Global EV Charging Cable Market 2023-2030

Global EV Charging Cable Market 2023-2030

Global EV Charging Cable Market Size, Share & Trends Analysis Report Market by Cable Length (2-5 meters, 6-10 meters, and Above 10 meters), by Shape (Straight cable and Coiled cable), by Power type (AC Charging and DC Charging), by Charging Level (Level 1, Level 2 and Level 3), and by Application (Private charging and Public charging) Forecast Period (2023-2030)

The global EV charging cable market is anticipated to grow at a considerable CAGR of 19.8% during the forecast period. The adoption of EVs is increasing rapidly around the world, as more and more people are switching to EVs to reduce their carbon footprint and save money on fuel costs. This is driving the demand for EV charging cables"" which means that the growing popularity of electric vehicles (EVs) is creating a greater need for EV charging cables. There are several reasons why people are switching to EVs. Some people are motivated by environmental concerns, as EVs produce zero tailpipe emissions. Others are motivated by the financial benefits of owning an EV, as EVs are cheaper to operate and maintain than gasoline-powered vehicles. As more and more people switch to EVs, there is a growing need for EV charging cables. EV charging cables are used to connect EVs to charging stations so that the batteries can be recharged. In the United States, EV sales increased by a significant pace in 2022 compared to 2021. This growth is being driven by several factors, including the rising price of gasoline, the increasing availability of EV models, and the government incentives that are available for EV purchases. The increasing demand for EV charging cables is being met by several companies, including Tesla, ABB, Schneider Electric, and Siemens. These companies are developing new and innovative EV charging cable technologies to meet the needs of EV owners and businesses.

More number in the installation of public charging stations is also deriving the market. While most of the charging demand is currently met by home charging, publicly accessible chargers are increasingly needed to provide the same level of convenience and accessibility as for refueling conventional vehicles. In dense urban areas, in particular, where access to home charging is more limited, public charging infrastructure is a key enabler for EV adoption. Publicly accessible fast chargers, especially those located along motorways, enable longer journeys and can address range anxiety, a barrier to EV adoption. Like slow chargers, public fast chargers also provide charging solutions to consumers who do not have reliable access to private charging, thereby encouraging EV adoption across wider swaths of the population.

Segmental Outlook

The global EV charging cable market is segmented based on cable length, shape, power type, charging level, and application. Based on cable length, the market is sub-segmented into 2-5 meters, 6-10 meters and above 10 meters. Based on Shape, the market is sub-segmented into ctraight cables and coiled cables. Based on power type, the market is sub-segmented into AC charging and DC CCharging. Based on the Charging level the market is sub-segmented into Level 1, Level 2, and Level 3. Based on Application the market is sub-segmented into Private charging and Public Charging.

The Power type segment Holds the major market share in the global market

The power type segment holds the major market share and is expected to hold the major market share in the future as well. The AC charging cable segment holds the major market share in the EV charging cable market. AC charging cables are used for standard charging, which is the most common type of charging. AC charging cables are typically used for private charging, as they can be plugged into any standard household outlet. In 2023, the AC charging cable segment is expected to account for over major share of the global EV charging cable market. This segment is growing rapidly, as the adoption of EVs continues to increase. The AC charging cable segment is expected to continue to grow rapidly in the coming years, as the adoption of EVs continues to increase. This growth will be driven by the increasing number of public charging stations, the government support for EVs, and the growing demand for EV charging cables from both consumers and businesses.

Regional outlooks

The global EV charging cable market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific contributes a major share of the whole market. This is due to several factors, including the high adoption of EVs in China and Japan, the government support for EVs in many Asian countries, and the growing number of public charging stations in the region.

North America is Expected to Grow at a Significant CAGR in the Global EV Charging Cable Market

North America has the second-largest market of EV charging cable. This region is continuing to grow at a consistent pace. This is due to several factors, including the high adoption of EVs in the United States, the government support for EVs in the United States and Canada, and the growing number of public charging stations in the region. One more reason for the growth of the market is to conserve natural resources through the use of fuel and also to decrease carbon emissions and pollution in our environment. The increasing awareness among the people of using EVs so that environment and natural resources can be conserved for future generations.

Market Players Outlook

The major companies serving the global EV charging cable market include Amazon Web Services, Inc., Google Cloud, IBM Corp. (IBM Cloud), Microsoft (Microsoft Azure), and Oracle (Oracle Cloud Infrastructure). The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in September 2023 Energy company ScottishPower launched a new tariff for electric vehicle (EV) drivers and the company claims to have the lowest cost of charging. The EV Saver tariff allows drivers to charge their cars for 7.45p/kWh between midnight and 5 a.m.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global EV charging cable market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.