The global EV charging cable market is projected to grow from USD 1.3 billion in 2023 to USD 3.9 billion by 2030, registering a CAGR of 16.7%. With environmental concerns at the forefront of collective consciousness and the increasing popularity of electric vehicles, the demand for cutting-edge charging solutions has never been more pronounced. In this dynamic landscape, various innovative technologies are reshaping the EV Landscape, transforming the EV charging cable market into a hotbed of innovation, efficiency, and user-friendly advancements.
EV charging with AC power supply to be the largest market during the forecast period
The AC segment is projected to claim the largest share, driven by the widespread adoption of Level 2 AC charging solutions in various regions. AC charging cables are used for charging electric vehicles in households and public places such as residential complexes, parking areas, commercial places, and working premises. AC chargers provide charging through a 120 V AC plug and require a dedicated circuit consisting of AC cables. The structure comprises a household three-prong plug on one end of the cord and a connector on the other end, which plugs into the vehicle. The charging equipment is portable and does not require installation. It is commonly used for home charging and in semi-public and private charging stations. In semi-public charging, AC normal charging stations can be found in workplaces, public parking lots, or shopping centers, and they require payment or membership to access. These charging stations offer a convenient way for EV drivers to top up their battery while carrying out daily activities and promote EV adoption. AC normal charging is often the primary method for private charging, allowing EV owners to charge their vehicles overnight and have a full battery in the morning.
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EV charging cables with GB/T connector compatilibty to be the largest market during the forecast period
GB/T is expected to be the largest segment, whereas CCS 1 is expected to be the fastest growing segment during the forecast period. The GB/T DC connector is currently China’s only rapid charging standard, with intentions to develop a next-generation connector in collaboration with CHAdeMO to generate 900 kW output power. With over 6.8 million EV sales, China’s substantial market share is largely underpinned by GB/T connectors. Meanwhile, the CCS1 standard is expected to exhibit rapid growth, fueled by its continued dominance for non-Tesla EVs and charging networks across North America. With its stronghold in the US and Canada, CCS1 ensures seamless compatibility and interoperability, contributing to its projected ascent as the fastest-growing segment in the EV charging connector arena. The GB/T connector exhibits a two-pin arrangement for alternating (AC) charging and a three-pin configuration for direct (DC) charging. This flexibility enables it to accommodate a variety of charging capacities and power levels. Notably, the GB/T connector caters to AC and DC charging, making it suitable for various EV models. Its robust build and compatibility with varying charging voltages contribute to its widespread adoption. China’s steadfast dedication to electric mobility, coupled with its status as a key market for electric vehicles, has propelled the expansion of the GB/T connector. Government backing for EV adoption and incentives for EV manufacturers to adopt the GB/T standard have further elevated its prominence. As China continues to exert a leadership role in the global EV market, the prevalence of the GB/T connector is anticipated to endure, shaping the charging infrastructure landscape not solely within China but also potentially influencing charging standards in neighboring regions.
“Asia Pacific to be the fastest growing market for EV Charging Cables during forecast period”
The Asia Pacific region is expected to be the fastest-growing market for EV charging cables during the forecast period. According to data published by the China Electric Vehicle Charging Infrastructure Promotion Alliance, from January to March period 2023, a total of 632,000 charging piles were added in China. The increasing development of charging stations will, in turn, boost the demand for EV charging cables. Most of the public charging stations in China install straight-shaped EV charging cables as these are easy to manufacture and exert less force compared to coiled-shaped EV charging cables. China has rapidly expanded its charging infrastructure to support the growing electric vehicle fleet. With over 1.76 million charging stations established nationwide, the country showcases its steadfast progress in constructing a comprehensive and accessible charging network that aligns with the principles of sustainable mobility. The State Grid Corporation of China initially dominated the charging station landscape, but the industry has witnessed a surge in private car manufacturers and energy suppliers entering the EV charging sector.
Key Market Players:
The EV charging cable market is dominated by Leoni AG (Germany), Aptiv (Ireland), TE Connectivity (Switzerland), BESEN International Group (China), Dyden Corporation (Japan), among others. These companies manufacturers EV charging cables. These companies have set up R&D facilities and offer best-in-class products to their customers.
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