CHICAGO, Sept. 18, 2023 /PRNewswire/ -- EV Charging Cable Market is projected to grow from USD 1.3 billion in 2023 to USD 3.9 billion by 2030, registering a CAGR of 16.7%, according to a new report by MarketsandMarkets. The Electric Vehicle (EV) charging cable market is currently undergoing a dynamic transformation driven by the rapid proliferation of electric vehicles. As the global consciousness shifts toward eco-friendly transportation and governments worldwide incentivize electric mobility, the demand for innovative charging solutions has reached unprecedented heights. This flourishing EV market owes its robust growth to a confluence of factors, including environmental awareness, infrastructure investments, and pioneering technological advancements reshaping the charging of electric vehicles. EV Charging cable demand also increases with growing EV adoption and setup of EV charging stations.
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280 - Pages
EV Charging Cable Market Scope:
Report Coverage | Details |
Market Size | USD 3.9 billion by 2030 |
Growth Rate | 16.7% of CAGR |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Diameter, Power Supply, Application, Cable Type, Charging Level, Shape, Jacket Material, Mode, Cable Length, Connector Type |
Geographies Covered | Asia Pacific, Europe, North America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Technological advancements for EV charging cables |
Key Market Drivers | Government policies & subsidies to accelerate setup of EV charging stations |
EV charging with AC power supply to be the largest market during the forecast period
The AC segment is projected to claim the largest share, driven by the widespread adoption of Level 2 AC charging solutions in various regions. AC charging cables are used for charging electric vehicles in households and public places such as residential complexes, parking areas, commercial places, and working premises. AC chargers provide charging through a 120 V AC plug and require a dedicated circuit consisting of AC cables. The structure comprises a household three-prong plug on one end of the cord and a connector on the other end, which plugs into the vehicle. The charging equipment is portable and does not require installation. It is commonly used for home charging and in semi-public and private charging stations. In semi-public charging, AC normal charging stations can be found in workplaces, public parking lots, or shopping centers, and they require payment or membership to access. These charging stations offer a convenient way for EV drivers to top up their battery while carrying out daily activities and promote EV adoption. AC normal charging is often the primary method for private charging, allowing EV owners to charge their vehicles overnight and have a full battery in the morning.
EV charging cables with GB/T connector compatilibty to be the largest market during the forecast period
GB/T is expected to be the largest segment, whereas CCS 1 is expected to be the fastest growing segment during the forecast period. The GB/T DC connector is currently China's only rapid charging standard, with intentions to develop a next-generation connector in collaboration with CHAdeMO to generate 900 kW output power. With over 6.8 million EV sales, China's substantial market share is largely underpinned by GB/T connectors. Meanwhile, the CCS1 standard is expected to exhibit rapid growth, fueled by its continued dominance for non-Tesla EVs and charging networks across North America. With its stronghold in the US and Canada, CCS1 ensures seamless compatibility and interoperability, contributing to its projected ascent as the fastest-growing segment in the EV charging connector arena. The GB/T connector exhibits a two-pin arrangement for alternating (AC) charging and a three-pin configuration for direct (DC) charging. This flexibility enables it to accommodate a variety of charging capacities and power levels. Notably, the GB/T connector caters to AC and DC charging, making it suitable for various EV models. Its robust build and compatibility with varying charging voltages contribute to its widespread adoption. China's steadfast dedication to electric mobility, coupled with its status as a key market for electric vehicles, has propelled the expansion of the GB/T connector. Government backing for EV adoption and incentives for EV manufacturers to adopt the GB/T standard have further elevated its prominence. As China continues to exert a leadership role in the global EV market, the prevalence of the GB/T connector is anticipated to endure, shaping the charging infrastructure landscape not solely within China but also potentially influencing charging standards in neighboring regions.
'Asia Pacific to be the fastest growing market for EV Charging Cables during forecast period'
The Asia Pacific region is expected to be the fastest-growing market for EV charging cables during the forecast period. According to data published by the China Electric Vehicle Charging Infrastructure Promotion Alliance, from January to March period 2023, a total of 632,000 charging piles were added in China. The increasing development of charging stations will, in turn, boost the demand for EV charging cables. Most of the public charging stations in China install straight-shaped EV charging cables as these are easy to manufacture and exert less force compared to coiled-shaped EV charging cables. China has rapidly expanded its charging infrastructure to support the growing electric vehicle fleet. With over 1.76 million charging stations established nationwide, the country showcases its steadfast progress in constructing a comprehensive and accessible charging network that aligns with the principles of sustainable mobility. The State Grid Corporation of China initially dominated the charging station landscape, but the industry has witnessed a surge in private car manufacturers and energy suppliers entering the EV charging sector. The Indian government has shown a strong commitment to enhancing the EV charging infrastructure by declaring plans to set up 137 EV charging stations along National Highways. This initiative, backed by allocated funds, underscores the nation's dedication to promoting sustainable transportation solutions. In tandem, major corporations are making significant contributions to the expansion of charging networks. Tata Power unveiled an ambitious vision to establish 25,000 EV charging points across India within five years, while Shell announced its intent to deploy over 10,000 charging points by 2030. Notably, Ather Energy is expected to deploy 2,500 charging stations nationwide by the end of 2023, and Statiq has set an ambitious goal of installing 20,000 EV charging stations across India within the same timeframe. In Japan, Type 1 plugs are utilized for Level 1 & 2 Charging, and CHAdeMO is the standard for Level 3 Charging. Additionally, the majority of DC fast chargers in the country have imposed power limits. Overall, Japan's strategic initiatives, partnerships, and favorable policies are propelling the growth of the EV charging cable industry, positioning the country as a pivotal player in the global EV industry. South Korea's government policies further fuel the growth of the EV market and align with the burgeoning demand for charging cables. The continuation of the EV subsidy program under the Green Deal, extended support to both passenger and commercial EVs, and ambitious plans to elevate the charger-to-EV ratio to 50% by 2025 all reflect the nation's recognition of the surging demand for efficient and accessible EV charging infrastructure. Hyundai Motors' USD 16.1 billion investment in EV-related incentives serves as a testament to the escalating demand for electric vehicles and the charging infrastructure to support them. With South Korea setting a precedent through its remarkable charging infrastructure and supportive policies, the adoption of the CCS1 charging connector type underscores the nation's progressive approach to advancing electric mobility.
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Key Market Players:
The EV charging cable companies are Leoni AG (Germany), Aptiv (Ireland), TE Connectivity (Switzerland), BESEN International Group (China), Dyden Corporation (Japan), among others. These companies manufacturers EV charging cables. These companies have set up R&D facilities and offer best-in-class products to their customers.
Recent Developments:
- In April 2023, Leoni AG announced that it has changed its Business Group AM to the Automotive Cable Solutions (ACS) Division, underscoring the vital role of automotive cables within the company's cables segment. With a global network of ten facilities across seven countries and around 3,300 employees, ACS is a prominent supplier of standard automotive, special, and charging cables.
- In September 2022, Ravicab Cables Private Limited announced acquisition of Leoni Cable Solution India Private Limited (LCSI), Pune, a wholly-owned subsidiary of Leoni AG. This strategic move by Ravicab not only broadens its market presence but also extends its product offerings, establishing a seamless synergy with Ravicab's ambitious growth plans. The acquisition opens up exciting opportunities for investment and growth in the acquired business, setting the stage for a promising future in terms of development and expansion.
- In August 2022, Huber+Suhner partnered with South Korean EV charging system producer, SK Signet. Both companies will work together as part of this cooperation to further advance and encourage EV charging infrastructure innovation.
- In May 2022, Aptiv Plc announced its plan to acquire 85% of Intercable Automotive Solutions, a unit of Italy's Intercable. The deal, valued at USD 605.71 million, will grant Aptiv access to cutting-edge technology used in EVs. Intercable Automotive Solutions specializes in manufacturing high-voltage busbars capable of carrying substantially more electrical power than conventional cables. The unit operates manufacturing facilities in both Europe and Asia.
- In May 2022, Aptiv Plc announced its plan to acquire 85% of Intercable Automotive Solutions, a unit of Italy's Intercable. The deal, valued at USD 605.71 million, will grant Aptiv access to cutting-edge technology used in EVs. Intercable Automotive Solutions specializes in manufacturing high-voltage busbars capable of carrying substantially more electrical power than conventional cables. The unit operates manufacturing facilities in both Europe and Asia.
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