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Electric Vehicle (EV) Charging Cable Market Size

Report ID: GMI12059
Published Date: Oct 2024
Report Format: PDF

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Electric Vehicle Charging Cable Market Size

The global electric vehicle charging cable market size was valued at USD 1.3 billion in 2023 and is estimated to register a CAGR of 17% between 2024 and 2032. The rapid rise in EV sales globally is boosting the demand for charging infrastructure, especially cables that can handle various power requirements.

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According to Statista, EV sales exceeded 10.2 million in 2022 and are expected to cross 17 million vehicles by 2028. As more consumers and businesses switch to EVs for lower fuel costs and environmental benefits, the need for home and public charging solutions is growing. This shift is driving demand for high-quality cables that support both regular and fast charging, catering to the various requirements of different EV models.

EV Charging Cable Market Report Attributes
Report Attribute	Details
Base Year:	2023
EV Charging Cable Market Size in 2023:	USD 1.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	17%
2032 Value Projection:	USD 5.3 Billion
Historical Data for:	2021 - 2023
No. of Pages:	200
Tables, Charts & Figures:	250
Segments covered:	Cable, Power, Cable Length, Shape, Charging Level, Application, Jacket Material, Connector, Diameter and Mode
Growth Drivers:	Rising electric vehicle adoption across the globe Technological advancements in fast charging Expansion of public charging infrastructure Stringent environmental regulations and carbon reduction goals
Pitfalls & Challenges:	Durability and wear issues Lack of standardization in charging connectors

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The installation of public charging stations in urban areas, highways, and workplaces has increased in recent years. This expansion is driven by government mandates, private investment, and consumer demand for convenient charging locations. For instance, in September 2024, the Government of India introduced new guidelines for installation and operation of EV charging stations. These guidelines feature a revenue-sharing model between the government and private companies to promote electric vehicle (EV) adoption and expand charging infrastructure.

Issued by the Ministry of Power, the guidelines cover various EV charging locations, including private parking spaces, office buildings, schools, hospitals, and housing societies with goal is to make installing public charging stations more financially appealing. Public chargers, especially those for Level 2 and Level 3 fast charging, need strong, high-quality cables that can handle frequent use and different weather conditions. This need is driving demand for cable manufacturers to provide durable and efficient charging solutions.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of electric vehicle charging cable reached USD 1.3 billion in 2023 and is set to grow at a 17% CAGR from 2024 to 2032, driven by the rapid rise in EV sales globally.

In 2023, the private segment held a market share of over 60% and is expected to cross USD 3 billion by 2032, as more homeowners and businesses install private charging stations for convenience and cost savings.

The Asia Pacific market accounted for 35% of the revenue share in 2023, led by urbanization and population growth in countries like China and India, which are increasing the need for sustainable transportation.

The key players in the industry include Aptiv, Besen, Brugg Group, Coroplast, Dyden, Huber Suhner, Leoni, Phoenix Contact, Sinbon Electronics, and TE Connectivity.