Global EV Charging Cables Market By Power Supply (AC charging, DC charging), By Battery Type (Mode 2 charging cables, Mode 3 charging cables), By Application (Private Charging, Public Charging), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021–2031

Electric Vehicles (EVs) are equipped with an in-built charger for effortless charging capabilities from a conventional source of power. However, some vehicles will require an additional charging cable, which allows individuals to charge their cars away from their usual charging port.

EV charging cables has significantly reduced the time it takes to charge its battery, as well as being able to retain said charge for a longer duration of time. These charging cables enable vehicle owners to charge their electric vehicles within a short period of time, and to travel significantly longer distances as well.

These charging cables have various advantages and properties such as they are hydrolysis-, abrasion-, thermal stress-, and flame-resistance, with halogen-free, superior charging power, higher charging currents, all while being more flexible, light in weight, and even offers protection from overheating.

Electric vehicle charging cables are approved in accordance with international standards. In the United States, these charging cables are defined according to NEC Art. 400 and UL category FFSO (UL62), as well as CSA C22.2 No.49.

In Europe, the type of charging operation is described by individual charging modes numbered 1–4, which are listed in the IEC / EN 61851 standard for electric vehicle conductive charging systems. The voltage levels are defined for a range up to 750V AC, and 1,000V DC in Europe. As per the European standard, the applicable voltage levels in China range up to 750V AC and 1,000V DC.

Detailed Segmentation:

The global EV charging cables market is segmented on the basis of power supply, battery type, application, and region. This detailed segmental description is represented below:

Based on Power Supply

• AC charging
• DC charging

Based on Battery Type

• Mode 2 charging cables
• Mode 3 charging cables

Based on Application

• Private Charging
• Public Charging

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Market Dynamics

The increasing adoption of electric vehicles across the globe, paired with government support towards the electric vehicle industry in the form of subsidiaries, taxes, financial incentives, etc., have led to an increased demand for appropriate charging infrastructure as well as improvements in the design of EV charging cables.

In addition to this, top markets for electric vehicles such as China, the United States, and Germany are heavily investing in EVs and EV charging infrastructure. This, in turn, is likely to augment the demand for EVs, and will play a crucial role in the financial development of the electric vehicle charging cable market. Volkswagen, Tesla, Ford, the Mahindra Group, BMW, and General Motors have significant increased their respective R&D budgets for the development of EVs.

The high costs associated with DC charging cables, coupled with high initial investments towards EV fast-charging infrastructure are slated to restrain potential opportunities for the global EV charging cables market.

However, government initiatives pertaining to EV charging infrastructure, paired with increasing research & development activities for rapid and efficient charging solutions are anticipated to create lucrative opportunities for the global EV charging cables market over the forecast period.

The increase in the demand for high-speed charging stations have also compelled industry players of EV charging cables to develop more advanced cables. Leading industry players for EV charging cables have also launched several new products in order to better the charging process.

For example, Phoenix Contact, a significant player in the EV charging cables industry, has developed high-power charging cables that can rapidly charge electric vehicles. These cables don’t overheat at the time of charging, as they are efficiently cooled with an environment-friendly water-glycol mixture. This, in turn, is likely to bolster revenue growth projections for the global EV charging cables market over the forecast period.

Competitive Landscape:

Key players in this global market are –

• Leoni AG
• TE Connectivity
• BESEN Group
• Aptiv
• Phoenix Contact
• Coroplast
• General Cable Technologies Corporation
• Dyden Corporation
• Chengdu Khons Technology Co. Ltd.
• SINBON Electronics
• among others

The primary focus of these key players leans towards product innovations, and R&D aimed towards the enhancement of power supply, battery output, as well as the subsequent efficiency of their respective products.

Key Developments:

• In September 2018, SINBON Electronics had announced the official opening of its new plant in Tatabanya, Hungary. This plant will emphasize on developing parts and components pertaining to new energy vehicles and smart network vehicles, including connectors, wiring harnesses, and smart wires.
• In August 2019, Leoni announced the expansion of its existing facility for EV charging cables and high-voltage cables in Mexico.

For the EV Charging Cables Market research study, the following years have been considered to estimate the market size: