At CAGR of 37.3%, EV Charging Cables Market is expected to grow from US$ 377.4 Million in 2021 to US$ 3,466.1 Million by 2028

According to our latest market study on "EV Charging Cables Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Private Charging, Public Charging); Power Supply Type (Alternate Charging, Direct Charging); Cable Length (2 Meters to 5 Meters, 6 Meters to 10 Meters, Above 10 Meters); Charging Level (Level 1, Level 2, Level 3); Jacket Material (All-Rubber Jacket, Thermoplastic Elastomer (TPE) Jacket, Polyvinyl Chloride (PVC) Jacket) and Geography," 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.

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Automobile sales are reaching new heights due to the growing popularity of trucks and SUVs and the rising demand for compact sedans. Toyota, Hyundai, Nissan, Subaru, and Kia reported sales increases in the double digits. In 2020, 78 million vehicles were produced globally, and China, Japan, and Germany were the top automobile and commercial vehicle manufacturers. With such huge vehicle manufacturing volumes, the scope of electric vehicle (EV) manufacturing is also gaining momentum. Also, few OEMs aim to reconfigure their product lines to manufacture only electric vehicles.

In the first trimester of 2021, Volvo declared selling of only electric cars from 2030; General Motors plans to provide only electric LDVs by 2035; Ford will only sell electric cars in Europe from 2030; Volkswagen projects for 70% electric car sales in Europe, and 50% in the US & China by 2030; and Stellantis looks for 35% electric cars sales in the US and 70% in Europe. In addition, truck manufacturers such as MAN, Daimler, Scania, Volvo, and Renault seek the all-electric future. Thus, the surging automotive production, with the growing focus on electric vehicles, is bolstering the EV charging cables market growth.

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A surge in EV Vehicle Production

Many countries in the world have set objectives emphasizing reducing car emissions. As a part of this, they have begun to promote the production and marketing of electric vehicles and related charging infrastructure. In 2017, the US government spent US$ 5 billion on the improvement of electric car infrastructure, including charging stations. Several governments are offering incentives, including cheap or no registration costs and exemptions from import tax, sales tax, and road tax. Furthermore, Norway and Germany are heavily investing in EV sales promotion. The UAE, China, India, Saudi Arabia, Chile, Brazil, and Russia are making contractual alliances to ramp up electric cars production within their territories, Germany, France, the UK, Canada, South Korea, Japan, Sweden, the Netherlands, and Norway are a few key countries that experienced a surge in electric car registration amid the COVID-19 pandemic. Nearly 3 million new electric cars were registered in 2020. Europe led the electric car registrations with 1.4 million new registrations, China followed with 1.2 million registrations, and the US-registered 295,000 new electric cars. Thus, the surge in automotive production, with the growing focus on electric vehicles, is bolstering the EV charging cables market growth.

EV Charging Cables Market: Competitive Landscape and Key Developments

Besen International Group, Coroplast, Dyden Corporation, EV Charging Cables, EV Teison, General Cable Technologies Corporation, Phoenix Contact E-Mobility, Sinbon Electronics, Systems Wire and Cable, and TE Connectivity are a few major companies operating in the EV charging cable market.

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 vehicles (EV) solution firms in Asia-Pacific by the automotive journal "Autotech Outlook" for two consecutive years. Since 2012, the company has been committed to expanding the EV sector and has already been established as a significant provider of wiring harnesses for charging systems for electric vehicles.

• In April 2021, Phoenix Contact announced that it's CHARX connect mode-3 charging cable product family is expanding and launched 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 is now available.

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