdown restrictions. Moreover, small tier II and tier III manufacturers faced liquidity issues.
- In addition, the market was dependent on the global supply chains for core technology services. Disruptions in supply chain led to stoppage of manufacturing activities and hindered daily operations.
- The slowdown in demand & production presented a strong ripple effect on the global EV manufacturers and impacted the EV supply chains worldwide.
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The DC charging segment to maintain its lead position during the forecast period
Based on power type, the DC charging segment held the highest market share in 2021, contributing to nearly two-fifths of the global electric vehicle charging cable market, and is expected to maintain its lead position during the forecast period. This is due to increase in R&D efforts toward offering efficient charging infrastructure, consistent flow of current & charging speeds, and a sharp decline in installation price in recent years. However, the AC charging segment is estimated to manifest the largest CAGR of 19.4% from 2022 to 2031, owing to ease in availability of AC charging infrastructure across the globe.
The private charging segment to continue its leadership status throughout the forecast period
Based on application, the private charging segment accounted for the highest market share in 2021, accounting for nearly two-thirds of the global electric vehicle charging cable market, and is expected to continue its leadership status throughout the forecast period. This is due to increase in adoption of electric vehicles across the globe and supportive government initiatives for installing dedicated home charging infrastructure. However, the public charging segment is projected to witness the highest CAGR of 19.0% from 2022 to 2031. This is attributed to continuous government initiatives that support the installation and maintenance of public charging systems across various cities.
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Asia-Pacific to offer lucrative opportunities
Based on region, Asia-Pacific contributed the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global electric vehicle charging cable market, and is expected to maintain its dominance in terms of revenue by 2031. Moreover, this region is projected to portray the fastest CAGR of 19.1% during the forecast period. This is due to increased production and sales of EVs and related components across the globe. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players
- AG Electrical Technology Co
- Aptiv Plc.
- Besen International Group
- Brugg Group
- Chengdu Khons Technology Co., Ltd.
- Coroplast Fritz Müller GmbH & Co. KG
- Dyden Corporation
- EV Cables UK
- Guangdong OMG Transmitting Technology Co., Ltd.
- Leoni AG
- Manlon Polymers
- Phoenix Contact
- Prysmian S.p.A.
- Sinbon Electronics
- TE Connectivity Ltd.
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