EV Charging Cables Market

Market Leader - EV Charging Cables Market

The global EV charging cables market is projected to grow at a CAGR of 39.5%, to reach USD 3,173 million by 2027 from an estimated USD 431 million in 2021. Factors such as increasing adoption of electric vehicles, rapid development of electric vehicle supply equipment, and increasing demand for fast charging cables would drive the growth of the market.

The major players in the EV charging cables market include Leoni AG (Germany), TE Connectivity (Switzerland), BESEN Group (China), Aptiv (Ireland), Phoenix Contact (Germany), and Coroplast (Germany). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market. New product development was the key strategy adopted by leading players to gain traction in this market. 

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The increasing demand for electric vehicles across the world is driving the demand for EV charging and EV charging cables. The development of faster charging equipment has led to the growing demand for higher power cables for use in the charging equipment. High power cables (HPC) enable drivers to recharge their electric vehicles in a few minutes and travel longer distances. This chapter discusses various factors (such as drivers, restraints, opportunities, and challenges) that influence the growth of the EV charging cables market. EV charging cables are cable assemblies for charging stations or portable cord equipment used for charging electric vehicles. They are usually available in a range of 16-40A. They are assembled inside a rubber or plastic covering for insulation. They can be used alongside different plug connectors like type 2, CHAdeMO, CCS, and Tesla’s own plug. Different cable specifications are used for different plug types. These cables are available with EVs for charging and also in charging system setups for both normal and fast charging.

Leoni AG (Germany) is a leading player in the global EV charging cables market. The company offers a wide variety of EV charging cables to its customers. In April 2019, Leoni announced that it will present technologies for electromobility at the Electric & Hybrid Vehicle Technology Expo in Stuttgart. The company illustrated the wide variety of its cables and solutions for fast charging technology, power supply with high-voltage cables, as well as its LEONiQ digital cable technology. A special High-Power charging cable for liquid-cooled charging systems ensures that the temperatures in the cable and connector do not exceed a defined threshold.

In the EV charging cables market, TE Connectivity (Switzerland) is a major Tier I supplier. In May 2018, TE Connectivity launched its next generation of charging cables and inlets for hybrid and electric vehicles. The new charging cables are specifically designed to meet DIN EN 61851. Type 2 vehicle connector additionally meets IEC 62196. These standards define several types of on-board vehicle interfaces: type 1 for North America and Japan and type 2 for Europe with two charging modes at a wall power outlet or on high-performance charging stations.

Aptiv (Ireland), Phoenix Contact (Germany), BESEN Group (China), Sinbon Electronics (Taiwan), Systems Wire & Cable (US), and Coroplast (Germany) are some of the other players in this market. In September 2018, SINBON Electronics announced the official opening of its new plant in Tatabanya, Hungary. The plant will focus on developing and producing parts and components related to new energy vehicles and smart network vehicles, including connectors, wiring harnesses, and smart wires. In July 2018, Coroplast’s Cable & Wire division introduced high-voltage cables at the trade fair in Wolfsburg. These cables can be actively cooled and convince with their minimal material consumption combined with high space and weight savings. In January 2018, Systems Wire & Cable introduced the addition of a new EVE, EVJE Polyurethane Jacketed Electric vehicle charging cable. Among all the EV cables, UL EVE has the most stringent testing requirements.

Related Reports:

EV Charging Cables Market by Power Supply (AC and DC), Application (Private Charging and Public Charging), Length (2-5 Meters, 6-10 Meters, and >10 Meters), Shape (Straight and Coiled), Mode, Charging Level, and Region - Global Forecast to 2027

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Report Code
AT 7513
RI Published ON
5/7/2021
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