According to our latest market study on “EV Charging Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Power Supply Type, Cable Length, Charging Level, and Jacket Material,” the market is expected to grow from US$ 377.4 million in 2021 to US$ 3,466.1 million by 2028; it is expected to grow at a CAGR of 37.3% from 2021 to 2028.
Evolving consumer preferences and technological advancements are helping to reshape the EVs industry significantly. China is one of the leading regions in terms of EV adoption. China is also the world’s largest automobile market, with a rapidly increasing number of new fully electric or plug-in hybrid car sales. In Europe, Germany is offering financial incentives to consumers to purchase EVs. Moreover, 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.
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In 2020, 78 million vehicles were produced globally, and China, Japan, and Germany were 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, few OEMs aim to reconfigure their product lines to manufacture only electric vehicles. 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 & China by 2030; and Stellantis looks for 35% electric cars sales in the US and 70% in Europe. In addition, truck manufacturers such as MAN, Daimler, Scania, Volvo, and Renault seek the all-electric future. Thus, the surging automotive production, with the growing focus on electric vehicles, is bolstering the EV charging cables market growth.
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Impact of COVID-19 Pandemic on EV Charging Cable Market
During the COVID-19 pandemic, the automotive industry faced a critical crisis. The automakers present across Europe and the US, such as Detroit’s Big Three (General Motors, Fiat Chrysler Automobiles, and Ford Motor Company), announced temporary closures. Many other auto manufacturers also extended their shutdown beyond their original dates. Due to the pandemic, global car sales experienced an unparallel decline. As per the Society of Electric Vehicle Manufacturers, (SMEV) registration of all-electric vehicles during FY21 declined 20 percent to 236,802 units as against 295,683 units sold in FY20. The notable exception was Europe where electric car sales were 55% higher on the back of existing policy support schemes.
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The surge in EV Vehicle Production
Many countries in the world have set objectives emphasizing reducing car emissions. As a part of this, they have begun to promote the production and marketing of electric vehicles and related charging infrastructure. In 2017, the US government spent US$ 5 billion on the improvement of electric car infrastructure, including charging stations. Several governments are offering incentives, including cheap or no registration costs and exemptions from import tax, sales tax, and road tax. Furthermore, Norway and Germany are heavily investing in EV sales promotion. The UAE, China, India, Saudi Arabia, Chile, Brazil, and Russia are making contractual alliances to ramp up electric cars production within their territories, Germany, France, the UK, Canada, South Korea, Japan, Sweden, the Netherlands, and Norway are a few key countries that experienced a surge in electric car registration amid the COVID-19 pandemic. Nearly 3 million new electric cars were registered in 2020. Europe led the electric car registrations with 1.4 million new registrations, China followed with 1.2 million registrations, and the US-registered 295,000 new electric cars. Thus, the surge in automotive production, with the growing focus on electric vehicles, is bolstering the EV charging cables market growth
Major key players covered in this report:
Besen International Group, Coroplast, Dyden Corporation, EV Charging Cables, EV Teison, General Cable Technologies Corporation, Phoenix Contact E-Mobility, Sinbon Electronics, Systems Wire and Cable, and TE Connectivity are a few major companies operating in the EV charging cable market.
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Based on type, the global EV charging cables market is bifurcated into private charging and public charging. The private charging segment held a larger market share in 2020. Based on power supply type, the market is bifurcated into alternate charging and direct charging. The alternate charging segment dominated the market in 2020. Based on cable length, the market is segmented into 2 meters to 5 meters, 6 meters to 10 meters, and above 10 meters. The 2 meters to 5 meters segment dominated the market. Based on charging level, the EV charging cables market is segmented into level 1, level 2, and level 3. In 2020, the level 2 segment dominated the market. In terms of jacket material, the market is segmented into all-rubber jackets, thermoplastic elastomer jackets, and polyvinyl chloride jackets. In 2020, the all rubber jacket segment dominated the market.
EV Charging Cables market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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