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Emerging Growth Patterns Driving Rapid Expansion in the Electric Vehicle (EV) Charging Cable Market
Electric Vehicle (EV) Charging Cable Market
Forecasted Growth and Market Size of the Electric Vehicle Charging Cable Sector
The market for electric vehicle charging cables is anticipated to experience rapid growth in the coming years, reaching a valuation of $2.41 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 14.0%. Key factors propelling this expansion include the rollout of ultra-fast charging stations, integration with smart grid systems, increasing demand for robust and long-lasting cables, the rise of commercial electric vehicle fleets, and the establishment of interoperability standards for charging equipment. Noteworthy trends expected to influence the market during this period involve the proliferation of fast charging infrastructure, increased adoption of high-power cables, growth in the use of liquid-cooled cables, expansion of public charging networks, and ongoing efforts to standardize connector interfaces.
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Leading Companies Driving the Electric Vehicle Charging Cable Market
Several major corporations are shaping the landscape of the EV charging cable market. Prominent players include 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, and Brugg eConnect.
In a strategic move in October 2023, the Spain-based EV charging solutions provider Wallbox acquired Germany's ABL GmbH for $16.11 million (€15 million). This acquisition strengthens Wallbox's commercial offerings by expanding its product lineup and certification portfolio, including compliance with German EV charging calibration regulations (Eichrecht). It also reduces operational risks by lowering capital and research expenditures, benefits from ABL's in-house component manufacturing capabilities, and facilitates quicker market introduction of new products.
View the full electric vehicle (ev) charging cable market report:
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Key Trends Impacting the Electric Vehicle Charging Cable Industry
Companies in this market are prioritizing innovation to deliver advanced charging solutions that meet evolving customer needs. One notable product type is the AC charger, which supplies alternating current (AC) for vehicle charging, with the battery conversion to direct current (DC) occurring inside the EV.
For example, in August 2023, US-based Autel Energy launched the MaxiCharger AC Ultra, an advanced EV charger designed for commercial applications requiring efficient, reliable charging. This charger can simultaneously provide up to 22 kW of power to two vehicles, making it ideal for high-traffic environments such as parking lots, retail centers, and fleet operations. The unit features an IP54-rated enclosure that protects against dust and water, ensuring durability for outdoor use and consistent performance in varied weather conditions.
Detailed Segment Breakdown of the Electric Vehicle Charging Cable Market
The electric vehicle charging cable market is categorized into several segments as follows:
1) By Type: normal cables, high-power cables, and liquid-cooled high-power cables.
2) By Connector Type: Type 1, Type 2, Combined Charging System versions CCS1 and CCS2, CHAdeMO, GB Or T, North American Tesla Connector Standard (NACS) or TESLA connectors.
3) By Length: cables under 5 meters, between 6 and 10 meters, and those exceeding 10 meters.
4) By Shape: straight cables and coiled cables.
5) By Application: private charging and public charging settings.
Further subsegments include:
- Normal cables divided into Level 1 and Level 2 charging cables.
- High-power cables split into DC fast charging cables and AC fast charging cables.
- Liquid-cooled high-power cables categorized as liquid-cooled DC fast charging cables and liquid-cooled AC fast charging cables.
This comprehensive segmentation helps address diverse market needs, supporting everything from residential EV owners to large-scale commercial charging infrastructure deployments.
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