Published Date : 17 Jan 2023
The electric vehicle (EV) charging cables market size was evaluated at USD 897 million in 2022 and is expected to be worth around USD 11.22 billion by 2032 with a CAGR of 28.79% from 2023 to 2032.
Electric vehicle adoption is rising globally, electric vehicle charging station installations are expanding quickly, and the need for fast charging connections is rising, all of which are driving the market's expansion.
An electric car charging cable is the connection between the charging station and the EV, such as a battery electric vehicle (BEV) or a plug-in hybrid vehicle, that provides power for recharging (PHEVs). These cables consist of three components: a plug that plugs into the car, a length of wire, and a third socket that is linked to a source of power.
The AC electricity from of the wall socket is largely collected and transformed into DC power by this device. These charging cables also have a coolant mechanism that evenly distributes heat and lowers the possibility of overheating. The most popular coolant for this type of cooling system is a water-glycol mixture because of how simple it is to maintain and how environmentally beneficial it is. A controller that controls the flow of the coolant and keeps an eye on the temperature is also included.
The global market for electric vehicle charging cables is expanding due to rising demand for electric vehicles, as well as government initiatives to reduce carbon emissions and promote the use of electric vehicles. Additionally, a rise in the use of EV charging cables is anticipated as a result of the development and launch of EV charging stations around the globe.
Several energy management factors may be to blame for the market growth of electric car charging cables. Growing awareness of rising greenhouse gas emissions and power conservation is one of the main factors influencing demand for electric car charging connections. Since non-renewable energy sources account for the majority of the world's energy consumption, pollution and greenhouse gas emissions have skyrocketed.
The market for electric vehicle charging cables would also be driven over the forecast period by the increasing customer convenience, such as home charging alternatives for electric cars, as well as the growing trend towards transport services having adopted emission-free vehicles and the developing electric bus market.
Additionally, the market is anticipated to be fueled by a rise in the need for rapid charging cables and quick progress in the development of EV charger machines. Electric car charging cables are available in a variety of places, supporting various charging modes, which increases total demand. In order to support increased sales of electric battery vehicles and plug-in electric automobiles, the EV charging cable industry is projected to expand fast.
The development of wireless electric car charging technologies and the rising cost of DC charging cords, however, are expected to restrain the growth of the worldwide EV charging cables market. Manufacturers of vehicle inverters are always working to make their equipment more effective and compact. Automakers are starting to more frequently connect an inverter with a motor or converter. For instance, a motor with an integrated inverter or a single power module that functions as both an inverter and a DC-DC converter offers improved efficiency while occupying less space and being lighter for automobiles.
Electric Vehicle (EV) Charging Cables Market Report Scope
|Market Size in 2023
|USD 897 Million
|Market Size by 2032
|USD 11.22 Billion
|Growth Rate from 2023 to 2032
|CAGR of 28.79%
|2023 to 2032
|By Shape, By Power Supply,By Charging Level,By Application,By Length,By Mode and By Diameter
|North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
The market for electric car charging cables is now dominated by Asia-Pacific, with North America and Europe following. Sales of electric vehicles are rising quickly in China. Electric car sales in China increased by 154% last year as more people opted for environmentally friendly autos, despite a global decline in auto sales brought on by a shortage of semiconductor supply brought on by the COVID-19 outbreak.
The number of electric vehicle (EV) units sold in China increased to 3.29 million in 2021 from 1.29 million in 2020 and 1.19 million in 2019.
In order to meet international standards and advance e-mobility in the face of escalating urbanisation, the Indian government has initiated a number of initiatives to promote the production and use of electric vehicles in India. Manufacturers are spending money on developing new technologies and increasing their manufacturing capacity to keep up with India's growing demand for electric automobiles.
In comparison to 2020, the world's EV sales increased by approximately 108% in 2021 to almost 6.59 million units. By 2025, GM hopes to sell 1 million EVs and develop additional technologies, according to goals it published in October 2021. By 2035, the company aims to be all electric.
In the month of November 2021, Ford announced intentions to raise its annual capacity for EV manufacture to 600,000 by the end of the year 2023. It aims to provide 39.9% electrified vehicles by the end of 2030. Also, Volkswagen announced its intentions to spend USD 86 billion as investment to further its EV portfolio by 2030.
Air pollution is a result of an increase in traffic and the number of cars due to rapid urbanisation. The public has been compelled to take action to reduce pollution levels by the rise in pollution levels. In order to lower individual carbon footprints, governments of industrialised nations have launched programmes to reduce industrial and vehicle pollution.
Additionally, governments in numerous nations, like Germany, India, and the United States, are introducing policies and initiatives pertaining to automobile emissions.
The market for electric vehicle charging cables will see slow revenue growth because to rising safety concerns regarding charging connections and the high cost of Dc charging cables. A significant obstacle to the market expansion for electric car charging cables will be the advent of wireless electric vehicle charging. Moreover, over the aforementioned projected period, several market restraints would further impede the growth of the electric vehicle charging cables market, including technological obstacles and the serious effect of COVID-19 on production as well as supply chain activities of numerous sectors.
Governments all across the world are concentrating on EV infrastructure development and promoting the usage of electric vehicles as a result. Public charging points are now available in every public area thanks to significant government expenditure. For instance, the car manufacturer BYD India teamed up with Indipro, Chargezone, and Volttic in April 2022 to install charging infrastructure across India.
This partnership takes care of the company's electric multipurpose vehicles' charging requirements throughout several cities and important national routes. Therefore, over the projected period, increasing country investments in the construction of public EV charging point infrastructure are anticipated to provide lucrative prospects for the development of the EV charging cable market.
A car may be wirelessly charged while it is stationary or in motion thanks to wireless charging technology. Numerous businesses, like Robert Bosch and WiTricity, have created new solutions for wirelessly charging electric automobiles. Many nations, including the US, Norway, Sweden, and the UK, among others, have started wireless charging road test programmes.
Wireless charging poses a serious threat to charging cords since it provides considerably greater flexibility and convenience than wired charging. Additionally, because it completely removes the risk for electric shocks, wireless charging is seen to be safer than cable charging. Therefore, the expansion of the charging cable industry may be hampered by the advancement of wireless charging technologies.
Major Key Players
By Power Supply
By Charging Level
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