Market Overview

Global EV Charging Cable Market size was valued at around USD 8.60 billion in 2023 and is expected to reach a value of USD 39.61 billion by 2032, at a CAGR of 16.5% over the forecast period (2024–2032).

The global EV charging cable market is integral to the growing adoption of electric vehicles (EVs) worldwide, reflecting the automotive industry's ongoing shift toward sustainable and energy-efficient mobility solutions. As governments and private organizations implement initiatives to reduce carbon emissions, the demand for EVs has surged, driving the need for efficient charging infrastructure, including charging cables. These cables are very crucial in EV charging systems. They give safe and reliable electric power transmission between the charging station and the car.

Technological advancement in cable design and materials has improved the durability, flexibility, and efficiency of cables, accounting for a significant growth force in the market. Fast-charging solutions would be important in filling demand for increased user convenience, particularly with innovations such as lightweight and high-capacity charging cables. With the increasing number of public and private charging stations, this boosts the market as accessibility to charging infrastructure has been one of the major factors that contributed to the adoption of EV.

Important players in the market are those who are making designs in the cable product with compliance to the changing industry standards and regulations of safety. New features of modern EV charging cables, like heat resistance, waterproofing, and extra insulation, are creating demands for high-quality cable products. Ultra-fast charging cable product designs also took off well with increasing trends of higher-range EVs and a resultant reduction in charging times.

The growth of the market is also supported through full-scale charging networks achieved by partnership between the government, manufacturers, and EV suppliers. Ranges and charges which are sometimes deemed inaccessible in particular areas or towns will eventually bring about high-demand high-end cables. With the entry of renewable energies into the mainstream power grid and the increased opportunities for smart charge technologies, both in energy management and bidirectional charging applications through cables, are seen.

Though this market would have been a big opportunity for growth, it would also pose the problem of rather high cost, charged by an advanced cable charging and fragmentation of different standardizations across disparate charging systems, the compatibility with which various EV models and charging protocols would be considered, too. However, with emerging new technologies as well as the political support by governmental policies, acceptance of electrical mobility as mainstream transport solution in future will grow and the scope of EV charging cable continues to expand.

Market Drivers

Increasing Growth of Electric Vehicles

• The sale of electric vehicles will touch new market highs as more customers keep purchasing them. All three large car markets- China, US, and Europe are reporting higher sale of EVs. The subsidy and tax exemptions provided by the governments and growing demand for environment-friendly transport put more responsibility on automobile manufacturers of the world to produce electric cars. The fastest-growing segment in the EV market is electric passenger cars, and their market will foresee immense growth during the projection period. Thus, the EV cables' market will grow. China, the US, and Germany are leading automobile markets for electric vehicles, and they have been investing heavily in R&D on those vehicles. North America, Asia Pacific, and European countries have attempted to reduce emissions over the coming years and will replace their vehicle fleets with less polluting vehicles by 2050. This makes the market for EV cables rise alongside the market for electric vehicles.

Market Opportunities

Rising Popularity of Hybrid Electric Vehicles

• A Plug-in hybrid electric vehicle (PHEV) recharges its battery through a charging cable inserted both into an ancillary external electric source apart from the onboard ICE-powered generator of the car. The growth in the adoption of PHEVs in the passenger car segment is driving the market for EV cables. It is expected that the growth of this market would offer profitable opportunities for the market growth of electric vehicle charging cables. The sales of PHEVs are the highest in the US and China. Some of the prominent manufacturers have introduced several PHEVs, and they have run well in the market. It is also expected that the increasing demand for PHEVs would increase the need for EV cables, which are used in EV power transmission systems. Following the removal of the lockdown in most countries by June 2022, HEV sales did improve when manufacturers launched new models to attract buyers. The main drivers of the market's growth and, therefore, the market for EV cables is growing environmental concerns, stricter emission and fuel economy regulations, more government initiatives (such as subsidies, tax breaks, and benefits), and increased R&D efforts by large companies in HEVs.

Market Restraining Factors

High Initial Cost of Electric Vehicles

• The principal barrier to EVs' entry into the mainstream is their higher production costs. The demand for EVs is also expected to surge ahead due to expected falls in battery prices and R&D expenses which would bring down total cost of buying electric hatchbacks, crossovers, or SUVs to levels on par with those of ICE vehicles. Due to the expensive rechargeable lithium-ion batteries, EVs are costlier than their ICE counterparts. Therefore, this hampers the growth of the EV cable market. Cathode cost has a major effect on the overall cost of batteries. This is because the cathode of the battery is quite costly as it consists of materials such as cobalt, nickel, lithium, and magnesium, which are quite expensive. The designing of these vehicles is also a costly affair, so the cost of making EVs is also much more than that of ICE automobiles.

Segmentation Analysis

The market scope is segmented because of by Power Supply, by Cable Length, by Charging Level.

• By Power Supply

Based on the Power Supply of the market is segmented into Alternate Charging (AC), Direct Charging (DC).

The Alternate Charging segment is the largest market share in the EV charging cable market, considering its relatively wider acceptance and suitability for residential and commercial charging applications. These have been majorly set up as the most commonly adopted method of electric vehicle charging because they are compatible with the already existing infrastructure of the power grid network and incur less installation and maintenance cost as compared to direct charging (DC). Home charging has also been the largest share of all the activities for charging EVs and has a high degree of dependence on AC charging, which further consolidates the strength of the segment. The AC charging systems have easier access to installations in the workplace, apartment complexes, and commercial facilities that make it even easier for EV owners to use these, further increasing the rate of adoption.

AC charging cables are lighter, more flexible, and less expensive than DC cables. This means that they will be cheaper for the consumer and for the providers of infrastructure. Most EV manufacturers design their vehicles to be compatible with AC charging, which means they will easily work with standard charging stations. The slower charging rates of AC systems do not require much from the battery, so they are preferable for regular charging cycles, which prioritize the longevity of the battery.

DC charging provides much faster recharging times and is accepted at high-traffic sites, such as highway corridors and urban hubs; however, installation and equipment costs are prohibitively high and thereby limited to public fast-charging networks. As a result, the most preferred power supply segment in the EV charging cable market is AC charging.

• By Cable Length

Based on the Cable Length of the market is segmented into Water-based, Solvent-based, Reactive & Others.

The most significant revenue share, of about 44.65% in 2023, was accounted for by the water-based Cable Length category. The products manufactured with such Cable Length have higher resistance to moisture as compared to other adhesives, which is likely to add toward the segment's growth. The development of new products along with an increase in R&D spending is likely to provide new opportunities for vendors of a water-based construction adhesives.

Solvent-based products are used in high-performance building Charging Levels and are expected to grow profitably throughout the projection period. Demand from structural & non-structural Charging Levels is predicted to sustain a strong pace for this category. Key players concentrate on the development of advanced ideas to increase their market share with R&D investments. Reactive adhesives will find healthy growth to be witnessed from the account on account of having high bond strength and outstanding strengths in harsh the surroundings.

• Regional Snapshots

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. Asia-Pacific accounted for the major market share globally due to a significant adoption rate of electric vehicles in the region along with vigorous governmental initiatives that aim to develop a more electrified transportation environment. China, Japan, and South Korea are now emerging leaders with significant investment in EV infrastructure and manufacturing capacities while having a relatively proactive approach to the implementation of policies encouraging electric vehicle usage. China, for example, is dominating the market due to high production and sales of EVs coupled with government incentives for public and private charging networks. A large consumer base, rapid urbanization, and presence of leading EV manufacturers and charging infrastructure providers further support the dominance of the region in the market.

North America will be the regional growth leader for the period ahead. Growth within North America will be fuelled by rising government expenditure in electrification infrastructure, as well as rapidly growing environmental sensitivities and, more directly, from a continuously increasing adoption among consumers of EVs themselves. The United States is critical: Substantial investment in building a charging network together with the initiation of new technology charging across the country is on the horizon. Incentive programs, such as tax credits for EV purchases and investment in fast-charging infrastructure, are also driving growth in the region. Additionally, the collaboration between car manufacturers and infrastructure developers to expand charging access will accelerate the region's market share growth and make it a primary growth hub in the global market of EV charging cables.

List of Companies Profiled

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

Key Industry Developments

In May 2023, Sumitomo Electric Industries, Ltd. announced to invest USD 100 million and construct a 150,000 square meter plant in Egypt in order to develop the world's largest electric car wiring harness manufacturing plant.

In May 2023, Huber+Suhner launched its Upgraded Radox EV-C High Voltage Flex Cable.

In September 2022, Ravicab Cables Private Limited announced acquisition of Leoni Cable Solution IndiaPrivate Limited (LCSI), Pune wholly owned subsidiary of Leoni AG.

In July 2021, Nexans unveiled plans to construct a cable production plant in Tianjin, China. The newly established facility is around 3,000 square meters in size and produces a wide array of cable goods and solutions.

Report Coverage

The report will cover the qualitative and quantitative data on the Global EV Charging Cable Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Global EV Charging Cable Market Regional Analysis

North America accounted for the highest EV Charging Cable Market% market share in terms of revenue in the EV Charging Cable Market and is expected to expand at a CAGR of EV Charging Cable Market% during the forecast period. This growth can be attributed to the growing adoption of EV Charging Cable Market. The market in APAC is expected to witness significant growth and is expected to register a CAGR of EV Charging Cable Market% over upcoming years, because of the presence of key EV Charging Cable Market companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global EV Charging Cable Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

EV Charging Cable Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global EV Charging Cable Market valued?
• Which region has the largest share in 2024 for the global EV Charging Cable Market ?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of EV Charging Cable Market

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

EV Charging Cable Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: