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Electric Vehicle Charging Cable Market Analysis By Type (AC charging cables and DC charging cables), By Material (copper and aluminum cables), By Application (residential and commercial), By End user (OEMs and aftermarket) & Forecast 2024-2035

  • PUBLISHED ON
  • 4/14/2023
  • NO OF PAGES
  • 250
  • CATEGORY
  • Automotive & Transportation
Market Overview:
The global electric vehicle charging cable market size was valued at around USD 676.2 million in 2021 and expected to grow at a CAGR of 18.4% during the forecast period.
The global EV (electric vehicle) charging cables market refers to the market for cables that are used to charge electric vehicles. These cables are typically used to connect the electric vehicle to a charging station, and they come in different lengths and charging capacities. EV charging cables are essential components of the EV charging infrastructure, as they allow EVs to be charged quickly and efficiently. They are designed to be durable, flexible, and weather-resistant, and they are typically made of high-quality materials such as copper and aluminum. The market for EV charging cables is expected to grow rapidly in the coming years as the adoption of electric vehicles continues to increase around the world.

Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the global EV charging cables market. On the one hand, the pandemic has disrupted supply chains and caused delays in the manufacturing and distribution of EV charging cables. Many countries imposed lockdowns and other restrictions that affected manufacturing and transportation, leading to a shortage of raw materials and components.
On the other hand, the pandemic has also accelerated the adoption of electric vehicles in many countries. As people looked for alternative modes of transportation to avoid public transit and reduce the risk of infection, sales of electric vehicles increased. This, in turn, led to a higher demand for EV charging cables as more people needed to charge their vehicles at home or in public charging stations.
Overall, the impact of the pandemic on the global EV charging cables market has been mixed, with disruptions in supply chains offset by increased demand for electric vehicles. However, as the world recovers from the pandemic, the demand for electric vehicles and EV charging cables is expected to continue to grow, driven by government incentives and increasing consumer awareness of the need for sustainable transportation solutions.

Market Dynamics:
Drivers:
Increasing adoption of electric vehicles: As the adoption of electric vehicles continues to grow around the world, the demand for EV charging cables is also increasing. This is driven by government initiatives, incentives, and regulations aimed at reducing carbon emissions and promoting sustainable transportation.
Growing EV charging infrastructure: The deployment of EV charging infrastructure is expanding rapidly, driven by government and private sector investments. This includes home and workplace charging stations as well as public charging stations. As the EV charging infrastructure expands, the demand for EV charging cables will also increase.
Technological advancements: The development of new and more efficient charging technologies, such as fast charging and wireless charging, is also driving the growth of the EV charging cables market. These technologies require specialized cables and connectors that are designed to handle higher power levels and charging speeds.
Increasing range of electric vehicles: As the range of electric vehicles continues to improve, the need for longer and more durable charging cables is also growing. This is driving the development of new materials and technologies that can support higher power levels and withstand more frequent use.
Environmental concerns: The growing awareness of the environmental impact of traditional transportation fuels is also driving the growth of the EV charging cables market. As consumers and governments seek to reduce carbon emissions and promote sustainable transportation, the demand for EV charging cables is expected to continue to grow in the coming years.

Restraints:
Lack of standardization: There is currently no standardization in the design and specifications of EV charging cables, which can lead to compatibility issues and confusion among consumers. This can also lead to increased costs for manufacturers and distributors who need to produce and stock multiple types of cables to meet different customer needs.
High cost: The cost of EV charging cables is relatively high, which can deter some consumers from purchasing electric vehicles. This is especially true for longer cables that are required for home charging, which can be more expensive than standard cables.

Limited availability of charging stations: The availability of EV charging stations is still limited in many regions, which can limit the usefulness of EV charging cables for consumers. This can be a particular issue for those who need to travel long distances and rely on public charging stations to recharge their vehicles.

Regional Analysis:
North America: The North American market for EV charging cables is expected to grow rapidly due to increasing adoption of electric vehicles in the region. The US government's push towards building a robust EV charging infrastructure is driving the demand for EV charging cables.
Europe: Europe is the largest market for EV charging cables, driven by government initiatives to promote electric vehicles and reduce carbon emissions. Countries such as Norway and the Netherlands are leading the way in terms of electric vehicle adoption and charging infrastructure.
Asia Pacific: The Asia Pacific region is expected to see significant growth in the EV charging cables market due to increasing adoption of electric vehicles in countries such as China, Japan, and South Korea. Government initiatives to reduce air pollution and carbon emissions are driving the demand for EV charging cables in the region.
Middle East & Africa: The market for EV charging cables in the Middle East and Africa is expected to grow due to increasing adoption of electric vehicles in the region, especially in the United Arab Emirates and Israel.
Latin America: The market for EV charging cables in Latin America is expected to grow at a moderate pace due to government initiatives to promote electric vehicles and reduce carbon emissions. Brazil and Mexico are expected to be key markets for EV charging cables in the region.

Market Segmentation:
By type: The market can be segmented into AC charging cables and DC charging cables. AC charging cables are used for Level 1 and Level 2 charging, while DC charging cables are used for Level 3 or fast charging.
By material: The market can be segmented into copper and aluminum cables.
By application: The market can be segmented into residential and commercial applications. Residential charging cables are designed for home use, while commercial charging cables are used in public charging stations.
By end user: The market can be segmented into OEMs and aftermarket.
By region: The market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Competitive Landscape:
The global EV charging cables market is highly competitive and fragmented.

Some of the key players operating in the market include:
TE Connectivity Ltd.
Sumitomo Electric Industries Ltd.
Phoenix Contact GmbH & Co. KG
Aptiv PLC
Leoni AG
Schneider Electric SE
BESEN International Group
Nexans S.A.
EVoCharge, Inc.
Dyden Corporation

These players are focusing on product innovation, strategic partnerships, and collaborations to expand their market presence. For example, in 2021, Leoni AG announced a strategic partnership with Valeo Group to develop and manufacture high-voltage cables and components for electric vehicles. Similarly, in 2020, Nexans S.A. launched a new range of charging cables for electric vehicles, targeting the growing demand for fast charging solutions.

In addition, many companies are also investing in R&D activities to develop advanced EV charging cables that can provide faster charging and improve energy efficiency. The market is also witnessing an increasing trend towards the development of wireless charging solutions, which can eliminate the need for cables altogether.
Overall, the global EV charging cables market is expected to remain highly competitive in the coming years, with players competing on the basis of product quality, innovation, and pricing.
Base Year: 2023
Historic Year: 2016-2022
Forecast: 2024-2035

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.


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