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EV Charging Cables Market Revenue to Cross US$ 3,466.1 million by 2028: The Insight Partners

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

Surge in Automotive Production to Drive Growth of EV Charging Cables Market during 2021–2028

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.

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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.  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. Thus, the surge in automotive production, with the growing focus on electric vehicles, is bolstering the EV charging cables market growth.

Impact of COVID-19 Pandemic on EV Charging Cable Market

The COVID-19 pandemic is affecting most businesses across the world. The continuous growth in the count of virus-infected patients compelled respective government authorities to impose restrictions on the movement of humans, goods, and commodities with travel limitations, mass lockdowns, and business shutdowns. The imposition of lockdown has resulted in lesser production of commodities and goods, and also lowered the frequency of service offerings. As the COVID-19 pandemic unfolded in early 2020 and lockdowns were implemented in countries around the world, global car sales experienced an unprecedented drop. As per the Society of Electric Vehicle Manufacturers (SMEV), registration of all-electric vehicles during FY21 declined 20% to 236,802 units, 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. The electric car sales in Europe more than doubled over 2019 levels. Many of its large markets, such as France, Italy, Germany, and the UK, actually had significantly higher electric car sales than in 2019 throughout almost every month of 2020. However, after the situation comes to normalcy, the EV charging cable market is expected to grow remarkably across the world.

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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

Type-Based Insights

Based on type, the EV charging cable market is bifurcated into private charging and public charging. The private charging segment held a larger market share in 2020.

The List of Companies – EV Charging Cable Market

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.

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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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