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.

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.

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.