Developments of EV Charging Infrastructure Driving Electric Vehicle Charging Cables Market Growth

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Electric Vehicle Charging Cables Market Analysis and Demand Forecast Report

A number of factors, such as the rise in the deployment of electric vehicles (EVs), technological advancements, surge in the concerns related to air pollution, and development of the EV charging infrastructure, are expected to drive the electric vehicle charging cables market in the foreseeable period (2021–2030). According to P&S Intelligence, the market generated revenue of around $250 million in 2020, which is expected to witness significant growth in the coming years. In conventional charging stations, cables are the medium through which the electric current enters a vehicle’s charging system.

Moreover, key industry players, such as Leoni AG, Chengdu Khons Technology Co. Ltd., Coroplast Group, Aptiv plc, Dyden Corporation, General Cable Technologies Corporation, AMPLY Power, and TE Connectivity Ltd., have been involving in collaborations and partnerships to improve their position. For example, in November 2019, AMPLY Power collaborated with BYD Co. Ltd. to develop EV charging stations and provide end-to-end services to the operators of EV fleets, including utility interconnections, operational upgrades, optimal charging approaches on the basis of duty cycle and drive cycle, and funding and debt financing for reducing capital expenses.

Browse detailed report – Electric Vehicle Charging Cables Market Analysis and Demand Forecast Report

One of the major factors boosting the electric vehicle charging cables market is the development of the EV charging infrastructure. With the increasing adoption of EVs, the installation of their charging stations is also rising across the world. Heavy investments are required for the installation of charging stations; therefore, governments are installing them in public places. As per the International Energy Agency (IEA), the number of EV charging points rose by about 44% between 2017 and 2018 across the globe.

The power supply segment of the electric vehicle charging cables market is categorized into alternating current (AC) and direct current (DC). Between the two, the AC category held the larger share in the market in 2020, and it is expected to dominate the market during the forecast period as well. This can be ascribed to the rising deployment of the charging infrastructure in private facilities, such as homes and offices, which majorly receive AC electricity.

Furthermore, based on shape, the electric vehicle charging cables market is bifurcated into straight and coiled. Out of these, the straight category held the larger revenue share in 2020 in the market, and it is also projected to dominate the market in the coming years. This can be attributed to the low cost, ease of installation, and low maintenance requirements of straight cables. Since cost is a major factor hampering EV sales, such cables might play an important role in making the situation better.

Geographically, the electric vehicle charging cables market in Asia-Pacific (APAC) accounted for the largest share in 2020, and it is also expected to be the largest during the forecast period. This is ascribed to the growth in the EV sector and government efforts to improve the development of the charging infrastructure. Moreover, China is the major contributor to the regional market growth, followed by South Korea and Japan. The governments of these nations are providing financial and regulatory support to the producers and customers of EVs, thereby boosting the adoption of charging cables.

Thus, the surging deployment of charging stations and growing EV industry across the globe are expected to propel the market growth during the forecast period.

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