The electric vehicle charging cables market is estimated to be valued at USD 2.46 Bn in 2024 and is expected to reach USD 14.53 Bn by 2031, growing at a compound annual growth rate (CAGR) of 28.88% from 2024 to 2031. The increasing adoption of electric vehicles across the globe is driving the need for effective and efficient charging solutions, boosting the growth of the electric vehicle charging cables market.

Market Driver - Increased Adoption of Electric Vehicles due to Environmental Concerns

As awareness about global warming and environmental degradation is increasing across the world, people are increasingly adopting greener alternatives to curb pollution. The transportation sector is one of the major contributors to greenhouse gas (GHG) emissions.

According to surveys, many customers recognize the environmental benefits of electric vehicles (EVs) and want to contribute to the reduction of GHG emissions through their personal transportation choices.  Rising fuel costs also encourage customers to switch from internal combustion engine (ICE) vehicles to energy-efficient EVs that save significantly on fuel costs in the long run.

This is fueling growth in the electric vehicle charging cables market as more charge points and charging stations need to be installed to provide sufficient fast charging options.

Market Driver - Growing Demand for High-speed Charging Cables

As EV adoption rates grow, there is an increasing need to develop high-powered fast charging infrastructure to support more EVs on roads and provide seamless, on-the-go charging options to customers. Long charging times associated with slow charging can negatively impact customer experience with EVs and act as a barrier for mass adoption.

Auto manufacturers are focusing on developing EVs with larger battery packs and improved driving ranges. However, longer charging periods could offset benefits of increased ranges. Similarly, increasing number of EVs will also require high-powered public charging stations to handle simultaneous fast charging of multiple vehicles. This is driving strong demand for next-generation high-power electric vehicle charging cables and stations capable of providing 60-350 kW rapid charges within 15-30 minutes.

Market Challenge - High Costs of Electric Vehicle Charging Cables and Infrastructure

One of the major challenges faced by the electric vehicle charging cables market is the high costs associated with establishing EV charging infrastructure and cables. Developing widespread public EV charging stations requires massive capital investments in advanced charging equipment, installation, and maintenance. The ultra-high power charging cables that can provide fastest charging speeds to EVs come with exorbitantly high price tags, making them unsuitable for large-scale consumer adoption currently.

Additionally, achieving economies of scale to bring down component and production costs will take time as the market is still in its early growth phase. High dependence on rare earth materials for components also keeps input costs elevated. Overcoming the financial hurdles is essential to accelerate EV adoption rates and the expansion of public fast-charging availability. This will eventually help in dealing with challenges in the electric vehicle charging cables market.

Market Opportunities - Development of Advanced Electric Vehicle Charging Cable Technologies like Liquid-cooled Cables

One of the prominent opportunities in the electric vehicle charging cables market is the development of more advanced cable technologies that can help overcome challenges related to costs and speeds. For example, research and commercialization of liquid-cooled electric vehicle charging cables hold great promise.

By circulating a cooling liquid inside the cable jacket, liquid-cooled designs can potentially handle much higher power densities compared to air-cooled electric vehicle charging cables. This allows faster charging without risking overheating or reduced lifespan due to thermal stresses.

Liquid-cooled electric vehicle charging cables with larger copper or aluminum conductor cross-sections can transfer more power over longer distances as well. Mass production of such cables at competitive prices through innovative manufacturing methods can support next-generation ultra-fast public chargers capable of fulfilling 80% battery charges within 15 minutes or less. Achieving such fast charging experiences for consumers through improved cable technologies can significantly boost future prospects of the electric vehicle charging cables market.

Strategic Partnerships and Collaborations: One of the most effective strategies adopted by leading players such as Tesla and ChargePoint has been establishing strategic partnerships and collaborations. For example, in 2021, Tesla partnered with various companies and governments across Europe, Asia and North America to set up a global network of supercharger stations.

Product Innovation: Continuous investment in R&D to develop advanced and innovative charging cable technologies has given players a competitive edge. For example, in 2019, Leoni introduced 'Flexible fast charging cable' which could charge at up to 350 kW and addressed issues like cable thickness and weight faced by early designs.

Focus on Emerging Markets: A rising number of players like Schneider Electric and ABB have looked at emerging EV hotspots like China, India, Brazil and South Korea as key growth markets.

Customer-centric Approach: Players that have emphasized on customer experience through initiatives around installation assistance, uptime guarantees and repayment programs seem to be benefiting.

Insights, By Power Supply: Reliability and Widespread Availability drive AC Charging Dominance

In terms of power supply, AC charging contributes 76.4% share of the electric vehicle charging cables market in 2024. This is owing to its reliability and widespread availability compared to DC charging technologies. Vehicles that support AC level 1 and level 2 charging far outnumber those compatible with DC fast charging.

Municipalities and commercial parking lots have also found it most cost effective to deploy AC level 2 charging stations rather than more expensive DC fast chargers. Standardization on J1772 connectors for AC charging in North America and Mennekes types in Europe have further expanded the charging infrastructure network that vehicle owners can rely on.

Compatibility with existing electrical wiring already in place has been a major factor enabling the rollout of both public and private AC charging points. As electric vehicle adoption continues increasing, widespread AC infrastructure encourages more drivers to make the switch feeling assured of refueling availability.

Insights, By Charging Level: Practical Everyday Usability Drives Level 2 Adoption

In terms of charging level, level 2 charging contributes 48.3% share of the electric vehicle charging cables market due to meeting daily driving and charging needs for most EV owners. Level 2 delivers charging speeds suited for topping up during hours parked like evenings at home or work days at the office.

For fleets with set schedules and parking areas, Level 2 is also convenient and cost effective to deploy. With standard J1772 connectors, level 2 is compatible with the majority of passenger EVs now on the road. This wide compatibility encourages more drivers to adopt electric, assured their vehicles can take advantage of public and private level 2 infrastructure.

While Level 3 DC fast chargers offer advantages for long trips or high-speed top ups, level 2 satisfies the typical daily driving and charging cycles that make up the majority of EV usage. Its practical usability supports continued growth in EV drivers who can seamlessly power up wherever they routinely park.

Insights, By Length: Suitability for Home and Destination Charging Drives 10 Meter Cable Popularity

In terms of length, 10-meter-long electric vehicle charging cables contribute the highest share of the electric vehicle charging cables market. This length works very well for home charging applications where vehicles are parked in a driveway or garage within easy reach of an external power source. Most homes have electrical panels or outlets positioned around 10 meters from where owners park.

For commercial and public destination charging as well, a 10-meter-long electric vehicle charging cable offers suitable clearance between the charging station and where vehicles naturally park for shopping, dining or other activities. It avoids the cable dragging on the ground or creating tight turns that could put stress on connections.

As more EV drivers look to charge conveniently from their homes overnight as well as top up during daylight hours away, the 10 meter length addresses a majority of use cases and locations. This positions it as the leading segment for electric vehicle charging cable suppliers targeting mainstream consumer and fleet adoption.

• Asia Pacific leads the electric vehicle charging cables market with a 60.14% share in 2023 due to government initiatives and infrastructure investments.
• The AC power supply segment captured 76% share of electric vehicle charging cables market in 2023.
• By length, cables below 5 meters accounted for 55% of the electric vehicle charging cables market in 2023.
• Level 2 chargers dominated the market with a 49% share in 2023, with significant growth expected for Level 3 chargers due to advancements in high-power charging technology.

The major players operating in the electric vehicle charging cables market include Tesla Inc., Phoenix Contact, Dyden Corporation, TE Connectivity, Coroplast Inc., Leoni AG, BESEN International Group, General Cable Technologies Corporation, Chengdu Khons Technology Co., Ltd., Manlon Polymers, Eland Cables, EV TEISON, Aptiv Plc., Brugg Group, Gravity Inc., Texas Instruments, Delta Electronics, and Paua Tech Limited.

• In June 2024, Texas Instruments and Delta Electronics announced a long-term collaboration to advance onboard charging technology for electric vehicles, aiming to enhance efficiency and performance in EV charging solutions.
• In February 2024, Paua Tech Limited, a UK-based EV charging network aggregator expanded its roaming network to 43,000 connectors. Collaborations with networks like IONITY, GRIDSERVE, and Instavolt have strengthened its position in the electric vehicle charging cables market.

• By Power Supply
  • AC charging
  • DC charging
• By Charging Level
  • Level 2
  • Level 1
  • Level 3
• By Length
  • 10 Meters
  • 6-10 Meters
  • 2-5 Meters
• By Application
  • Private charging
  • Public charging
• By Shape
  • Straight
  • Coiled