Electric Vehicle Charging Cables: Everything You Need to Know

Posted by Mrudula Anil Karmarkar on January 14th, 2022

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, according to a study conducted by Grand View Research, Inc. Increasing large-scale adoption of electric vehicles (EV), growing demand for fast charging cables, and rapid development of EV supply equipment across the world are expected to drive the market. Emerging changes related to autonomous, shared, and connected mobility could considerably reshape road transport in the forthcoming years, with important implications for vehicle electrification. Therefore, many policy developments in 2018 and 2020 support the uptake of electric vehicles and growth of charging infrastructure. Furthermore, this will help market players create strategies to make the most of future growth opportunities.

Governments across various countries are taking initiatives to reduce emission of greenhouse gases, support the adoption of electric vehicles, and develop and install EV charging stations. For instance, in August 2018, the government of Japan prepared a policy for electric vehicles for better cooperation and smooth transition in the automotive industry. All such factors have led to an increase in the demand for electric vehicle charging cables in the automotive sector. However, the recent attack of the corona virus is expected to severely affect the market growth for the next few years.

Advancements in EV charging technologies such as robotic changing, improving socio-economic conditions, and improvement in charging infrastructure are expected to fuel the demand for battery electric vehicles, which, in turn, will increase the adoption of EV charging stations. According to the International Energy Agency, in 2018, the number of charging points installed across the world was estimated to be approximately 5.2 million, up by 44% from 2017. Most of the EV owners prefer private charging station as it is cheap and convenient. Public charging station is expected to emerge as the fastest growing segment from 2020 to 2027. Companies such as BMW, Volkswagen, Nissan, and Tesla are promoting the deployment of public charging infrastructure through various providers.

Growing adoption of electric vehicles (EV), rising demand for electric vehicle fast-charging cables, and rapid development of electric vehicle supply equipment are anticipated to upkeep the market growth over the forecast period. For instance, in 2018, electric car fleet size exceeded over 5.1 million across the globe, up by 2 million from the previous year. Asia Pacific dominated in 2020 and is expected to maintain its lead over the forecast period. This is attributed to rising government initiatives in countries, such as China, South Korea, and Japan, to improve charging infrastructure. The market in Japan is projected to expand at the highest CAGR with the increasing number of EV charging stations. Moreover, development of improved vehicle charging infrastructure, along with reduction in charging times and costs, would boost the adoption of electric vehicles in the region, thereby supporting the growth of the market.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/electric-vehicle-charging-cables-market/request/rs1

EVs are installed with rechargeable battery packs to supply energy to drive them and these batteries can be charged through public or private station outlets. Battery electric vehicles (BEVs) are exclusively powered through electricity while plummeting vehicular noise, air pollution, and greenhouse gas emissions. Increasing the stringency of carbon dioxide emission norms in emerging markets is driving the demand for EVs. Therefore, need for electric vehicle charging infrastructure is increasing at an exponential rate. For instance, according to the International Energy Agency (IEA), the number of EV charging points across the world grew by around 44% between 2017 and 2018. Such factors are projected to fuel the demand for EV charging cables in the emerging economies over the next decade.

EV Charging Cables Market Report Highlights

• By power supply, the AC segment is expected to dominate the market in coming years as it has low installation cost and offers a low power output. AC power supply is mostly used in semi-commercial and residential charging stations across the world
• Based on cable length, the below 5 meters segment is expected to dominate the market and is expected to maintain its lead over the forecast period. These cables are more efficient for use in residential applications and offer ease of storage and ease of use
• By charging level, the Level 2 segment dominated the market in 2020 and is projected to witness significant growth from 2020 to 2027
• On the basis of shape, the coiled cable is estimated to be the fastest growing segment over the forecast period as they are easy to maintain and do not spread over the surface, hence helping to prevent a tripping hazard
• 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
• Asia Pacific is projected to account for the majority share in the market over the forecast period. High number of EV charging stations in the region is projected to uplift the regional market growth over the forecast period.

COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The immediate impact was visible as production disruptions at Fiat Chrysler Automobiles (FCA) and Hyundai factories across the world. Given the size and importance of the Chinese market for the overall automotive industry, especially for the EV segment, global electric vehicle sales are expected to be adversely impacted in the short term. Therefore, the present situation is affecting the growth of the EV charging cables market. The recovery from this pandemic is expected to have a positive impact on the demand. Increase in EV production thereafter would demand more charging infrastructure, which is projected to positively impact the demand for EV charging cables in the forthcoming years.

Some of the prominent players in the electric vehicle charging cables market include:

• Leoni AG
• Coroplast
• Chengdu Khons Technology Co., Ltd.
• Phoenix Contact
• Aptiv
• BESEN-Group
• General Cable Technologies Corporation
• Dyden Corporation
• TE Connectivity