Electric Vehicle (EV) Charging Cables Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Electric Vehicle (EV) Charging Cables Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Electric Vehicle Charging Cables Market

The electric vehicle charging cables market size was valued at USD 516.6 billion in 2019, and the market is now projected to grow to USD 5616.6 billion by 2032, exhibiting a CAGR of 22% during the forecast period of 2019-2032.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the electric vehicle charging cables market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this. The market is expected to grow slowly. However, subject to the treatment segment returning to its regular operations, the product demand will gradually revert to its historical estimations as lockdown requirements are gradually relaxed.

Rising use of electric vehicles is expected to drive electric vehicle charging cables market growth during forecast period. The adoption rate of electric vehicles is increasing, and many governments throughout the world are investing considerably in R&D operations. The government offers fixed quotas, subsidies, rebates, and tax breaks to automakers. Consumers benefit greatly from subsidies for the purchase of electric vehicles. These factors have resulted in an increase in global production and sales of electric vehicles. The expanding inventory of electric vehicles necessitates the establishment of power infrastructures and charging stations to ensure that vehicles run smoothly. As a result, this factor is likely to fuel the market expansion for electric vehicle charging cables over the forecast period. In addition, harsh government vehicle emission laws have prompted consumers to switch to electric automobiles.

Rising evolution of charging infrastructure toward fast charging to drive electric vehicle charging cables market growth during forecast period. Several countries' charging infrastructures are progressing towards rapid charging. This is leading to an increase in the use of public charging stations by EV consumers due to its ability to provide complete charging of vehicles in less time. Alternating current (AC) chargers are typically utilized in public spaces or workplaces, delivering 5kW to 12kW of power supply. Direct current (DC) chargers, on the other hand, give more power and allow automobiles to be charged more quickly.

Comprehensive Analysis of Electric Vehicle Charging Cables Market

The electric vehicle charging cables market and Automotives industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the Automotives benefit management industry. These segmentations are methodically segregated by Application, by Charging Level and by Power Supply and By Shape. The Application segmentations include Public Charging, Private Charging, By Length segmentations include Below 5 meters, 6 meters to 10 meters and Above 10 meters, By Charging Level segmentations include Level 1, Level 2 and Level 3, and By Power Supply segmentations include Alternative Charging (AC) and Direct Charging (DC), By Shape segmentations include Straight Cable and Coiled Cable.

The Asia Pacific region lead the electric vehicle charging cables market by benefitting a market size of USD 254.4 billion in 2019 due to Rising use of electric vehicles and Rising evolution of charging infrastructure toward fast charging.

The top players in the market play a crucial role in the Automotives industry assuring industrial prospectus growth and setting market standards. These players include, TE Connectivity (Schaffhausen, Switzerland), Aptiv (Dublin, Ireland), Phoenix Contact (Blomberg, Germany), Coroplast (Wuppertal, Germany), BESEN Group (Jiangsu, China), Leoni AG (Nürnberg, Germany) these market players provide a level-playing competitive landscape.

In July 2021, TE reached a definitive agreement to buy ERNI. The acquisition of ERNI adds to TE's extensive connectivity product line, including high-speed and fine-pitch connectors for factory automation, automotive, medical, and other industrial applications.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Million) & Volume (Thousand units)

SegmentationBy Application

Public Charging

Private Charging

By Length

Below 5 meters

6 meters to 10 meters

Above 10 meters

By Charging Level

Level 1

Level 2

Level 3

By Power Supply

Alternative Charging (AC)

Direct Charging (DC)

By Shape

Straight Cable

Coiled Cable

By Geography

North America (U.S., Canada, and Mexico)

Europe (U.K., Germany, France and Rest of Europe)

Asia-Pacific (Japan, China, India, South Korea and Rest of Asia- Pacific)

Rest of the World


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