Press release
Electric Vehicle (EV) Charging Cable Market Size to Reach $2.14 Billion by 2029 | Growth at 14.8% CAGR Forecast
Electric Vehicle (EV) Charging Cable Market
What is the Projected Market Size of the Electric Vehicle (EV) Charging Cable Industry?
In recent times, the market size for charging cables for electric vehicles (ev) has seen swift expansion. The market is projected to increase from $1.07 billion in 2024 to an anticipated $1.23 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.9%. The past growth in this sector is due to several factors including regulatory backing, an upsurge in the need for electric vehicles, escalating fuel costs, improvements in battery technology, along with the consumer's need for ease and accessibility.
What Will Be the Size of the Electric Vehicle (EV) Charging Cable Market by 2029?
The EV (electric vehicle) charging cable market is anticipated to witness significant expansion in the upcoming years, potentially reaching a market value of $2.14 billion in 2029, with a compound annual growth rate (CAGR) of 14.8%. The projected growth during this forecast period is primarily attributed to factors such as stringent regulatory measures, increased market infiltration, growing environmental consciousness, the development of charging facilities, and the presence of ultra-fast charging cables. Noteworthy market trends to watch for in this period include the proliferation of public charging stations, the rise of home and office charging solutions, the usage of sustainable materials, supportive government policies, and the evolution of EV charging technology.
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What Are the Key Drivers Accelerating Growth in the Electric Vehicle (EV) Charging Cable Market?
The electric vehicle (EV) charging cable market is anticipated to experience significant growth due to the rising popularity of electric vehicles (EVs). Electric vehicles, which are cars that run solely or partly on electricity that is stored in rechargeable batteries, are becoming more widespread. This is largely due to advancements in technology, environmental considerations, government incentives, and falling prices. Electric vehicle cables play a crucial role in charging these vehicles by connecting them to a power source. The International Energy Agency, an autonomous intergovernmental organization based in France, reported in April 2023 that electric car sales surpassed 10 million in 2022, and are projected to reach nearly 14 million in 2023, with firm targets set to rise to 35% by 2030. Consequently, the rising popularity of electric vehicles is fueling the growth of the electric vehicle (EV) charging cable market.
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How Is the Electric Vehicle (EV) Charging Cable Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Electric Vehicle (EV) Charging Cable Market?
Leading corporations in the electric vehicle charging cable market are prioritizing the creation of unique products like AC chargers to provide customers with sophisticated features. AC chargers are devices that supply alternating current (AC) to power electric vehicles, with the AC being changed to direct current (DC) within the car to charge the battery. For example, Autel Energy, a US technology firm, unveiled the MaxiCharger AC Ultra in August 2023, a superior electric vehicle (EV) charger created to satisfy the increasing demand for effective and consistent charging solutions in commercial environments. The MaxiCharger AC Ultra can provide up to 22 kW of power to two cars concurrently, facilitating quick charging. This function is especially advantageous for businesses with heavy traffic, like parking garages, shopping malls, and fleet enterprises. The charger is contained in an IP54-rated casing, shielding it from dust and water, thus making it ideal for outdoor installations. Its sturdy structure guarantees longevity and dependability in various weather conditions.
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Who Are the Leading Companies Driving Growth in the Electric Vehicle (EV) Charging Cable Market?
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
Which Is the Leading Region in the Global 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.
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