Electric Vehicle Charging Cable Market to Reach $3.45 Billion, Globally, by 2031 at 18.1% CAGR: Allied Market Research

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Jun 14, 2022, 08:30 ET

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

PORTLAND, Ore., June 14, 2022 /PRNewswire/ -- 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.

Drivers, Restraints, and Opportunities

Rise in adoption of EVs, demand for fast charging cables, and surge in government initiatives for reducing carbon footprints drive the growth of the global electric vehicle charging cable market. However, high operational costs of EV charging cables and rise in implementation of wireless EV charging technology restrain the market growth. On the other hand, infrastructural developments of public EV charging station and technological advancements in EV charging cable present new opportunities in the coming years.

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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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Electric Vehicle Charging System Market by Product Type (Home Charging Systems and Commercial Charging Systems), Mode of Charging (Plug-in Charging System and Wireless Charging System) and Charging Voltage Level (Level 1, Level 2, and Level 3): Global Opportunity Analysis and Industry Forecast, 2021–2030.

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