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A Deep Dive into Electric Vehicle (EV) Charging Cable Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
Electric Vehicle (EV) Charging Cable Market
In the past few years, we observed a significant surge in the market size of the electric vehicle (EV) charging cable. The worth of the market, which was $1.07 billion in the year 2024, is projected to escalate to $1.25 billion in 2025, progressing at a compound annual growth rate (CAGR) of 16.3%. Factors contributing to this growth trend in the past include regulatory support, heightened demand for electric vehicles in the market, an increase in fuel prices, advancements in battery technology, and an inclination towards comfort and accessibility amongst consumers.
The market size of the electric vehicle (EV) charging cable is anticipated to experience significant expansion in the near future. The projection is set at $2.26 billion by 2029, with a compound annual growth rate (CAGR) of 16.0%. Several factors are contributing to the growth forecast for this period, including improved regulatory measures, increased market penetration, heightened environmental consciousness, enhancement of charging infrastructure, and the evolution of ultra-fast charging cables. Key trends for the period include growth in public charging, residential and workplace charging, usage of sustainable materials, supportive government policies, and advances in EV charging technology.
What Is Contributing to the Growth of the Electric Vehicle (EV) Charging Cable Market?
The surge in the use of electric vehicles (EVs) is forecasted to fuel the rise of the electric vehicle (EV) charging cable market in the future. Electric vehicles, which either wholly or partially run on electricity stored in rechargeable batteries rather than internal combustion engines, are experiencing a rise in popularity. This is due to technological advancements, environmental issues, government schemes, and falling prices. EV charging cables, utilized for linking the EVs to a power source to recharge their batteries, are in high demand. As reported by the International Energy Agency- a France-based autonomous intergovernmental body in April 2023, the sale of electric cars surpassed 10 million in 2022 and are approaching 14 million in 2023. The ambitious target set is to achieve a rise to 35% by 2030. Consequently, this growing trend in the use of electric vehicles is the key driver behind the expanding EV charging cable market.
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Which Key Market Leaders Are Driving Electric Vehicle (EV) Charging Cable Industry Growth?
Major companies operating in the electric vehicle (EV) charging cable market are Siemens AG, Schneider Electric SE, ABB Ltd., Aptiv Plc, Legrand S.A., Leoni AG, Phoenix Contact Ltd., Webasto Group, Huber+Suhner AG, Sinbon Electronics Co. Ltd., AeroVironment Inc., Mennekes Electrical Products, EVBox BV, Tritium DCFC Limited, Eland Cable Limited, The Besen Group, Circontrol SA, Coroplast Inc., Charge Amps AB, Dyden Corporation, AG Electrical Technology Co., Chengdu Khons Technology Co. Ltd., Teison EV, Brugg eConnect
What Are the Emerging Trends in the Electric Vehicle (EV) Charging Cable Industry?
Leading corporations in the electric vehicle charging cable industry are concentrating on creating innovative items like AC charger for enhanced customer service and advanced features. An AC charger, which provides Alternating Current (AC) to powers electric vehicles and gets transformed to Direct Current (DC) inside the vehicle to charge the battery. For example, Autel Energy, an American technology company introduced the MaxiCharger AC Ultra in August 2023, this advanced electric vehicle (EV) charger is specifically curated to cater to the rising demand for effective and trustworthy charging resources in commercial environments. Capable of delivering up to 22 kW of power concurrently to two vehicles, the MaxiCharger AC Ultra allows for swift charging, making it a profitable proposition for businesses witnessing heavy traffic, such as parking complexes, shopping malls, and fleet operations. The charger, secured in an IP54-rated casing, guarantees protection from dust and water, rendering it apt for outdoor installations. Its robust build ensures durability and dependability in different weather conditions.
What Are the Main Segments in the Electric Vehicle (EV) Charging Cable Market?
The electric vehicle (EV) charging cable market covered in this report is segmented -
1) By Type: Normal, High-Power, Liquid-Cooled High-Power
2) By Connector Type: Type 1, Type 2, Combined Charging System (CCS1), Combined Charging System (CCS2), CHAdeMO, GB Or T, North American Tesla Connector Standard (NACS) Or TESLA Connectors
3) By Length: Below 5 Meters, 6 Meter To 10 Meter, Above 10 Meters
4) By Shape: Straight, Coiled
5) By Application: Private Charging, Public Charging
Subsegments:
1) By Normal: Level 1 Charging Cables, Level 2 Charging Cables
2) By High-power: Dc Fast Charging Cables, Ac Fast Charging Cables
3) By Liquid-cooled High-Power: Liquid-Cooled Dc Fast Charging Cables, Liquid-Cooled Ac Fast Charging Cables
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Which Geographic Area Leads the Electric Vehicle (EV) Charging Cable Market?
Asia-Pacific was the largest region in the electric vehicle (EV) charging cable market in 2024. The regions covered in the electric vehicle (EV) charging cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Vehicle (EV) Charging Cable Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle (EV) Charging Cable Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle (EV) Charging Cable Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle (EV) Charging Cable Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle (EV) Charging Cable Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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