The global electric vehicle charging cable market is anticipated to grow at a 39.4% CAGR during 2021-2027 and is expected to reach USD 3,156 million by 2027. The rising prominence of electric vehicles, increased demand for fast charging cables in electric vehicles, and robust development of electric vehicle supply equipment will accelerate the growth of the electric vehicle charging cable market. The increasing government initiatives and focusing on encouraging EVs will further propel the growth of the market. Countries like the U.S., China, Netherlands, France, Norway, and Japan are investing huge sums of money to develop charging infrastructure, which may further propel the growth of the EV charging cables market.

The COVID-19 outbreak will substantially impact the supply chain and product demand in the automotive sector. Global electric vehicle sales have declined significantly as the size and importance of the Chinese market in the automotive industry, particularly the EV segment has reduced. This has resulted in an impact on the EV charging cables market. However, the market is anticipated to bounce back owing to an increase in electric vehicle production, thereby increasing the demand for charging infrastructure and positive impact on the EV charging cables market.

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Based on type, the AC segment contributes to the largest share in the EV charging cable market as it is mostly adopted in semi-commercial and residential stations globally. The AC power supply charging station has fewer installation costs and provides a low power output.

Based on application, private charging dominates the market owing to the increasing number of private electric vehicles on roads. Public charging is anticipated to grow significantly owing to the rising number of commercial charging terminals across regions.

Asia-Pacific contributes to the largest share in the EV charging cables market. China is the world's largest market for electric vehicle charging cables. The governments of Japan and China have anticipated the global EV supply equipment market's growth potential and have implemented a variety of policies and initiatives to encourage leading market players to build EV charging infrastructure in their home countries. The region's high number of EV charging stations is expected to boost regional market growth throughout the projection period.

TE Connectivity released three new solutions for the hybrid and electric commercial vehicle sector in October 2021. The new IPT-HD power bolt connector can endure temperatures of -40 to +125 degrees Celsius and features a low-contact-resistance design that can withstand strong engine vibrations.

The prominent players in the EV charging cable market include Aptiv, LEONI, TE Connectivity, BESEN-Group, PHOENIX CONTACT, Coroplast, DYDEN CORPORATION, Grupo General Cable Sistemas, Chengdu Khons Technology Co., Ltd., and Tesla.

Source: VynZ Research