EV Charging Cable Market

EV Charging Cable Market Outlook for 2024 to 2034

After a detailed analysis of the electric three wheeler market, FMI recently published a new report on EV charging cable market. As per the analysis, sales of EV charging cable hold a current valuation of USD 2,281.63 million in 2024. Going by this pattern, demand could rise and equate to a market valuation of USD 16,992.56 million, with a CAGR of 22.24% by 2034.

Attributes	Details
EV Charging Cable Market Value for 2024	USD 2,281.63 million
Market Value for 2034	USD 16,992.56 million
Value-based CAGR of Market for 2024 to 2034	22.24%

EV Charging Cables Global Market Report

• With an eye on sustainability, governments are making the way easier for electric vehicle adoption. The demand for EV charging cable is rising hand-in-hand with electric vehicles.
• With sustainability no longer a back-burner issue for a significant chunk of people, electrical vehicles, and in turn EV charging cables, are being sought in increasing measure.
• EV charging cables with rapid and extra-fast charging capabilities are sending positive currents in the market.
• Boosting EV charging infrastructure is a boon for the market, as more charging stations require more EV charging cables.
• Manufacturers are focusing on building EV charging cables with inherent cooling systems following consumer preference, as the charging cables can heat up quickly.

Trends in the Global EV Charging Cable Market

• With electric vehicle drivers preferring charging vehicles at home, manufacturers are building cables that are convenient to use.
• Manufacturers are aiming to make the charging experience easy for consumers by producing cables that fit in varied electric sockets.
• Governments are ramping up local EV charging equipment production through the means of laws and thus manufacturers are finding conditions suitable for the expansion of business.
• Technology such as temperature sensors and secure locking mechanisms is seeing the demand for the product accelerate.
• New types of electrical vehicles being manufactured and becoming popular, such as jeeps and pickup trucks, are widening the scope of the market.
• Government policies are serving to make electrical vehicles more affordable, by cutting import duties, taxes, and the like, and thus electrical vehicles are becoming a more common sight, invariably raising the demand for EV charging cables.
• High cost of installing electrical charging infrastructure is seeing the growth of the market cool down.

Category-wise Outlook

AC is the power supply preferred in EV charging cable. Fast charging speed, corresponding to 7-22 kW, is the top demand among EV charging cables.

Modeling of Electrical Vehicles for AC Currents Sees the Current Rise to the Top of the Power Supply Segment

For 2024, EV charging cable is expected to account for 92.0% of the market share by power supply. Some of the key drivers for the dominance of AC charging cables are:

• Majority of electrical vehicles and charging stations are modeled with AC power supply in mind and thus EV charging cables with AC power supply are dominant in the market.
• While DC chargers are making their way into a rising number of homes, it is AC charging that is commonplace in residences. Thus, AC charging cables have the vote of confidence from consumers.

Attributes	Details
Top Power Supply	AC
Market Share (2024)	92.0%

Fast Charging Speed of 7-22 kW Hits the Sweet Spot for Consumers

EV charging cables with 7-22 kW capacity are anticipated to account for 50.2% of the market share in 2024. Some of the key drivers for the progress of 7-22 kW EV charging cables include:

• With consumers desirous of fast charging capabilities, especially in the case of working professionals with hectic lifestyles, slow EV charging cables with under 3kW are being ditched in favor of fast ones with 7-22 kW capability.
• Although EV charging cables with even faster capabilities are available, ranging up to capabilities of more than 100kW, fast charging EV cables are preferred for their cost-effectiveness.

Attributes	Details
Top Charging Speed	Fast 7-22 kW
Market Share (2024)	50.2%

Country-wise Analysis

Government initiatives to amplify the production of electrical vehicles and their accessories are informing the growth of the market in North America. The rising affluence of the region also plays a part in increasing the adoption of EVs and EV charging cables in the region.

Focus on accelerating the automotive sector is contributing to the market’s growth in the Asia Pacific. Focus on sustainability in Oceania powers the EV charging cable industry in the region.

Countries	CAGR
United States	24.5%
Canada	25.6%
Australia	26.9%
Japan	29.2%
India	35.4%

Innovations the Name of the Game When it Comes to EV Charging Cables in the United States

The market is set to register a CAGR of 24.5% in the United States for the forecast period. The key drivers for growth are:

• Market players in the United States know the importance of innovation and are keeping the market charged with the regular introduction of new products. For example, in March 2024, local player itselectric launched the Brooklyn-718 cable, which purported to be the first detachable charging cable.
• The United States government mandating the manufacture of the majority of American electrical vehicle components locally, through the Buy American Act, is increasing the manufacture of EV charging cables in the country.

Effective Performance of Electrical Vehicles in Canada Under Harsh Temperatures Signaling Positivity for the Market

The CAGR for the EV charging cable market in Canada is tipped to be 25.6% over the forecast period. Some of the key factors driving the growth are:

• EVs have proved their worth in Canada under the frigid conditions of the country and thus there is more acceptance of EVs and EV charging cables in the country.
• Rising affluence of the Canadian population is seeing the cost barrier becoming smaller in the growth of the EV charging cable market in Canada.

Sustainability Playing a Larger Role in People’s Lives Empowering the Market in Australia

The CAGR for the EV charging cable market in Australia is tipped to be 26.9% over the forecast period. Some of the key factors driving the growth are:

• With high-profile natural disasters linked to climate change affecting people’s lives in Australia, sustainability is being embraced to a greater degree in the country. One way consumers in the country are doing so is by adopting electrical vehicles, and thus EV charging cables are enjoying advancing demand in the country.
• Government initiatives to increase the number of charging stations, for example with the Queensland Electric Super Highway project, are helping the market’s prospects in the country.

Tax Breaks for Electrical Vehicles Leading to Market Growth in Japan

The market is expected to register a CAGR of 29.2% in Japan for the forecast period. Some of the key trends include:

• Japanese government is planning major tax breaks for electrical vehicles, which is marked to be conducive to the growth of the market.
• Thriving automobile sector in Japan is producing EVs at a considerable rate too, necessitating the use of EV charging cables.

Convenient Charging Cherished by Charging Cable Customers in India

The market is expected to register a CAGR of 35.4% in India over the forecast period. Some of the key trends include:

• Indian consumers’ affinity for convenient charging options is seeing manufacturers focus on making cables with shorter lengths available in the country.
• In March 2024, India introduced a scheme to lower import taxes for electrical vehicle companies, provided they invest USD 500 million, which is expected to boost the market in the country.

Competitive Landscape in the EV Charging Cable Market

Keeping the product line moving is seen as non-negotiable by market players, in view of rapidly evolving technology. Thus, market players are investing significant amounts in Research and Development and appealing for public subsidies.

One of the prominent companies in the market, OSRAM Licht AG, is concentrated on producing battery cables of up to 22 kW power. Other market players are exploring different kW ranges and charging speeds.

Recent Developments in the EV Charging Cable Market

• In March 2024, FLO introduced the EZLift cable management system for EVs in an effort to make the charging process easier for users.
• In June 2022, Kempower launched a fast-charging system for EVs with liquid-cooled cables as part of its S-Series.
• In February 2021, the DC Quick-Charger/Discharger Connector Cable Assembly was introduced by Sumitomo Electric Industries, Ltd. The cables boast of being lightweight, easing the charging process for users.

Key Companies in the EV Charging Cable Market

• OSRAM Licht AG
• Phoenix Contact
• DYDEN Corporation
• Prysmian S.p.A.
• TE Connectivity
• Leoni AG
• Aptiv
• Tesla Inc.
• Huber & Suhner AG
• Eland Cables
• Coroplast
• BRUGG Group
• BESEN Group

Key Coverage in the EV Charging Cable Industry Report

• EV Charging Cable Market Size and Share Analysis
• sales of EV charging cables worldwide assessment
• coverage of growth opportunities for EV charging cable manufacturers
• Electric vehicle charging cables industry report
• EV charging cord market report
• Analysis of the electric vehicle charging cables industry

Key Segments

By Power Supply Type:

• AC Charging
• DC Charging

By Charging Speed:

• Slow (Under 3 kW)
• Fast (7 kW - 22 kW)
• Rapid (50 kW - 100 kW)
• Ultra-Rapid (Above 100 kW)

By Mode Type:

• Mode - 1
• Mode - 2

By Connector Type:

• Type - 1
• Type - 2
• Combination Plugs (CCS Plugs)
• CHADeMo Plug

By Application:

• Private charging
• Public charging

By Cable Length:

• 2-5 meters
• 6-10 meters
• >10 meters

By Shape:

• Straight
• Coiled

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the EV Charging Cable Market?

The EV charging cable market size is expected to be worth USD 2,281.63 million in 2024.

How Big Will the EV Charging Cable Market Be in 2034?

The EV charging cable market is estimated to get as big as USD 16,992.56 million in 2034.

How will the EV Charging Cable Market Progress in India?

The CAGR of the EV charging cable market during the 2024 to 2034 period in India is estimated to be 35.4%.

What are the Segments of the EV Charging Cable Market?

The EV charging cable market can be divided into the following segments: power supply type, charging speed, mode type, connector type, application, cable length, and shape.

What is the Scope of the EV Charging Cable Market?

The EV charging cable market is expected to grow at a CAGR of 22.24% over the period from 2024 to 2034.

Who are the Top EV Charging Cable Manufacturers?

OSRAM Licht AG, Phoenix Contact, DYDEN Corporation, and Prysmian S.p.A. are some of the key manufacturers in the EV charging cable industry.