Posted On Aug 04, 2022.

The EV charging cables market is expected to grow from US$ 513.36 million in 2022 to US$ 3.55 million by 2028. It is estimated to grow at a CAGR of 38.0% from 2022 to 2028.

• Market Size Value in US$ 513.36 Million in 2022
• Market Size Value by US$ 3.55 Billion by 2028
• Growth rate CAGR of 38.0% from 2022 to 2028
• Forecast Period 2022-2028
• Base Year 2022
• No. of Pages 175
• No. Tables 111
• No. of Charts & Figures 87
• Historical data available Yes
• Segments covered Application, Power Type, Cable Length, Charging Level, Jacket Material, Shape, Charging Cable Type, and IEC Mode
• Regional scope North America; Europe; Asia Pacific; Latin America; MEA
• Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
• Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

In the era of continuous technological developments, the scope of EV charging stations is also getting transformed impacting the EV charging cables market share. many charging station OEMs are taking steps to overcome the challenges of electric vehicles charging at long routes. for instance, Tesla is developing a mega charger network at trucking rest stops throughout the US and Europe for Tesla semis. The company is making efforts to build a separate charging network for the class-8 electric semi-truck of Tesla. The new charger network will be constructed at specific pre-identified stops that long-haul drivers utilize as their resting points. The company is working on its first-ever mega charger installed at the Frito-Lay delivery centre in Modesto, California. Developments by major players are driving the EV charging cables market growth.

EV Charging Cables Market: Competitive Landscape and Key Developments

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 a few key EV charging cables market players. Several other major EV charging cables market players were also analyzed for a holistic view of the market and its ecosystem.

In March 2022, the UK government announced a new strategy to expand the UK’s charging network. This includes a USD $ 457 million Local Electric Vehicle Infrastructure (LEVI) fund that promises 300,000 public chargers expected to be available by the end of 2030.

In February 2022, Tritium announced its plans to establish a US manufacturing facility in Tennessee, which is expected to produce 300,000 charging stations a year.

EV Charging Cables Market: Impact of COVID-19 Pandemic

The COVID-19 pandemic affected most of the businesses across the world. The continuous growth in the count of virus-infected patients compelled respective government authorities to impose respective curbs on movement of humans, goods, and commodities with travel restrictions, mass lockdowns, and business shutdowns. Imposition of lockdown has resulted in lesser production of commodities and goods and lowered the frequency of service offerings. Manufacturing, automotive, semiconductor & electronics, oil & gas, aviation, mining, and other industries have witnessed a notable decline in their revenues due to the temporary shutdown of operations. In the first quarter of 2020, after the imposition of nationwide lockdown in most of the nations, many industrial sectors came to a standstill. As the pandemic unfolded in early 2020 and lockdowns were implemented in countries around the world, global car sales experienced an unprecedented drop. Over the first half of 2020, global electric car sales were on average 15% lower than over the same period in 2019. As per the Society Of Manufacturers Of Electric Vehicles (SMEV), registration of all electric vehicles during FY21 declined by 20% to 236,802 units from 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. Electric car sales in Europe have seen an increase to more than double over the year 2019 levels. Many of large EV charging cables market share in France, Italy, Germany, and the UK had significantly higher electric car sales than in 2019 throughout almost every month of 2020.

Similarly, in India, the concept of installation of EV charging stations is becoming a reality with a network of around 700 EV charging stations to be distributed alongside each national highway. The National Highways Authority of India (NHAI) has declared plans to add an EV charging station for every 40 to 60 kilometres of national highways. The government body aims to cover 40,000 kilometres of highways by 2023 with charging stations. Such projects for deploying EV charging stations at the long route/national highways will positively impact the EV charging cables market growth in the coming years.

Original Post: EV Charging Cables Market Size to hit $3.55Bn, Globally, by 2028