Electric Vehicle Charging Cables Market Size, Share & Trends Analysis Report By Power Supply, By Cable Length, By Charging Level, By Shape, By Application- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global electric vehicle charging cables market size was exhibited at USD 208.50 million in 2023 and is projected to hit around USD 2,069.72 million by 2033, growing at a CAGR of 25.8% during the forecast period of 2024 to 2033.

Key Takeaways:

• Asia Pacific dominated the market in 2023 and held a 62.0% share of the overall revenue.
• The AC segment dominated the market in 2023 with a share of 73.3%.
• The below-5-meter cable length segment dominated the market in 2023 with over 53.0% share and is projected to maintain its lead over the forecast period.
• The private charging segment dominated the market in 2023 with over 75.0% of the overall revenue and is projected to maintain its lead over the forecast period.

Electric Vehicle Charging Cables Market: Overview 

The electric vehicle (EV) industry is experiencing exponential growth globally, driven by increasing environmental concerns and the transition towards sustainable transportation solutions. Central to the infrastructure supporting this revolution are electric vehicle charging cables. This comprehensive overview delves into the dynamics, trends, and key factors shaping the electric vehicle charging cables market.

Electric Vehicle Charging Cables Market Growth

The growth of the electric vehicle charging cables market is propelled by several key factors. Firstly, the increasing adoption of electric vehicles worldwide, driven by environmental concerns and government initiatives promoting sustainable transportation, is fueling demand for charging infrastructure, including charging cables. Additionally, rapid technological advancements in charging cable design and materials, such as high-power charging capabilities and smart charging features, are enhancing the efficiency and convenience of EV charging, further driving market growth. Moreover, investments in expanding EV charging infrastructure, both by public and private stakeholders, are facilitating the proliferation of electric vehicles and consequently boosting the demand for charging cables. Overall, these factors collectively contribute to the robust growth trajectory of the electric vehicle charging cables market, positioning it as a vital component of the burgeoning electric mobility ecosystem.

Electric Vehicle Charging Cables Market Report Scope

Electric Vehicle Charging Cables Market Dynamics

• Technological Advancements and Innovation:

The electric vehicle charging cables market is experiencing significant growth due to continuous technological advancements and innovations. Manufacturers are investing in research and development to improve charging cable materials, design, and functionality. One notable trend is the development of high-power charging cables capable of delivering faster charging speeds, thereby reducing overall charging times for electric vehicles. Moreover, the integration of smart charging features, such as RFID authentication and remote monitoring capabilities, enhances user convenience and safety. 

• Government Regulations and Incentives:

Government regulations and incentives play a crucial role in driving the adoption of electric vehicles and, consequently, the demand for charging cables. With growing concerns over air pollution and climate change, many governments worldwide are implementing stringent emissions standards and offering incentives to promote the adoption of electric vehicles. Incentives such as tax credits, rebates, and subsidies for purchasing electric vehicles and installing charging infrastructure incentivize consumers and businesses to transition towards electric mobility.

Electric Vehicle Charging Cables Market Restraint 

• Compatibility Issues and Interoperability Challenges:

One of the primary restraints facing the electric vehicle charging cables market is the prevalence of compatibility issues and interoperability challenges. As electric vehicle manufacturers develop different charging standards and connector types, ensuring compatibility between charging cables and various EV models becomes increasingly complex. This fragmentation in charging standards poses a significant barrier to the widespread adoption of electric vehicles and creates inconvenience for EV owners who may encounter difficulties finding compatible charging stations or cables. 

• Cost Constraints and Affordability:

Another key restraint impacting the electric vehicle charging cables market is the cost constraints associated with advanced charging technologies and materials. High-quality charging cables equipped with features such as fast-charging capabilities and smart functionalities tend to command higher prices, making them less accessible to price-sensitive consumers and businesses. Additionally, the cost of manufacturing durable and reliable charging cables using premium materials, such as high-grade insulation and corrosion-resistant connectors, contributes to the overall expense of EV charging infrastructure deployment. 

Electric Vehicle Charging Cables Market Opportunity

• Expansion of Charging Infrastructure:

One of the most promising opportunities in the electric vehicle charging cables market lies in the expansion of charging infrastructure. With the increasing adoption of electric vehicles globally, there is a growing need to develop robust and extensive charging networks to support the growing EV fleet. This presents a significant opportunity for stakeholders in the charging cables market to invest in the deployment of charging stations, both public and private, across key locations such as urban centers, highways, commercial areas, and residential complexes. 

• Integration of Wireless Charging Technology:

The integration of wireless charging technology presents a promising opportunity for the electric vehicle charging cables market. Wireless charging eliminates the need for physical cables, offering greater convenience and ease of use for electric vehicle owners. As wireless charging technology matures and becomes more widely adopted, there is a growing demand for wireless charging solutions in both residential and commercial settings. This presents an opportunity for charging cable manufacturers to diversify their product offerings and develop innovative wireless charging solutions compatible with electric vehicles. 

Electric Vehicle Charging Cables Market Challenges

• Compatibility Issues and Interoperability Challenges:

A primary challenge in the electric vehicle charging cables market is the prevalence of compatibility issues and interoperability challenges. As electric vehicle manufacturers adopt different charging standards and connector types, ensuring compatibility between charging cables and various EV models becomes increasingly complex. This fragmentation in charging standards creates inconvenience for EV owners who may encounter difficulties finding compatible charging stations or cables, ultimately hindering the seamless adoption of electric vehicles. Moreover, the lack of standardized charging infrastructure poses challenges for charging network operators and service providers, requiring additional investments in developing universal charging solutions that can accommodate diverse EV models and address interoperability issues effectively.

• Cost Constraints and Affordability:

Another significant challenge impacting the electric vehicle charging cables market is the cost constraints associated with advanced charging technologies and materials. High-quality charging cables equipped with features such as fast-charging capabilities and smart functionalities tend to command higher prices, making them less accessible to price-sensitive consumers and businesses. Additionally, the cost of manufacturing durable and reliable charging cables using premium materials, such as high-grade insulation and corrosion-resistant connectors, contributes to the overall expense of EV charging infrastructure deployment. 

Segments Insights:

Power Supply Insights

By power supply, the market is segmented into Alternate Charging (AC) and Direct Charging (DC). The AC segment dominated the market in 2023 with a share of 73.3%. Alternate charging supplies a 120 V with charging speed of 22 kW depending on vehicle and charging infrastructure standards. AC power supply is mostly used in semi-commercial and residential stations across the world. This type of power supply charging station has a low installation costs and offers a low power output. Moreover, wall-mounted electric vehicle chargers are preferred over floor-mounted chargers as they help to save the cost of underground electrification. Additionally, wall-mounted chargers are best suited for residential stations.

The DC segment is anticipated to exhibit the highest CAGR of 28.0% from 2024 to 2033 owing to several advancements in public stations. DC fast chargers transfer the energy speedily and thus allow wide flexibility in using electric vehicles. Moreover, increasing demand for faster in less time is anticipated to fuel the segment growth over the forecast period.

Cable Length Insights

By cable length, the market is segmented into below 5 meters, 6 meters to 10 meters, and above 10 meters cable. The below 5 meters cable length segment dominated the market in 2023 with over 53.0% share and is projected to maintain its lead over the forecast period. This is majorly due to growing adoption of private electric vehicle charging stations across the world. In addition, below 5 meters cables are more efficient for use in residential applications and offer ease of storage and ease of use.

Moreover, choosing the right electric vehicle charging cable length according to consumer demand and convenience to charge vehicles is crucial to service providers. The 6 meters to 10 meters cable length segment is poised to expand at the highest CAGR of 27.7% from 2024 to 2033. This is because the cable length of at least 18 to 20 feet is perfect for charging stations to cater to increasing consumer demand and augmented penetration of electric vehicles.

Charging Level Insights

Based on charging level, the market has been segmented into level 1, level 2, and level 3. The level 2 segment dominated the market in 2023 with 47.8% share as they are being used progressively in the residential and semi-commercial applications, such as individual homes, apartments, condominiums, hotels, parking lots, and retail facilities.

The level 3 segment category is anticipated to exhibit the highest CAGR of 27.5% from 2024 to 2033. A Level 3 system is equipped with CHAdeMO technology, which charges through a 480V. A level 3 charger can charge a fully drained electric vehicle battery up to 80% in less than 15 minutes. High-power charging capability that to in less than 30 minutes is the major factor amplifying the segment growth. In addition, increasing demand for fast charging systems in countries, such as Japan, South Korea, and China, is anticipated to aid in swift advancements of high-power electric vehicle charging infrastructure, which, in turn, is anticipated to drive the segment over the forecast period.

Shape Insights

Based on cable shape, the market has been segmented into straight and coiled cable. The straight cable dominated the market in 2023 with over 62.0% share and is projected to maintain its lead over the forecast period. Most of the public charging stations have adopted these cables due to their low maintenance requirement, reduced costs, and ease of installations.

The coiled cable segment is poised to expand at the highest CAGR of 27.3% from 2024 to 2033. They are also called spiral cables and are easy to maintain as they do not spread over the surface, hence helping to prevent a tripping hazard. Therefore, these cables need lesser storage space and are more long-lasting than straight cables. Additionally, developments are estimated to reduce the price of coiled cables, thereby boosting the segment growth over the forecast period.

Application Insights

By application, the market is segmented into private charging and public charging applications. The private charging segment dominated the market in 2023 with over 75.0% share of the overall revenue and is projected to maintain its lead over the forecast period. This growth is attributed to the wide usage of these electric vehicles charging stations for private charging.

Public charging stations are poised to expand at the highest CAGR of 27.0% from 2024 to 2033. These stations are installed at shopping malls, airports, hotels, parking lots of commercial properties, government offices, taxi stands, and highways. These charging stations have the capability to charge an electric vehicle in less time with high voltage. Proliferation in the adoption of EVs and growing demand among EV owners to reduce the charging time of EV would proliferate the demand for public charging stations over the forecast period.

Regional Insights

Asia Pacific dominated the market in 2023 and held a 62.0% share of the overall revenue. The growth in this region is mainly driven by China, South Korea, and Japan. China is the largest electric vehicle charging cable market. The Japanese and Chinese governments have expected the growth potential of the global EV supply equipment market and thus have adopted various policies and initiatives to encourage major market players to manufacture EV charging infrastructure in domestic markets. High number of EV charging stations in the region is projected to uplift the regional market growth over the forecast period.

However, South Korea and China are severely impacted by the COVID-19 epidemic, which further adds an unusual dimension for carmakers. As EV batteries are primarily sourced from Chinese and South Korean suppliers, including LG Chem, CATL, and Samsung HDI, their supply could be constrained, and obtaining them from alternative sources is highly challenging. This is certainly an acute concern for manufacturers in Europe as they thrive to attain their respective emissions targets. In a protracted scenario, lower government subsidies, falling oil prices, and economic impact of the pandemic may reduce EV demand, which would further impact the demand for EV charging cables.

North America is anticipated to exhibit the highest CAGR of 29.6% from 2024 to 2033, followed by Europe and Asia Pacific. This is attributed to increased focus of most of the manufacturers on developing high-performance, cleaner, and faster electric vehicles. Growing installation of advanced charging infrastructure and presence of major EV supply equipment manufacturers in the region are likely to drive the regional market.

Some of the prominent players in the Electric vehicle charging cables market include:

Leoni AG

Coroplast

Chengdu Khons Technology Co., Ltd.

Phoenix Contact

Aptiv

BESEN-Group

General Cable Technologies Corporation

Dyden Corporation

TE Connectivity

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global electric vehicle charging cables market.

Power Supply

• Alternate Charging (AC)
• Direct Charging (DC)

Cable Length

• Below 5 meters
• 6 meters to 10 meters
• Above 10 meters

Charging Level

• Level 1
• Level 2
• Level 3

Shape

• Straight Cable
• Coiled Cable

Application

• Private Charging
• Public Charging

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)