After a detailed analysis of the electric three wheeler market, FMI recently published a new report on EV charging cable market. As per the analysis, sales of EV charging cable hold a current valuation of USD 2,281.63 million in 2024. Going by this pattern, demand could rise and equate to a market valuation of USD 16,992.56 million, with a CAGR of 22.24% by 2034.
There are two types of electric vehicle charging cables: public charging and private charging. The private charging segment is predicted to account for a notable portion of the global EV charging cables market.
Due to the expanding number of private electric vehicles on the road, this segment in particular is expected to dominate the market over the assessment period. The public charging segment is projected to dominate the market over the forecast period, accounting for a boost in the number of commercial charging terminals across regions.
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Key Takeaways
- The implementation of electric vehicles is expanding in several countries all over the world with heavy investments in research and development in this sector. Numerous countries including the Netherlands, France, India, and Canada have launched various campaigns in order to encourage the adoption of electric vehicles. Automakers in the automotive sector are given by the state fixed quotas, tax breaks, subsidies, and rebates.
- For purchasing purposes, entitlements are conveniently available for customers. Such considerations have caused a spike in the global production and sales of electric vehicles. In order to ensure the smooth functioning of vehicles, the surging inventory of electric vehicles necessitates the establishment of power grids and charging terminals.
- The major factor driving growth in the EV charging cables market is the development of these vehicles which has resulted in advancements in electric vehicle charging technology and significant investments by automakers in electric vehicles.
- Several organizations develop EV charging cables to make sure quick charging terminals are available for vehicles. Tesla has approximately 1600 supercharging stations available all over the North American region. This propels the development of charging infrastructure, resulting in propelling the global EV charging cable market.
Competitive Landscape
Key EV charging cable providers are rapidly adopting various marketing strategies including new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration in order to increase sales and raise the interest of potential buyers to create a massive customer base and gain a competitive edge in the global EV Charging Cables market.
Key Companies Profiled
OSRAM Licht AG, Phoenix Contact, DYDEN Corporation, Prysmian S.p.A., TE Connectivity, Leoni AG, Aptiv, Tesla Inc., Huber & Suhner AG, Eland Cables, Coroplast, BRUGG Group, BESEN Group.
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Key Segments covered in the EV Charging Cables Industry Survey
By Power Supply:
- AC Charging
- DC Charging
By Product Type:
- Mode 2 Charging Cables
- Mode 3 Charging Cables
By Voltage Capacity:
- 16 Amp
- 32 Amp
By Application:
- Private Charging
- Public Charging
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
More Insights into the EV Charging Cables Market
Asia Pacific EV charging market is expected to dominate the global market landscape. In 2019, the Asia Pacific EV Charging Cables Market was worth US$ 255 Million. Owing to the largest number of transactions and production of electric vehicles in this region, the Asia Pacific region is projected to dominate during the forecast period.
Due to the accelerated adoption of electric vehicles, China is considered the market’s largest contributor. Among several other countries, China is a dominant market leader in electric vehicle charging stations. As per the FMI analysis, China’s EV exports are anticipated to skyrocket over the next few years. In 2020, China generated a revenue of 1.5 million by selling EVs.
North America is the second largest EV charging cables market because of the widening quantity of electric vehicle customers in this region. Despite the COVID-19 challenges, the majority of the North American countries are expected to boost product sales and exports in 2020. The United States is considered a prominent player, providing opportunities for electric vehicle parts.
North America is accounting for a massive market share of 25.7% of the global EV charging cables market. Because of several technological advancements such as fast charging cables, type-2 connecter plugs, and so on have offered leading players in the market an opportunity to expand their horizons.
Europe’s EV charging cables market is expected to witness lucrative growth opportunities backed by the surging adoption of electric vehicles in this region as a result of escalating regulations on vehicle emissions in this region. Europe is accounting for a market share of 31.8% of the global EV Charging Cables market.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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