EV Cables Market: Current Analysis and Forecast (2023-2030)
Emphasis on Power Supply (AC charging and DC charging); Shape (Straight segment and Coiled segment); Charging Level (Level 1, Level 2, and Level 3); and Region/Country
The Global EV Cables market was valued at USD 6.7 Billion in 2022 and is expected to grow a CAGR of 17% during the forecast period (2023-2030). An electric vehicle (EV) charging cable is a connecting cable between a charging station and an EV that provides power to charge electric vehicles such as battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV). These cables consist of three parts: a connector that plugs into the vehicle, a length of wire, and another connector that connects to the power source. It mainly collects AC power from outlets and converts it to DC power. Additionally, these charging cables feature a liquid cooling system that distributes heat evenly and reduces the risk of overheating. Mixtures of water and glycol are currently the most widely used coolants in such cooling systems because they are easy to maintain and environmentally friendly. In addition, there is a controller that monitors temperature and regulates coolant flow. The major factors contributing to the demand for EV charging cables are mainly the increasing adoption of electric vehicles and the increasing need for fast charging cables along with the increasing development of EV infrastructure in emerging markets. Additionally, government concerns about reducing carbon footprint are driving the EV charging cable market. In addition, the demand for fast-charging cables will increase market growth. For instance, in Jun 2022, Shell acquired 100% of Cable Energía to expand its EV charging network to Spain and Portugal to offer on-the-go EV charging services to drivers and fleets.
DYDEN CORPORATION, TE Connectivity, Coroplast, LEONI AG, BESEN INTERNATIONAL GROUP CO., LTD., PHOENIX CONTACT, Grupo General Cable Sistemas, NEXANS, Manlon Polymers, and Aptiv are some of the key players operating in the EV cables market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products/technologies.
Insights Presented in the Report
“Amongst power supply, AC segment is expected to grow with a considerable CAGR during the forecast period”
Based on power supply, the market is segmented into AC and DC. The AC segment is expected to grow with a considerable CAGR during the forecast period. Alternative charging provides 120V at a charging rate of 22kW, depending on vehicle and charging infrastructure standards. AC power is primarily used in semi-commercial and residential stations around the world. This type of power charging station has less installation effort and lower output power. In addition, wall-mounted electric vehicle chargers are preferred over floor-mounted chargers. This is because it helps save costs for underground electrification. Additionally, wall-mounted chargers are ideal for residential stations.
“Amongst shape, Straight cable is expected to grow with a considerable CAGR during the forecast period”
Based on shape, the market is bifurcated into straight and coiled. Straight cable is expected to grow with a considerable CAGR during the forecast period. This is mainly because straight EV cables are compatible with a wide range of EV models. This means that it can be used to charge a variety of different types of EVs, which makes it a versatile choice for consumers. Additionally, most public charging stations adopt these cables due to their low maintenance requirements, reduced costs, and ease of installation. Most public charging stations across the globe are installing straight-shaped EV charging cables which is further expected to increase its demand in the market.
“APAC to hold a significant share in the EV cables market”
Asia Pacific is projected to be the largest market for EV cables during the forecast period. This is mainly due to the increasing popularity of EVs in the region, as well as government policies and initiatives aimed at promoting the use of EVs. Additionally, the growing popularity of EVs. As more consumers become aware of the benefits of EVs, such as lower emissions and reduced fuel costs, the demand for EVs is increasing. government policies and initiatives aimed at promoting the use of EVs. Many governments in the region have implemented policies and initiatives to encourage the adoption of EVs, such as tax incentives and subsidies for EV owners. For instance, in September 2023, Hitachi Industrial Products launched a high-capacity multi-port EV Charger to shorten the charging time and eliminate charging congestion by increasing the number of vehicles to be charged simultaneously.
EV Cables Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional and country-level analysis of the industry.
Customization Options:
The global EV cables market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the EV Cables Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global EV cables market were the three major steps undertaken to create and analyze the adoption of EV cables in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global EV cables market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the EV cables market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the EV cables market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as power supply, shape, and charging level. Further country-level analyses were conducted to evaluate the overall adoption of EV cables in region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the EV cables market. Further, we conducted factor analysis using dependent and independent variables such as power supply, shape, and charging level of EV cables. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the EV cables market across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global EV cables market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the EV cables across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global EV cables market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global EV cables market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the power supply, shape, and charging level in the global EV cables market.
The main objective of the Global EV Cables Market Study
The current & future market trends of the global EV cables market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the EV cables market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the power supply, shape, and charging level.
- Define and analysis of the regulatory framework for the EV cables
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the EV cables market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the EV cables market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global EV Cables market?
Q2: What are the driving factors for the growth of the global EV Cables Market?
Q3: Which segment has the largest share of the global EV Cables market by power supply?
Q4: What are the emerging technologies and trends in the global EV Cables market?
Q5: Which region will dominate the global EV Cables market?
Q6: Who are the key players operating in the global EV Cables market?
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