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According to The Insight Partners’ research, the EV Charging Cables Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,551.78 million by 2028, registering a CAGR of 38.0% from 2022 to 2028.
Private carports, service stations, rest areas on expressways and freeways, public parking lots, restaurant and retail parking lots, gas stations, and public parking garages are a few key points where EV charging infrastructures are getting deployed, which would penetrate the EV charging cables market growth. Owing to the increasing sales of electric vehicles and crowd rising in public places, the high demand for installing EV charging facilities is projected to propel the EV charging cables market in the coming years. The automobile industry in developed and developing economies is undergoing a transition from IC engines to electric vehicles.
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Many players in the EV charging cables market are investing considerable resources in the R&D of vehicle development to meet the changing demands of customers while reducing carbon emissions. The increasing demand for electric vehicles from India, the UAE, South Korea, Thailand, Indonesia, and other nations is driving the need for charging infrastructures, which bolsters the EV charging cables market growth.
Automobile sales are reaching new heights due to the growing popularity of trucks and SUVs and the rising demand for compact sedans. Toyota, Hyundai, Nissan, Subaru, and Kia reported sales increases in the double digits. In 2020, 78 million vehicles were produced globally, and China, Japan, and Germany were among the top automobile and commercial vehicle manufacturers. With such huge vehicle manufacturing volumes, the scope of electric vehicle (EV) manufacturing is also gaining momentum. Also, a few OEMs aim to reconfigure their product lines to manufacture only electric vehicles, thereby impacting the EV charging cables market size. In the first trimester of 2021, Volvo declared selling of only electric cars from 2030; General Motors plans to provide only electric LDVs by 2035; Ford will only sell electric cars in Europe from 2030; Volkswagen projects for 70% electric car sales in Europe, and 50% in the US and China by 2030; and Stellantis looks for 35% electric cars sales in the US and 70% in Europe. In addition, MAN, Daimler, Scania, Volvo, Renault, and many truck manufacturers seek the all-electric future. Such developments are expected to increase the EV charging cables market share during the forecast period.
The EV charging cables market is segmented on the basis of application, power type, cable length, charging level, jacket material, shape, charging cable type, and IEC mode. By application, the EV charging cables market is segmented into private and public. In 2021, the private segment dominated the EV charging cables market. Also, the segment is expected to retain its dominance during the forecast period as government bodies are taking steps to propel the installation of private EV charging. However, the public segment is expected to register a higher CAGR during the forecast period. With the growing demand for EVs across the globe, the dependency on public infrastructures is also rising as the government is planning to install charging stations in public places.
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Key Findings of EV Charging Cables Market Study
The global EV charging cables market is segmented into three major regions: North America, Europe, and RoW including APAC, MEA, and SAM. In 2020, about 370 electric car models were available worldwide, i.e., a 40% increase from 2019. Asia has the most comprehensive offering and a less consolidated automotive sector, making it the world’s largest EV market destination. However, in 2020, a massive rise in the number of electric vehicle models was witnessed in Europe. The UK, France, Norway, and Sweden witnessed high demand for electric vehicles. Also, the private sector worldwide is demanding zero-emission commercial vehicles, which is compelling OEMs to manufacture EVs. DHL Group, FedEx, Amazon, SF Express, Walmart, Suning, UPS, and many more are creating demand for commercial electric vehicles to contribute toward lowering carbon emission in the environment.
Another factor impacting the EV charging cables market size is the availability of fast chargers worldwide. In Europe, fast chargers were being introduced at a higher rate than slow ones. At present, there are over 38,000 public fast chargers in Europe, increase 55% in 2021. Around 7,500 are present in Germany; 4,000 in France; 6,200 in the UK; and 2,000 in the Netherlands. Similarly, the US accounted for 17,000 fast chargers, out of which approximately 60% are Tesla superchargers. South Korea has 9,800 fast chargers. The availability of fast chargers in huge quantities is increasing the EV charging cables market share.
The government of India has instituted different policies to encourage the development of charging infrastructure networks within the country. Also, the transition to electric mobility is a vital global strategy for decarbonizing the transport sector. India is among a handful of countries supporting the global [email protected] campaign, which targets to have a minimum of 30% new vehicle sales be electric by 2030. Steps for promoting sales of electric vehicles will directly impact the demand for building charging infrastructure. Moreover, governments worldwide are looking forward to increase consumer incentives, tax exemptions, and purchase-price subsidies to boost EV purchases. This factor will help in proliferating the growth of the EV charging cables market globally.
The List of Companies – EV Charging Cable Market
Coroplast Group; Sinbon Electronics Co., Ltd.; TE Connectivity; Phoneix Contact; Besen International Group Co., Ltd.; Dyden Corporation; Teison Energy Technology Co., Ltd.; General Cable Technologies Corporation; System Wire Cable; Aptiv; Leoni AG; Brugg eConnect; Ionity Gmbh; Chengdu Khons Technology Co., Ltd. are among the companies profiled in the EV charging cables market.
In February 2022, the US Department of Transportation announced its plans to provide US$ 5 billion dollars to the US states over a plan of the next 5 years for the establishment of electric vehicle charging infrastructure along the US interstate highway system.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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