Electric Vehicle Charging Cables Market Size, Share, Analysis, Trends, Growth, 2032

Electric Vehicle Charging Cables Industry Prospective:

The global electric vehicle charging cables market size was worth around USD 1.2 billion in 2023 and is predicted to grow to around USD 11.5 billion by 2032, with a compound annual growth rate (CAGR) of roughly 28.5% between 2024 and 2032.     

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Electric Vehicle Charging Cables Market: Overview

Electric vehicle charging cables are used to move electrical energy from a power source, such as a wall outlet or charging station, to an EV's battery. The charging type (DC or AC), vehicle-specific connectors, and power levels all affect the configuration of these cables, which are an essential part of EV charging systems.

As these connections offer the infrastructure needed for reliable, safe, and effective charging, the growing popularity of electric vehicles depends on them. The electric vehicle charging cables industry is rising due to several factors, including rapid charging networks, rising government efforts, technological developments, the growing popularity of EVs, and others.

Key Insights

• As per the analysis shared by our research analyst, the global electric vehicle charging cables market is estimated to grow annually at a CAGR of around 28.5% over the forecast period (2024-2032).
• In terms of revenue, the global electric vehicle charging cables market size was valued at around USD 1.2 billion in 2023 and is projected to reach USD 11.5 million by 2032.
• The growing adoption of EVs is expected to drive the electric vehicle charging cables industry over the forecast period.
• Based on the power supply, the Alternate Charging (AC) segment is expected to dominate the market over the projected period.
• Based on the charging level, the Level 2 segment is expected to capture a substantial market share of the electric vehicle charging cables market.
• Based on the application, the public charging segment is expected to grow at the highest CAGR during the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

Electric Vehicle Charging Cables Market: Growth Drivers

Growing adoption of EVs drives market growth

Electric vehicles across the globe are gaining popularity owing to increasing worries about climate change. The governments across the globe are promoting the switch to electric vehicles. This can be achieved by reducing carbon emissions through various efforts such as subsidies, tax breaks, and regulations. This awareness and government efforts help to drive the demand for EV charging infrastructure including charging cables.

As per the data published by the International Energy Agency (IEA), 40 million EVs will be on the road worldwide in 2023, following the registration of over 14 million new EVs. Therefore, the aforementioned statistics influence the electric vehicle charging cables market.

Electric Vehicle Charging Cables Market: Restraints

Complexity in cable manufacturing and material cost hinder market growth

The production of EV charging cables that are safe and long-lasting while managing high voltage and current is a very challenging task. Because fast charging sessions require EV charging connections to disperse the heat produced by high current flow. Controlling cables' thermal performance to avoid overheating and provide reliability over time complicates the design and production processes. Creating cables with ideal thermal dissipation qualities and using cutting-edge heat-resistant materials may be necessary to achieve this.

Furthermore, the need for premium materials, including flexible and fire-resistant insulation, may raise the cost of manufacture. The profitability of the market may also be impacted by changes in the cost of raw materials, such as copper and other metals required to make cables. Thus, the complexity of cable manufacturing and material cost hinder the electric vehicle charging cables industry.

Electric Vehicle Charging Cables Market: Opportunities

The rising product launch offers a lucrative opportunity for market growth

The increasing product launch in the electric vehicle charging cables sector offers a potential opportunity for the electric vehicle charging cable industry. For instance, in March 2024, Siemens Smart Infrastructure unveiled a new SICHARGE D electric vehicle (EV) fast charger option with a 400 kW maximum output for IEC markets.

SICHARGE D is a future-proof electric vehicle (EV) charging system that satisfies all applicable standards, protocols, and norms and can be adjusted to meet both present and future charging requirements. Additionally, the SICHARGE D dispenser optimizes charging times and saves Charge Point Operators (CPOs) money and space by enabling up to four vehicles to be charged simultaneously with a single grid connection.

Electric Vehicle Charging Cables Market: Challenges

Maintenance and durability concern poses a major challenge to market expansion

EV charging cables are prone to deterioration due to frequent use and exposure to adverse environments, especially when utilized in public places. The need for frequent cable maintenance and eventual replacement can raise charging station ownership costs and lower profitability, which will hinder the electric vehicle charging cable market expansion.

Electric Vehicle Charging Cables Market: Segmentation

The global electric vehicle charging cables industry is segmented based on power supply, cable length, charging level, shape, application, and region.

Based on the power supply, the global electric vehicle charging cables market is segmented into Alternate Charging (AC) and Direct Charging (DC). The Alternate Charging (AC) segment is expected to dominate the market over the projected period owing to its affordable nature. Installing AC chargers is typically less expensive than DC fast chargers.

Because of their price, they are the preferred option for companies, offices, and individual consumers who need stable and easily available solutions but do not require extremely quick charging. The need for AC charging cables is rising as more people prefer AC chargers due to their reduced total cost of ownership.

Based on the cable length, the global electric vehicle charging cables industry is bifurcated into below 5 meters, 6 meters to 10 meters and above 10 meters.

Based on the charging level, the global electric vehicle charging cables market is bifurcated into Level 1, Level 2, and Level 3. The Level 2 segment is expected to capture the substantial market share of the electric vehicle charging cables market. The cables used with Level 2 chargers must be able to support higher loads while still being safe and effective because these chargers have a higher power output (240V). The performance and longevity of Level 2 charging cables have been enhanced by developments in cable materials and design.

Furthermore, a large variety of electric vehicle models and charging stations frequently work with Level 2 charging cords. The cables are adaptable and extensively used since Type 1 (SAE J1772) or Type 2 (IEC 62196) connections are common for Level 2 charging in many areas.

Based on the shape, the global electric vehicle charging cables industry is bifurcated into straight cable and coiled cable.

Based on the application, the global electric vehicle charging cables market is bifurcated into private charging and public charging. The public charging segment is expected to grow at the highest CAGR during the forecast period. The locations of these stations include government buildings, taxi stands, shopping centers, airports, hotels, and roads.

These charging stations can provide high-voltage charging for electric vehicles faster. Throughout the projected period, there will be a greater need for public charging stations due to the widespread adoption of EVs and the growing demand from EV owners to shorten EV charging times.

Electric Vehicle Charging Cables Market: Report Scope

Electric Vehicle Charging Cables Market: Regional Analysis

Asia Pacific dominates the market over the projected period

The Asia Pacific is expected to lead the global electric vehicle charging cables market growth. China, South Korea, and Japan are the primary drivers of this region's growth. The market for charging cables for electric vehicles is the biggest in China. The governments of China and Japan have implemented several policies and initiatives to encourage major market participants to manufacture EV charging infrastructure in their own countries because they anticipate that the global market for EV supply equipment will increase. The region's high concentration of EV charging stations is anticipated to support regional market expansion during the projection period.

Electric Vehicle Charging Cables Market: Competitive Analysis

The global electric vehicle charging cables market is dominated by players like:

• Dyden Corporation
• AG Electrical Technology Co.
• Besen International Group Co. Ltd.
• Brugg Group
• Coroplast Fritz Müller GmbH & Co. KG
• Eland Cable Limited
• EV Cables UK (Wottz Group)
• EV Teison
• Leoni AG
• Phoenix Contact GmbH & Co. KG
• Sinbon Electronics Co. Ltd.
• Systems Wire Cable
• TE Connectivity Ltd.

The global electric vehicle charging cables market is segmented as follows:

By Power Supply

• Alternate Charging (AC)
• Direct Charging (DC)

By Cable Length

• Below 5 meters
• 6 meters to 10 meters
• Above 10 meters

By Charging Level

• Level 1
• Level 2
• Level 3

By Shape

• Straight Cable
• Coiled Cable

By Application

• Private Charging
• Public Charging

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa