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Electric Vehicle Charging Cable and Plug Market Size
The global electric vehicle charging cable and plug market size was valued at USD 1.8 billion in 2023 and is projected to grow at a CAGR of 15.2% between 2024 and 2032. Environmental concerns and government incentives are driving the increasing adoption of electric vehicles (EVs). This surge in EV adoption is amplifying the demand for robust and efficient charging infrastructure.
As more consumers embrace electric mobility, the need for advanced charging cables and connectors is growing. This demand is particularly pronounced with the rapid expansion of fast-charging networks, improvements in charging speeds, and the widespread installation of charging stations in both residential and public spaces.
What is the market share of AC charging cables in the electric vehicle charging cable and plug industry?
The AC charging cables segment accounted for over 49% of the market share in 2023 due to the growing demand for smart AC charging solutions equipped with connectivity features.
How big is the electric vehicle charging cable and plug market?
The market size of electric vehicle charging cable and plug reached USD 1.8 billion in 2023 and is projected to grow at a CAGR of 15.2% between 2024 and 2032, driven by the rising electric vehicle adoption globally.
How significant is the distributor sales channel in the electric vehicle charging cable and plug industry?
The distributor sales segment held around 45% of the market share in 2023. Omnichannel distribution strategies are reshaping sales methods, empowering distributors to connect with a wider audience.
What is the revenue share of the Asia Pacific region in the electric vehicle charging cable and plug market?
The Asia Pacific market held a 39% revenue share in 2023, led by China's aggressive EV adoption policies and substantial investments in charging infrastructure.
Who are the major players in the electric vehicle charging cable and plug industry?
Key players in the industry encompass: Aptiv, BESEN International Group, Chengdu Khous Technology Co. Ltd., Coroflex, Dyden Corporation, General Cable (a part of Prysmian Group), Leoni AG, Phoenix Contact, TE Connectivity, and TPC Wire & Cable Corp.