The global EV charging cables market size is anticipated to register a phenomenal growth rate of about 27.5% during the forecast period from 2022 to 2032, with an expected valuation of US$ 598.2 Million in 2022 and totaling around US$ 6,791.2 Million by the end of 2032.
There are two EV charging cable types : 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.
- 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.
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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.
Leading market players operating in the global EV Charging Cables market include 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, and BESEN Group – which control the majority of the market share for EV Charging Cables.
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
- Private Charging
- Public Charging