New York, USA, Dec. 19, 2024 (GLOBE NEWSWIRE) — Market Statistics
According to an exhaustive report by Polaris Market Research, the global EV charging cables market is poised for significant growth over the next decade. In 2024, global sales income reached USD 1.50 billion. Predicted to boost at a robust CAGR of 16.6%, the market is estimated to reach USD 6.94 billion by 2034.
What is EV Charging Cables?
There are two fundamental cable types utilized for EV charging, namely tethered and untethered. Tethered cables are attached to the charging point rendering them easier for daily usage. Untethered cables alternatively need the driver to bear their own cable and plug it into the charging point. Untethered cables can be transferred and utilized with any congenial charging point. There are three core features to contemplate when selecting a cable, namely the plug, the length of the cable, and the connector. A type 2 connector is European-approved, but connectors can differ more broadly from vehicle to vehicle.
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Key Takeaways from Report
- The market is expected to exhibit a CAGR of 16.6%.
- The market for EV charging cables is expanding due to EVs being armed with rechargeable battery cartons to refurbish energy to drive them.
- The EV charging cables market analysis is primarily based on charging level, cable length, application, power supply, mode, shape, cable type, jacket material, connector type, and region.
- Based on charging level, the level 1 charging level segment dominated the market in 2024.
- In 2024, Asia Pacific dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
EV Charging Cables Market Dynamics
Growth Drivers
Progression in Charging Framework: The EV charging cables market size is expanding due to the advancement in the charging framework. The advancement of public charging stations is motivating consumers to settle on EVs. Additionally, governments globally are excessively funding in augmenting EV charging framework to encourage justifiable advancement. The construction of EV charging stations by governments and several firms is boosting market revenue.
Growing Acquisition of Technology: The growing acquisition of technology covering EV charging is stimulating inventions and improving the momentum and potential of charging cables. Charging stations utilize progressive motors and connectors to simplify the charging procedure.
Trends and Opportunities
Decreasing Costs of Batteries: Growingly reducing the costs of batteries utilized in electric passenger cars additionally boosts the market growth. Further, manifold nations have confirmed the determined objectives of the charging framework, which reinforces the advancement of the market. For instance, China schemes to install 0.5 million public chargers for cars, 4.3 million private electric vehicle supply equipment (EVSE) openings, and 850 intercity swift charge stations by 2020, which suggests that the EV charging cables market demand is expanding.
Reduction of Global Carbon Footprint: The growing need to decrease discharge and global carbon footprint pushes the demand for electric vehicles. Battery electric vehicles (BEVs) are exclusively powered by electricity, which decreases greenhouse gas discharge, air contamination, and vehicular noise.
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Competitive Analysis
Prominent market contenders are funding massively in research and development so as to augment their product lines which will assist the market to grow even more. Market contenders are also accepting an assortment of tactical ventures to augment their global footprint. To augment and get through in a more aggressive and surging market ambiance, the market must provide economical items.
Major players operating in EV charging cables market are:
- ABB Ltd
- Aptiv
- BESEN International Group
- Charge Point
- Dyden Corporation
- EVBox
- EV Connect
- Exicom Tele Systems
- Fortum
- Leoni AG
- Lectron
Regional Insights
Asia Pacific: The market held a prominent position in the region due to the rise in sales and the making of electric vehicles. Further, the existence of prominent firms such as BYD, Tata Motors, and others, providing their services additionally builds up the market topography in Asia Pacific.
Europe: The growing acquisition of electric vehicles and the government’s reinforcing directives to decrease vehicle discharge throughout the region are expected to drive Europe’s EV charging cables market with the highest CAGR during the forecast period.
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EV Charging Cables Market Segmentation
By Charging Level Outlook
- Level 1
- Level 2
- Level 3
By Cable Length Outlook
- Upto 5 meters
- 6 to 10 meters
- Above 10 meters
By Application Outlook
- Public
- Private
By Power Supply Outlook
- Alternate
- Direct
By Mode Outlook
- Mode 1 & 2
- Mode 3
- Mode 4
By Shape Outlook
- Straight
- Coiled
By Cable Type Outlook
- Normal Charging Cable
- High Power Charging Cable
- Liquid Cooled High Power Charging Cable
By Jacket Material Outlook
- All Rubber
- Thermoplastic Elastomer (TPE)
- Polyvinyl Chloride (PVC)
By Connector Type Outlook
- Type 1
- Type 2
- CCS 2
- CHADEMO
- GB/T
- NACS/Tesla
By Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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