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The global electric vehicle (EV) charging cables market size was USD 516.6 million in 2019 and is projected to reach USD 1244.3 million by 2027, exhibiting a CAGR of 22.1% during the forecast period.
Electric charging cables are used in all the conductive charging systems- be it at home, in the garage, or on the road for quick charging of vehicles. They are available in the market as per the type of car, such as type 1, type 2, and others. Also, they can be found in various lengths, such as 3-meter, 5-meter, and more. The majority of the charging cables possess crimp wires that are sealed with either a plastic handle or a soft grip. They also come with different voltage ranges associated with certain temperatures.
COVID-19 Pandemic: Restrictions on Production of Electric Vehicles May Hamper Demand
Due to the COVID-19 outbreak and blockades in several countries, there have been restrictions on the production of electric vehicles (EVs). Owing to this, the global automotive industry is facing a slowdown. The operations of some of the key market players affected by the pandemic include Kia Motors Corporation, Nissan Motor Corporation, Daimler Corporation, BMW Corporation, and Tesla Motors. These corporations have closed their electric vehicle manufacturing services and have shifted their emphasis on the production of personal protective equipment (PPE).
In the coming years, the government's stimulus plan of financing heavily in the charging infrastructure may help the economic crisis brought about by COVID-19 upon the electric vehicle market. China is one of the countries formulating to make such investments to stimulate the auto industry. In China, the government is highlighting its stimulus approach of ‘new infrastructure’ to boost economic growth. The main reason behind this strategy is the vital economic slowdown caused by the coronavirus, as well as trade tensions. Therefore, most of the government administrations from affected parts have used infrastructure refurbishment as a method of economic inducement.
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Rising Evolution of Charging Infrastructure towards Fast Charging to Drive Growth
The charging infrastructure of several countries is evolving towards fast charging. This is further leading to a rise in the usage of public charging stations by EV consumers owing to their ability to provide full charging of vehicles in a lesser time span. Alternating current (AC) chargers are usually used in public places or workplaces, and they distribute 5kW to 12kW of power supply. On the other hand, Direct current (DC) chargers provide higher power to charge vehicles at a faster speed.
Owing to the high-power supply of DC chargers, they mostly require 30 minutes to charge vehicles fully. Thus, the rising demand for fast charging terminals is expected to drive the electric vehicle charging cables market growth.
Rising Adoption of Electric Vehicles is Expected to Propel Growth
The adoption percentage of electric vehicles is growing and many countries around the world are investing heavily in research and development activities. Countries such as the Netherlands, France, India, and Canada have launched various drives to promote the popularization of electric vehicles. The government is providing fixed quotas, subsidies, rebates, and tax exemptions to automakers. Even subsidies for purchasing electric cars play an important role for consumers. These aspects have led to a surge in the global production and sales of electric vehicles.
The growing inventory of electric vehicles requires established power grids and charging terminals to ensure the smooth operation of vehicles. Therefore, this factor is expected to drive the market growth for electric vehicle charging cables during the forecast period. In addition to this, strict government vehicle emission regulations have led consumers to adopt electric vehicles.
Technological Advancements in EV Charging to Drive Growth
The advancement of electric vehicle charging technology and the significant investments by automakers in electric vehicles are some of the main factors driving the development of these vehicles. For instance, the advanced charging systems such as the Combined Charging System (CCS) and CHAdeMO enable seamless communication between the charger and the car. They are developed by organizations for the fast charging terminals of vehicles. For instance, Tesla has around 1600 Supercharger stations across North America. These rapid developments regarding charging infrastructure are expected to propel the growth of the global EV charging cable market.
High Cost of EV Charging Cable May Restrain Growth
The cost of a fast-charging cable is around USD 126 which is higher compared to the slow charging cable. The cost of charging cables to fast charging stations would lead to the lower adoption of this technology. The overall cost of the installation of slow charging stations, for instance, in the U.K. is USD 1700, which is very high. Furthermore, rising advancements in the charging cable would lead to the increasing adoption of the latest model by consumers. So, the initial cost of the setup of the charging station may result in heavy losses for individuals. All these factors may hamper the growth of this market.
Private Charging Segment to Dominate Stoked by Increasing Number of Vehicles
Based on the application, the market for electric vehicle charging cables is segmented into public charging and private charging. The private charging segment holds a major share in the global market. This segment is expected to dominate the market over the forecast period owing to the rising number of private electric vehicles on road. The public charging segment is likely to show exponential growth over the forecast period backed by the increasing number of commercial charging terminals across regions.
Below 5 Meters Segment to Hold the Largest Share Backed by Usage in Private Charging Terminals
Based on the length, the electric vehicle charging cables market is segmented into below 5 meters, 6 meters to 10 meters, and above 10 meters. The below 5 meters’ segment accounts for the major share in the global market owing to its extensive usage in private charging terminals. The 6 meters to 10 meters’ segment is also expected to show exponential growth in the market over the forecast period due to the increasing number of public charging points.
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Level 1 Segment is Expected to Hold the Largest Market Share
Based on the charging level, the market for electric vehicle charging cables is segmented into level 1, level 2, and level 3. The level 1 segment holds the largest share in the global market owing to current usage in private charging terminals. However, the level 2 segment is expected to dominate the market over the forecast period owing to its rising usage in fast-charging infrastructure. The level 3 segment is also likely to experience good growth in the market due to its supercharge capability.
Straight Cable Segment to Dominate Fueled by Usage in Charging Terminals
Based on the shape, the market is segmented into the straight cable and coiled cables. The straight cable segment is expected to dominate the market owing to large scale usage in public and private charging terminals nowadays. The coiled cable segment is expected to show the fastest growth in the market over the forecast period owing to its capabilities such as flexibility and usage in fast charging.
Alternative Charging (AC) Segment to Hold the Largest Market Share
Based on the power supply, the market for electric vehicle charging cables is segmented into alternative charging (AC) and direct charging (DC). The alternative charging (AC) segment holds the largest share in the global market as it is considered to be the main power source for private charging points. However, the direct charging (DC) segment is expected to show the fastest CAGR growth in the market owing to the rising installations of fast charging stations as it helps to charge a vehicle at faster speeds.
Asia Pacific Electric Vehicle Charging Cables Market Size, 2019 (USD Million)
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The market size in Asia Pacific stood at USD 254.4 million in 2019. The region is set to maintain its dominance over the forecast period in the global market owing to the highest number of sales and production of electric vehicles in this region. China is the major contributor in the market owing to the rapid adoption of electric vehicles in this country. For instance, China is a leader in the electric vehicle charging stations market among other nations.
Europe is also likely to show exponential growth in this market because of the rising adoption of electric vehicles in this region that is occurring due to the increasing regulations on vehicle emissions in this region. North America is also likely to experience good growth in this market owing to the rising number of customers for electric vehicles in this region.
Aptiv is the Top Player in the Market Owing to its Enhanced Product Portfolio
Aptiv strategically placed its product portfolio in significant growth areas for meeting the consumer demand for advanced technology and also to face the toughest challenges of mobility. It has deep capabilities in automotive-grade industrialization, software development, and system integration. It also has an unparalleled position in the industry.
LEONI AG is a global supplier of energy, data management products, solutions, and services in the automotive industry and other industries. LEONI’s largest customer base is global commercial vehicles, cars, and part supply industries. The company also manufactures special and standard cables as well as custom-designed wiring systems and associated components.
An Infographic Representation of Electric Vehicle (EV) Charging Cables Market
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The electric vehicle charging cables market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights the key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Million) & Volume (Thousand units)
By Charging Level
By Power Supply
Fortune Business Insights says that the global EV charging cables market size was USD 516.6 million in 2019 and is projected to reach USD 1244.3 million by 2027.
In 2019, the Asia Pacific market value stood at USD 254.4 million.
The market is projected to grow at a CAGR of 22.1% in the forecast period (2020-2027).
The private charging application segment is expected to be the leading segment in this market during the forecast period.
The rising adoption of electric vehicles is the key factor driving the market growth.
Aptiv PLC is the major player in the global market.
Asia Pacific dominated the market in terms of share in 2019.
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