EV Charging Cables Market Research Report and Outlook by 2028

The market for EV charging cables is projected to expand significantly, increasing from US$ 513.36 million in 2022 to US$ 3,551.78 million by 2028. This growth represents a compound annual growth rate (CAGR) of 38.0% over the forecast period.

The analysis of the EV charging cables market encompasses various regions, including Asia Pacific, the Middle East & Africa (MEA), and South America. The Asia Pacific area stands out as a key player in automobile production, hosting extensive manufacturing operations in countries like China, India, and Japan. This region not only has a vast consumer base but also features major automotive manufacturers, which has spurred the growth of the EV charging cables market. The rise in electric vehicle (EV) production and technological advancements are significant factors driving this market. Notably, China leads the Asia Pacific region in EV adoption, boasting a substantial number of public charging stations. In May 2022, the country added 87,000 new public EV charging stations, marking a remarkable 60.5% increase from the previous year, as reported by the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA).

The demand for electric vehicles is surging in the Asia Pacific region, particularly in nations such as China, South Korea, Japan, India, and Singapore. This increase in EV sales has positively influenced the EV charging cables market, prompting manufacturers to innovate and develop energy-efficient technologies aimed at reducing CO2 emissions and enhancing fuel efficiency. The region's commitment to decreasing reliance on traditional fossil fuels, coupled with government incentives to promote EV usage, has further accelerated the growth of EV manufacturing and sales. According to research from the International Energy Agency (IEA), EV sales in Asia surged by approximately 75% in 2021, with projections indicating that annual sales could reach around 10.9 million units by 2030, a significant rise from an anticipated 1.4 million units in 2029. The IEA's Global EV Outlook 2021 highlights that China currently possesses the largest fleet of electric vehicles, totaling 4.5 million. Meanwhile, India is expected to see the addition of about 48,000 EV charging points in the coming years, with an investment of around US$150 million (~INR 14,000 crore). As the penetration of EVs increases across two-wheeler, three-wheeler, and bus segments, the charging infrastructure in the Asia Pacific region is anticipated to expand further. By FY2025, electric two-wheelers are projected to represent 13-15% of total new vehicle sales, while electric three-wheelers and e-buses are expected to account for over 30% and 8-10%, respectively. Although India currently has fewer than 2,000 public charging stations, advancements in economically developed areas are contributing to the growth of the EV charging cables market.

Effects of the COVID-19 Pandemic on the EV Charging Cables Market

The Asia Pacific region, with the exception of a few developed nations like Japan and Singapore, is still largely considered to be developing. In 2020, the region experienced a significant rise in COVID-19 cases due to insufficient health infrastructure. The pandemic adversely affected major economies such as India, Australia, and Japan, as reported by the Organization for Economic Co-operation and Development (OECD). The lack of adequate health and medical facilities led to restrictions on workforce availability at production sites. In China, electric vehicle sales fell by approximately 4.2% during the first half of 2020 compared to the previous year, likely due to reduced purchase incentives for electric vehicles. The pandemic has had a detrimental effect on the green energy sector in China, impacting renewable energy, battery storage, electric vehicles, and the EV charging cables market. The decline in consumer demand, attributed to limited labor movement, is expected to hinder the growth of the EV charging cables market in the upcoming years. Additionally, Tesla's Gigafactory in Shanghai has indicated potential supply shortages for markets in the US, UK, and Australia, which could negatively affect the global EV charging cables market and energy storage initiatives. Such supply constraints may result in project delays or increased costs.

Key players in the EV charging cables market include Coroplast Group, Sinbon Electronics Co., Ltd., TE Connectivity, Phoneix Contact, Besen International Group Co., Ltd., Dyden Corporation, Teison Energy Technology Co., Ltd., General Cable Technologies Corporation, System Wire Cable, Aptiv, Leoni AG, Brugg eConnect, Ionity Gmbh, and Chengdu Khons Technology Co., Ltd. These companies are employing both organic and inorganic growth strategies to maintain their competitive advantage. For example, in April 2022, Tata Power entered into a memorandum of understanding with the National Real Estate Development Council (NAREDCO) to install 5,000 EV charging stations in Maharashtra, India. This agreement encompasses the installation, maintenance, and upgrading of the chargers, which will significantly contribute to the growth of the EV charging cables market during the forecast period.

The analysis of the EV charging cables market has been conducted through a combination of primary and secondary research methods. The research process began with extensive secondary research, gathering both qualitative and quantitative data from various internal and external sources. This approach provided a comprehensive overview and forecast of the market size across all segments. Additionally, interviews with industry experts and commentators were conducted to validate the data and gain deeper analytical insights. Participants included VPs, business development managers, market intelligence managers, and national sales managers. External consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the EV charging cables market, were also consulted. Overall, a blend of primary and secondary research methodologies has been utilized to ensure a thorough and accurate analysis, offering insights into the current and future trends of the EV charging cables market.