EV Charging Cable Market by Power Supply (AC and DC), Application (Private Charging & Public Charging), Length (2-5 Meters, 6-10 Meters, and >10 Meters), Shape, Mode, Charging Level, Connector Type, Cable Type Diameter & Region - Global Forecast to 2030
[299 Pages Report] The global EV charging cable market is projected to grow from USD 1.3 billion in 2023 to USD 3.9 billion by 2030, registering a CAGR of 16.7%. With environmental concerns at the forefront of collective consciousness and the increasing popularity of electric vehicles, the demand for cutting-edge charging solutions has never been more pronounced. In this dynamic landscape, various innovative technologies are reshaping the EV Landscape, transforming the EV charging cable market into a hotbed of innovation, efficiency, and user-friendly advancements.
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Market Dynamics:
Driver: Government policies & subsidies to accelerate setup of EV charging stations
The increasing pace of charging station deployment is expected to accelerate further the demand for related components such as EV charging cables. Various governments are funding the development of charging station infrastructure and subsidizing EV charging infrastructure. In addition to subsidies, governments are also introducing favorable policies for installing EV charging infrastructure. Several governments provide various kinds of incentives such as low or zero registration fees and exemptions from import, purchase, and road taxes. Europe was the first region to introduce plans to shift fully to EVs by 2050, which was later changed to 2035. Other countries have also set up plans to increase EV charging infrastructure along with their EV shift by 2030 and beyond. Various countries thus set up policies for EV charging stations around the world. Furthermore, countries such as Norway and Germany are investing significantly in promoting the sales of EVs. Thus, due to the significant incentives and subsidies offered in Europe, there is high growth in the sale of electric vehicles. This has increased the demand for components and equipment associated with EV charging operations, such as charging cables, connectors, adapters, and portable chargers. Government initiatives and subsidies promoting electric vehicle (EV) adoption are gaining momentum, particularly evident in the US Inflation Reduction Act (IRA) of August 2022. Allocated from a USD 369 billion climate investment fund, the IRA outlines measures to expedite the EV transition. The Clean Vehicle Tax Credit is a cornerstone of the IRA, introducing stringent criteria for EV incentives starting in 2023. Eligible EVs must be assembled in North America, possess a 7 kWh+ battery, weigh under 6.35 t, and fit price caps. Major US automakers are aligning with IRA provisions, with incentives of up to USD 7,500 per vehicle. The IRA also fosters battery production through Advanced Manufacturing Production Tax Credits. Further, in February 2023, the European Union introduced the Green Deal Industrial Plan, prioritizing expedited permitting, financial support, skill enhancement, and open trade to advance net-zero projects.
Restraint: High initial investments in EV fast-charging infrastructure
The initial investment in setting up a fast-charging system is much higher compared to petrol, CNG, or LPG fuel stations. This has been a major restraint that has kept countries around the world from shifting to EVs on a larger scale. The cost for EV fast charging is high due to the higher equipment costs and the additional requirement for the fast charger to install a transformer to connect the grid and charging system. This has led to the slower development of charging networks around the world, which have gained traction in the past few years due to concerns related to vehicle emissions. The cost of DC fast-charging cables is notably higher, with a fast-charging cable priced around USD 126, significantly more than slower charging cables. This elevated expense, coupled with the costly installation of slow charging stations at approximately USD 1,700 in the UK, could hinder the widespread adoption of this technology. DC Fast Chargers, which power electric vehicles using direct current, offer rapid and efficient charging. These chargers can charge an average EV to 80% in about 30 minutes, making them particularly appealing for commercial applications. Despite their advantages, the higher cost of DC Fast Chargers is mainly due to the more expensive equipment involved. To make EVs successful, it is necessary to develop infrastructure to support them. The initial investment for installations of charging stations is very high compared to other types of fuel stations.
Opportunity: Technological advancements for EV charging cables
The rising demand for high-speed charging stations has compelled manufacturers of EV charging cables to develop advanced technology cables. Most of the DC charging stations operate on 400 V to 480 V and can charge up to about 50 kW. Leading EV charging cable manufacturers have launched various new products to ease charging. For instance, Phoenix Contact, a leading EV charging cable market player, has developed high-power charging cables that can charge electric vehicles rapidly. These cables do not overheat during charging as they are cooled efficiently with an environment-friendly water-glycol mixture. Technological advancements have also led to changes in the charging interface. For instance, LEONI AG developed a new charging cable concept involving a status-indicating light function. This advanced feature illuminates the charging cable, which enhances safety and prevents tripping over the cable in dark areas. Further, in May 2023, Volvo Cars announced to invest in the bidirectional EV charging startup dcbel. The firm introduced its "r16" Home Energy Station, a comprehensive sustainable energy system that includes solar energy, two-way charging for backup power, and an intelligent home energy management system. Moreover, In May 2023, Scania achieved a significant milestone by successfully implementing and testing a pilot megawatt charging system developed by ABB E-mobility. This achievement marks a crucial advancement in the creation of a high-power charging solution for heavy-duty vehicles, promising to cut charging times in half. The joint effort aims to facilitate rapid charging for commercial electric vehicles, offering substantial range improvements and bolstering the market for fossil-free heavy-duty vehicles. Further advancements in EV charging cables are expected to act as an opportunity for market growth.
Challenge: Mechanical and corrosive damages lowering the reliability of EV charging cables
The reliability of EV charging cables can be compromised by various factors, including mechanical and corrosive damages and the impacts of weathering and temperature fluctuations resulting from cyclic use. The charging cable, a crucial link between the charging station and the vehicle, is susceptible to wear and tear over time. Fraying or physical damage to the cable can lead to charging failures, while issues like loose connections, cable breaks, or faulty plugs can result in slow or unreliable charging. Mechanical problems, such as damaged components within the charging port or the use of incompatible cables, can further exacerbate these issues. Moreover, weathering impacts and temperature rises due to cyclic use can also contribute to the deterioration of EV charging cables. Exposure to varying weather conditions, such as extreme heat, cold, and moisture, can degrade the cable's insulation and protective layers over time. This can weaken the overall structural integrity of the cable and increase the risk of performance issues. Additionally, frequent and repetitive plugging and unplugging, coupled with the associated temperature changes during charging and discharging cycles, can lead to thermal stress and gradual degradation of the cable's materials. Addressing these multifaceted challenges is essential to ensure the long-term reliability and durability of EV charging cables. As the demand for electric vehicles and charging solutions continues to rise, industry stakeholders are actively working on innovative designs and materials to enhance the cable's resistance to mechanical wear, corrosive elements, weathering, and temperature fluctuations. The EV charging ecosystem aims to deliver a seamless and dependable charging experience for electric vehicle users worldwide by advancing these aspects.
Market Ecosystem
Mode 4 EV charging cables to be the fastest growing segment during forecast period
The mode 4 segment is expected to register the fastest rate during the forecast period, driven by the demand for swift DC charging solutions, particularly in dedicated charging stations for long-distance travel. Mode 4 includes DC fast charging. It works with varying charging rates, starting with portable 5 kW units to 50 kW and 150 kW, as well as upcoming 350- & 400-kW standards. This type of charging now provides DC (direct current) up to 200 amperes and is recommended for rapid charging of EVs. It consists of high charging capacity; thus, charging cables are required to handle the high current capacity of fast charging. Mode 4 charging cables are specifically used for DC charging, and the power is converted before being transferred to the vehicle. However, since this type of charging transfers a large amount of power directly to the battery, the cables need to be permanently connected to the charging station and are often liquid-cooled to handle the heat. In the United States, the deployment of Mode 4 EV charging stations has been supported by federal and state government incentives, such as tax credits and grants. China is currently the largest market for electric vehicles, and the government is investing heavily in charging infrastructure to support this growth. In Europe, there has been a push towards deploying ultra-fast charging stations, with many countries setting ambitious targets for the number of stations to be deployed in the coming years. For example, Germany has set a goal of having 1 million public charging stations by 2030, with 10,000 of them being ultra-fast charging stations. Overall, the deployment of Mode 4 EV charging stations is crucial to the growth and adoption of electric vehicles worldwide, and there have been significant developments and investments in this area in recent years.
Level 1 EV charging cable segment to be the largest market during the forecast period
By charging level, the Level 1 segment is estimated to lead the market during the forecast period as the infrastructure required for Level 1 charging is less expensive than Level 2 and Level 3. Additionally, electric vehicles are typically sold with Level 1 chargers, which results in exponentially high sales of Level 1 charging cables. Considering the rapid sales of electric vehicles worldwide, the Level 1 segment is estimated to remain dominant in the market throughout the forecast period. 1 charging for most vehicles in the market requires 8 to 16 hours for complete charging, depending upon the size of the battery. Level 1 charging is used when the EV needs to be used for short distances. Such type of charging infrastructure costs the lowest among all charging types and is often subsidized by governments with various incentive schemes. Most EVs are equipped with Level 1 charging, which is easily accessible and cost-effective. For instance, in July 2023, Lectron, a prominent supplier of electric vehicle (EV) charging solutions, has unveiled its latest innovation – The Lectron Level 1 EV Charger to the needs of daily commuters by delivering convenient and straightforward charging solutions. Operating at a charging speed of up to 1.65 kW and drawing 15 Amps of current guarantees a dependable and consistent charging experience. Engineered with a NEMA 5-15 plug, it seamlessly connects to standard 110V outlets. Its portable and user-centric design renders it an ideal choice for those seeking on-the-move charging capabilities.
Asia Pacific to be the largest market for EV Charging Cables by value during the forecast period
The Asia Pacific region is expected to be the largest market for EV charging cables during the forecast period. The increasing adoption of electric vehicles in China and Japan is expected to drive the market. Major EV OEMs like BYD, NIO, and Hyundai, coupled with government subsidies and incentives in countries such as China, Japan, and South Korea, foster robust EV adoption and necessitate extensive charging infrastructure. Particularly in growing economies like India, where EV adoption is in its early stages but rapidly gaining traction, government initiatives like FAME-II and proactive measures from companies like Tata Motors and Mahindra Electric drive the demand for charging cables. Similarly, in June 2023, China has prolonged its tax exemption initiative for new energy vehicles (NEVs) until 2027, reaffirming its dedication to fostering the electric vehicle (EV) sector. This decision is anticipated to enhance domestic sales and sustain China's role as a prominent player in the global EV market. The extension offers stability and assistance to both consumers and manufacturers while also fostering potential foreign investment opportunities in the realm of electric mobility. These factors collectively position the Asia Pacific region as the epicenter of the burgeoning EV charging cables market.
Key Market Players
The EV charging cable market is dominated by Leoni AG (Germany), Aptiv (Ireland), TE Connectivity (Switzerland), BESEN International Group (China), Dyden Corporation (Japan), among others. These companies manufacturers EV charging cables. These companies have set up R&D facilities and offer best-in-class products to their customers.
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Report Metric |
Details |
Market size available for years |
2019–2030 |
Base year considered |
2022 |
Forecast period |
2023-2030 |
Forecast units |
Volume (Thousand Units) and Value (USD Million/Billion) |
Segments covered |
Diameter, Power Supply, Application, Cable Type, Charging Level, Shape, Jacket Material, Mode, Cable Length, Connector Type |
Geographies covered |
Asia Pacific, Europe, North America |
Companies Covered |
Leoni AG (Germany), Aptiv (Ireland), TE Connectivity (Switzerland), BESEN International Group (China), Dyden Corporation (Japan). |
This research report categorizes the EV charging cable market based on Diameter, Power Supply, Application, Cable Type, Charging Level, Shape, Jacket Material, Mode, Cable Length and Connector Type and Region.
Based on Diameter:
- <10 mm
- 10-20 mm
- >20 mm
Based on Power Supply:
- AC
- DC
Based on Application:
- Private
- Public
Based on Cable Type:
- Normal Charging Cable
- High-Power Charging Cable (HPC)
- Liquid-Cooled High-Power Charging Cable
Based on Charging Level:
- Level 1
- Level 2
- Level 3
Based on Shape:
- Straight
- Coiled
Based on Jacket Material:
- All Rubber
- Thermoplastic Elastomer (TPE)
- Polyvinyl Chloride (PVC)
Based on Mode:
- Mode 1 & 2
- Mode 3
- Mode 4
Based on Cable Length:
- 2-5 Meters
- 6-10 Meters
- >10 Meters
Based on Connector Type:
- Type1
- Type2
- CCS 1
- CCS 2
- CHADEMO
- GB/T
- NACS/Tesla
Based on the region:
-
Asia Pacific
- China
- India
- Japan
- South Korea
-
North America
- US
- Canada
-
Europe
- Austria
- Denmark
- France
- Germany
- Netherlands
- Norway
- Spain
- Sweden
- Switzerland
- Italy
- UK
Recent Developments
- In April 2023, Leoni AG announced that it has changed its Business Group AM to the Automotive Cable Solutions (ACS) Division, underscoring the vital role of automotive cables within the company's cables segment. With a global network of ten facilities across seven countries and around 3,300 employees, ACS is a prominent supplier of standard automotive, special, and charging cables.
- In September 2022, Ravicab Cables Private Limited announced acquisition of Leoni Cable Solution India Private Limited (LCSI), Pune, a wholly-owned subsidiary of Leoni AG. This strategic move by Ravicab not only broadens its market presence but also extends its product offerings, establishing a seamless synergy with Ravicab's ambitious growth plans. The acquisition opens up exciting opportunities for investment and growth in the acquired business, setting the stage for a promising future in terms of development and expansion.
- In August 2022, Huber+Suhner partnered with South Korean EV charging system producer, SK Signet. Both companies will work together as part of this cooperation to further advance and encourage EV charging infrastructure innovation.
- In May 2022, Aptiv Plc announced its plan to acquire 85% of Intercable Automotive Solutions, a unit of Italy's Intercable. The deal, valued at USD 605.71 million, will grant Aptiv access to cutting-edge technology used in EVs. Intercable Automotive Solutions specializes in manufacturing high-voltage busbars capable of carrying substantially more electrical power than conventional cables. The unit operates manufacturing facilities in both Europe and Asia.
- In May 2022, Aptiv Plc announced its plan to acquire 85% of Intercable Automotive Solutions, a unit of Italy's Intercable. The deal, valued at USD 605.71 million, will grant Aptiv access to cutting-edge technology used in EVs. Intercable Automotive Solutions specializes in manufacturing high-voltage busbars capable of carrying substantially more electrical power than conventional cables. The unit operates manufacturing facilities in both Europe and Asia.
Frequently Asked Questions (FAQ):
What is the current size of the EV charging cable market by volume?
The current size of the EV charging cable market is estimated at 18,520 thousand units in 2023.
Who are the winners in the EV charging cable market?
The EV charging cable market is dominated by Leoni AG (Germany), Aptiv (Ireland), TE Connectivity (Switzerland), BESEN International Group (China), Dyden Corporation (Japan), among others. These companies manufacture EV charging cables, and offer best-in-class products to their customers.
Which region will have the fastest-growing market for EV charging cable market?
Asia Pacific will be the fastest-growing EV charging cable market region due to the increasing awareness of environmental sustainability, supportive government initiatives, and advancements in charging infrastructure.
What are the key technologies affecting the EV charging cable market?
The key technologies affecting the EV charging cable market are liquid cooling, smart charging, V2X integration, and automated charging robots.
Which companies provide EV charging cable for ultra-fast charging?
Companies such as Hubher+Sunher, Staubli, Phoenix Contact, among others, provide EV charging cables with ultra-fast charging capabilities.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the current size of the EV charging cable market. Exhaustive secondary research was done to collect information on the market, the peer market, and the child markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, publications of electric vehicle manufacturers, International Energy Agency (IEA), Alternative Fuel Data Center (AFDC), European Alternate Fuels Observatory (EAFO), Federal Transit Administration (FTA), Regional Transportation Authority (RTA), country-level vehicle associations and trade organizations, and the US Department of Transportation (DOT)], EV related magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, government organizations websites, and technical articles have been used to identify and collect information useful for an extensive commercial study of the global EV charging cable market.
Primary Research
Extensive primary research has been conducted after acquiring an understanding of this market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand- and supply-side OEMs (in terms of component supply, country-level government associations, and trade associations) and component manufacturers across four major regions, namely, Asia Pacific, Europe, North America. Approximately 25% and 75% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, LinkedIn, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in our report.
After interacting with industry experts, we conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. Following is the breakdown of primary respondents.
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Market Size Estimation
The bottom-up approach was used to estimate and validate the total market size. This method was also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research
- The industry’s supply chain and market size, in terms of volume, have been determined through primary and secondary research processes
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
EV charging cable are an essential component of the EV charging infrastructure and are used to connect electric vehicles to charging stations or power sources for recharging the vehicle's battery. The market for EV charging cables revolves around the production and distribution of essential components that facilitate the charging of electric vehicles. It is closely tied to the broader EV ecosystem and is influenced by technological advancements, regulatory requirements, and market trends.
List of Key Stakeholders
- Distributors and Retailers
- EV Charging Equipment Providers
- Electric Vehicle Manufacturers
- EV Charging Network Operators
- Governments and Regulatory Bodies
- Utilities and Energy Providers
- Fleet Operators
- EV Owners and Consumers
- Standards Organizations
- Research and Development Institutions
- Maintenance and Service Providers
- Automotive Dealerships
- Real Estate Developers and Property Managers
- Environmental Organizations
Report Objectives
- To segment and forecast the EV charging cable market size in terms of volume (thousand units) and value (USD Million).
- To define, describe, and forecast the EV charging cable market based on Diameter, Power Supply, Application, Cable Type, Charging Level, Shape, Jacket Material, Mode, Cable Length and Connector Type and Region.
- To segment the market and forecast its size, by volume, based on region (Asia Pacific, Europe, North America)
- To segment and forecast the market size by application (public and private)
- To segment and forecast the market size by charging level (level 1, level 2, and level 3)
- To segment and forecast the market size by shape (straight and coiled)
- To segment and forecast the market size by power supply (AC and DC)
- To segment and forecast the market size by jacket material (all rubber, thermoplastic elastomer (TPE), and polyvinyl chloride (PVC))
- To segment and forecast the market size by mode (mode 1 & 2, mode 3, and mode 4)
- To segment and forecast the market size by cable length (2-5 meters, 6-10 meters, and
- >10 meters)
- To segment and forecast the market size by diameter (less than 10 mm, 10 to 20 mm, and above 20 mm)
- To segment and forecast the market size by cable type (Normal Charging Cable. High-Power Charging Cable, Liquid-Cooled High-Power Charging Cable)
- To segment and forecast the market size by connector type (Type1, Type2, CCS 1, CCS 2, CHADEMO, GB/T, NACS/Tesla)
- To analyze the technological developments impacting the EV charging cable market
- To analyze opportunities for stakeholders and the competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
- To strategically analyze markets with respect to individual growth trends, future prospects, and contribution to the total market
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as deals, new product developments, and other activities carried out by key industry participants
Available Customizations
With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.
- EV charging cables market, by charging level, at the country level (for countries covered in the report)
- EV charging cables market, by mode, at the country level (for countries covered in the report)
Company Information
- Profiles of additional market players (up to five)
Growth opportunities and latent adjacency in EV Charging Cable Market