The global EV Charging Cables Market is anticipated to register a phenomenal growth rate of about 22.2% during the forecast period from 2022 to 2032, with an expected valuation of US$ 1,549.3 Million in 2022 and totaling around US$ 11,541.6 Million by the end of 2032.
The economies of South Korea and Japan are more established than China’s, resulting in fewer market swings and slower sales growth. In 2021, China accounted for about 96.7% of the East Asian EV charging cable market. It is estimated to account for around 94.5% of revenue in 2032, with sales of EV charging cables growing at a 19.6% CAGR between 2022 and 2032.
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However, FMI predicts that Japan will have the largest increase in EV charging cables at 29.1% CAGR, followed by South Korea at 23.3% CAGR throughout the projected period. China’s automobile sector is more fragmented than other countries in terms of technology and EV charging connections.
Key Takeaways
- The implementation of electric vehicles is expanding in several countries all over the world with heavy investments in research and development in this sector. Numerous countries including the Netherlands, France, India, and Canada have launched various campaigns in order to encourage the adoption of electric vehicles. Automakers in the automotive sector are given by the state fixed quotas, tax breaks, subsidies, and rebates.
- For purchasing purposes, entitlements are conveniently available for customers. Such considerations have caused a spike in the global production and sales of electric vehicles. In order to ensure the smooth functioning of vehicles, the surging inventory of electric vehicles necessitates the establishment of power grids and charging terminals.
- The major factor driving growth in the EV charging cables market is the development of these vehicles which has resulted in advancements in electric vehicle charging technology and significant investments by automakers in electric vehicles.
- Several organizations develop EV charging cables to make sure quick charging terminals are available for vehicles. Tesla has approximately 1600 supercharging stations available all over the North American region. This propels the development of charging infrastructure, resulting in propelling the global EV charging cable market.
Competitive Landscape
Key EV charging cable providers are rapidly adopting various marketing strategies including new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration in order to increase sales and raise the interest of potential buyers to create a massive customer base and gain a competitive edge in the global EV Charging Cables market.
Key Companies Profiled
OSRAM Licht AG, Phoenix Contact, DYDEN Corporation, Prysmian S.p.A., TE Connectivity, Leoni AG, Aptiv, Tesla Inc., Huber & Suhner AG, Eland Cables, Coroplast, BRUGG Group, BESEN Group.
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Key Segments covered in the EV Charging Cables Industry Survey
By Power Supply:
- AC Charging
- DC Charging
By Product Type:
- Mode 2 Charging Cables
- Mode 3 Charging Cables
By Voltage Capacity:
- 16 Amp
- 32 Amp
By Application:
- Private Charging
- Public Charging
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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