EV Charging Cables Market Size Worth US$ 3,466.1 Million By 2028 | CAGR 37.3%: The Insight Partners

According to our latest market study on “EV Charging Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Power Supply Type, Cable Length, Charging Level, and Jacket Material,” the market is expected to grow from US$ 377.4 million in 2021 to US$ 3,466.1 million by 2028; it is expected to grow at a CAGR of 37.3% from 2021 to 2028.

In July 2020, Phoenix Contact E-Mobility announced that it is expanding its production capacity with a new facility in Poland. The 15,000 m² plant at the Science and Technology Park Rzeszów-Dworzysko will be built by full-service logistics and commercial real estate developer Panattoni. The new facility is set to be completed by 2021. The new location has already borne witness to the dynamics of the e-mobility market. The startup team has already developed into 300 personnel, much more quickly than planned. The production facility manufactures AC charging cables, infrastructure charging sockets for AC charging stations and home chargers, and vehicle charging inlets across eight production lines.

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Evolving consumer preferences and technological advancements are helping to reshape the EVs industry significantly. China is one of the leading regions in terms of EV adoption. China is also the world's largest automobile market, with a rapidly increasing number of new fully electric or plug-in hybrid car sales. In Europe, Germany is offering financial incentives to consumers to purchase EVs. OEMs and suppliers across the globe are preparing for the shift toward EVs and away from internal combustion engine (ICE) vehicles. With the increasing demand for electric vehicles, the scope of installing charging facilities at residential, commercial, and government buildings is also growing. For instance, in November 2021, Indian Oil Corporation (IOC)—the largest state-controlled refiner by capacity in India—announced establishing EV charging facilities at 10,000 fuel outlets in the coming three to five years. IOC and two other public sector oil firms would install 22,000 EV charging stations in the coming years to assist in reaching the nation's target to lower carbon intensity and reach net zero emissions by 2070

APAC held the largest share in the EV charging cable market in 2020. Asia Pacific has surfaced as the leading and fastest-growing region in the global automobile manufacturing space due to extensive manufacturing facilities in China, India, and Japan; a massive consumer base; and the presence of key market players. China is the largest market for electric vehicles in Asia Pacific, with the high dominance of charging stations. The EV charging cables market in the region is mainly driven by the increasing production of electric vehicles and the upgradation of technologies. Innovations by vehicle manufacturing companies and investments by government agencies have boosted the auto production in Asia Pacific, propelling the demand for electric vehicles. The majority of EV demand is coming from Asia’s three most advanced economies, China, South Korea, and Japan. The regional EV market will endure to rise at an exponential rate in the coming years, backed by robust sales growth in China, South Korea, and Japan, as well as in India and Singapore. Mentioned countries in Asia are seeking forward to support EV to lower emissions.

Impact of COVID-19 Pandemic on EV Charging Cable Market

During the COVID-19 pandemic, the automotive industry faced a critical crisis. The automakers present across Europe and the US, such as Detroit's Big Three (General Motors, Fiat Chrysler Automobiles, and Ford Motor Company), announced temporary closures. Many other auto manufacturers also extended their shutdown beyond their original dates. Due to the pandemic, global car sales experienced an unparalleled decline. As per the Society of Electric Vehicle Manufacturers (SMEV) registration of all electric vehicles during FY21 declined 20 percent to 236,802 units as against 295,683 units sold in FY20. The notable exception was Europe where electric car sales were 55% higher on the back of existing policy support schemes.

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Emergence of E-Mobility and Advanced Charging Technologies to Propel EV Charging Cable Market Growth in Coming Years:

Electric vehicle adoption stays as a key within automotive market developments and decarbonizing in the transport sector. The government's focus on improving e-mobility adoption will create more demand for EVs. The transition to electrified mobility is the government's main focus for lowering carbon emissions. With government bodies looking ahead to electrify their buses, trains, and other public transportation, the demand for EVs is also increasing. Widespread and reliable public infrastructure would help the EV to hit on roads rapidly. Deployment of EV charging stations at bus depots and railway stations will rise. In Europe, the US, and China, government bodies are investing in e-mobility. With the growing number of EV models in mentioned countries, the scope of e-mobility is also rising. Pure EV and BEV are in the majority in the context of availability. Parties such as PTV's UK team and SP Energy Networks have been working together since 2019 to predict how e-mobility will be over the next three decades.

EV Charging Cable Market: Type Overview

Based on type, the EV charging cables market is bifurcated into private charging and public charging. The market for the private charging segment has witnessed a significant growth in recent times. Private EV charging is gaining momentum across the world. In countries, such as India, the government bodies are taking steps to propel the installation of private EV charging. For instance, the Indian government will charge US$ 33.67 for deploying private charging stations for the light commercial electric vehicles at apartments, malls, hospitals, and other private properties. The price is applicable for the first 30,000 applicants post government subsidy of US$ 80.80. In Delhi, the empanelment will be convoyed by introducing new and single window facility for installing EV chargers in private and semi-public spaces including residential spaces, such as apartments and group housing societies, commercial spaces, and institutional buildings.

EV Charging Cable Market: Competitive Landscape and Key Developments

Leoni AG, TE Connectivity, BESEN, Aptiv, and Coroplast are among the key players profiled during the study of the EV charging cable market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.

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Players operating in the EV charging cable market are mainly focused on the development of advanced and efficient products.

In October 2020, SINBON Electronics Co., Ltd. was named one of the top ten high-tech electric vehicle (EV) solution firms in Asia-Pacific by the automotive journal "Autotech Outlook" for two consecutive years. Since 2012, the company has been committed to expand the EV sector and has already established as a significant provider of wiring harnesses for charging systems for electric vehicles.

In April 2021, Phoenix Contact announced that its CHARX connect mode-3 charging cable product family is expanding and launched a new AC charging cables for charging current up to 48 A. For the North American e-mobility market, UL-certified AC charging cables with a rated current capacity of 48 A are now available.

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