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%.
The Electric Vehicle (EV) charging cable market is currently undergoing a dynamic transformation driven by the rapid proliferation of electric vehicles. As the global consciousness shifts toward eco-friendly transportation and governments worldwide incentivize electric mobility, the demand for innovative charging solutions has reached unprecedented heights. This flourishing EV market owes its robust growth to a confluence of factors, including environmental awareness, infrastructure investments, and pioneering technological advancements reshaping the charging of electric vehicles. EV Charging cable demand also increases with growing EV adoption and setup of EV charging stations.
Level 1 EV charging cable segment to hold largest market share during the forecast period
By charging level, the Level 1 segment is estimated to lead the market during the forecast period as the infrastructure required for Level 1 charging is less expensive than Level 2 and Level 3. Additionally, electric vehicles are typically sold with Level 1 chargers, which results in exponentially high sales of Level 1 charging cables. Considering the rapid sales of electric vehicles worldwide, the Level 1 segment is estimated to remain dominant in the market throughout the forecast period. 1 charging for most vehicles in the market requires 8 to 16 hours for complete charging, depending upon the size of the battery. Level 1 charging is used when the EV needs to be used for short distances. Such type of charging infrastructure costs the lowest among all charging types and is often subsidized by governments with various incentive schemes. Most EVs are equipped with Level 1 charging, which is easily accessible and cost-effective. For instance, in July 2023, Lectron, a prominent supplier of electric vehicle (EV) charging solutions, has unveiled its latest innovation – The Lectron Level 1 EV Charger to the needs of daily commuters by delivering convenient and straightforward charging solutions. Operating at a charging speed of up to 1.65 kW and drawing 15 Amps of current guarantees a dependable and consistent charging experience. Engineered with a NEMA 5-15 plug, it seamlessly connects to standard 110V outlets. Its portable and user-centric design renders it an ideal choice for those seeking on-the-move charging capabilities.
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Asia Pacific to be the largest market for EV Charging Cables by value during the forecast period
The Asia Pacific region is expected to be the largest market for EV charging cables during the forecast period. The increasing adoption of electric vehicles in China and Japan is expected to drive the market. Major EV OEMs like BYD, NIO, and Hyundai, coupled with government subsidies and incentives in countries such as China, Japan, and South Korea, foster robust EV adoption and necessitate extensive charging infrastructure. Particularly in growing economies like India, where EV adoption is in its early stages but rapidly gaining traction, government initiatives like FAME-II and proactive measures from companies like Tata Motors and Mahindra Electric drive the demand for charging cables. Similarly, in June 2023, China has prolonged its tax exemption initiative for new energy vehicles (NEVs) until 2027, reaffirming its dedication to fostering the electric vehicle (EV) sector. This decision is anticipated to enhance domestic sales and sustain China’s role as a prominent player in the global EV market. The extension offers stability and assistance to both consumers and manufacturers while also fostering potential foreign investment opportunities in the realm of electric mobility. These factors collectively position the Asia Pacific region as the epicenter of the burgeoning EV charging cables market.
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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