Electric Vehicle (EV) Charging Cable Global Market Report 2024

An electric vehicle (EV) charging cable serves the purpose of linking an electric vehicle to a charging station or power source, enabling the transfer of electrical energy to the vehicle's battery. These cables vary in types and power ratings, each tailored to different charging speeds and compatibility with specific EV models.

The primary categories of EV charging cables include standard, high-power, and liquid-cooled high-power variants. Standard EV charging cables are typically used for regular charging requirements, commonly found in residential areas or public charging stations catering to standard electric vehicles. They utilize various connectors such as type 1, type 2, combined charging system (CCS1), combined charging system (CCS2), CHAdeMO, GB/T, North American Tesla connector standard (NACS), or Tesla connectors. These cables are available in different lengths, ranging from less than 5 meters to over 10 meters, and are available in straight or coiled configurations, suitable for both private and public charging setups.

The electric vehicle (EV) charging cable market research report is one of a series of new reports that provides electric vehicle (EV) charging cable market statistics, including electric vehicle (EV) charging cable industry global market size, regional shares, competitors with a electric vehicle (EV) charging cable market share, detailed electric vehicle (EV) charging cable market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle (EV) charging cable industry. This electric vehicle (EV) charging cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric vehicle (EV) charging cable market size has grown rapidly in recent years. It will grow from $0.93 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 16%. The growth observed in the historical period can be credited to regulatory backing, increased market demand for electric vehicles, escalating fuel costs, advancements in battery technology, and consumer preference for convenience and accessibility.

The electric vehicle (EV) charging cable market size is expected to see rapid growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The forecast period growth is anticipated due to strengthened regulatory measures, expanding market adoption, heightened environmental consciousness, expansion of charging infrastructure, and advancements in ultra-fast charging cables. Key trends expected during this period include the proliferation of public, home, and workplace charging stations, use of sustainable materials, government policy support, and innovations in EV charging technology.

The electric vehicle (EV) charging cable market is set to experience significant growth due to the increasing adoption of electric vehicles (EVs). These vehicles rely on rechargeable batteries for power instead of internal combustion engines, driving their popularity up. Factors such as technological advancements, environmental consciousness, government incentives, and cost reductions contribute to this trend. Electric vehicle cables play a crucial role in connecting these vehicles to power sources for battery charging. For example, data from April 2023 by the International Energy Agency, a France-based intergovernmental organization, reveals that electric car sales surpassed 10 million in 2022 and are projected to reach nearly 14 million in 2023, with a target of 35% growth by 2030. Thus, the increasing adoption of electric vehicles is fueling the expansion of the electric vehicle (EV) charging cable market.

Key players in the electric vehicle charging cable market are prioritizing innovation, developing products such as high-speed electric car chargers to enhance user experience with advanced functionalities. These chargers are engineered to significantly reduce charging times, enabling users to swiftly power their electric vehicles. For instance, in September 2021, ABB Ltd., a Switzerland-based provider of industrial automation and electrification technologies, introduced the Terra 360 modular charger. This charger delivers unprecedented charging speeds, capable of charging up to four vehicles simultaneously and providing 100 km of range in less than three minutes. It incorporates an innovative lighting system to guide users through the charging process, displaying essential information such as the state of charge (SoC) of the EV battery and the remaining time for an optimal charge session. Moreover, it features wheelchair accessibility and an ergonomic cable management system for quick and effortless plug-ins by drivers.

In October 2023, Wallbox, a Spain-based company specializing in electric vehicle (EV) charging solutions, completed the acquisition of ABL for $16.11 million (€15 million). This acquisition aligns with Wallbox's commercial strategy by expanding its product range and certifications, including compliance with German EV charging regulations (Eichrecht). It also reduces operational risk through decreased capital expenditure and research and development investments, leveraging ABL's internal component manufacturing capabilities. This strategic move enables rapid scaling of new products for market penetration. ABL GmbH, based in Germany, is known for providing electric vehicle (EV) charging solutions.

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.

Asia-Pacific was the largest region in the electric vehicle (EV) charging cable market in 2023. 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.

The countries covered in the electric vehicle (EV) charging cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electric vehicle (EV) charging cable market consists of sales of direct current (DC) fast charging cables and smart charging cables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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