The global EV charging cables market is projected to grow at a CAGR of 29.8%, to reach USD 2,453 million by 2027 from an estimated USD 665 million in 2022. The market growth is driven factors such as increasing adoption of electric vehicles worldwide, rapid growing installation of EV charging stations across the globe and increasing demand for fast charging cables would drive the growth of the market.
Private charging segment to hold the larger share during the forecast period
Most electric vehicle owners prefer private (home) charging as it is convenient and cheap. Private charging stations are installed in home garages or outdoor locations. Coiled cables are best suited for these charging stations as they require less space and can be easily handled. These cables reduce the complexity and cost of private charging stations. Outdoor installations require outdoor-rated charging equipment. While a home charging station requires a dedicated circuit. The private charging segment is expected to continue to grow at a significant rate as the number of EV users is expected to continue rising at rapid pace in these countries. Most EV users are provided options to install a home charger when buying EVs. Thus, this type of charger is expected to increase as the number of EVs grows.
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Coiled cable is expected to be the faster-growing segment
Coiled cables, also known as spiral cables, are easy to maintain as they do not spread over the surface like straight cables. Thus, coiled cables are more durable than straight cables. In addition, these cables need lesser storage space than straight cables. However, the heat dissipation of coiled cables can be a matter of concern if the spirals are too closely coiled. Dyden Corporation,BESEN International Group and TE Connectivity are some of the leading manufacturers of coiled cables. The North American region is estimated to be the second-fastest-growing market for coiled cables due to the presence of leading EV charging cable manufacturers such as LEONIAG, TE Connectivity, and Brugg Group. Coiled cables need lesser storage space than straight cables and are easy to spot.
The Asia Pacific region is expected to be the largest market for EV charging cables during the forecast period.
Asia Pacific is home to some of the fastest-developing economies of the world, such as China and India which are emphasizing on fast adoption of electric vehicles. Additionally, the governments of these emerging economies have recognized the growth potential of the global electric vehicle market and, hence, have adopted various initiatives to attract major OEMs for the manufacture of electric vehicle charging infrastructure in domestic markets. Subsequently, considering the high sales volume and spending on EV infrastructure, the region is expected to remain the largest market EV charging cables during the forecast period.
Key Market Players:
The prominent players in the EV charging cables market include LEONI AG (Germany), Aptiv (Ireland), TE Connectivity (Switzerland), BESEN International Group, and Dyden Corporation. These companies also offer extensive solutions in the EV charging cables industry. Key strategies adopted by these companies to sustain their positions have been analyzed to derive the ranking for these companies.
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