The EV charging cables market is expected to grow from US$ 513.36 million in 2022 to US$ 3,551.78 million by 2028. It is estimated to grow at a CAGR of 38.0% from 2022 to 2028.
The Rest of the World EV charging cables market analysis covers Asia Pacific, the Middle East & Africa (MEA), and South America. The Asia Pacific region is a major contributor to automobile manufacturing, with extensive manufacturing facilities located in China, India, and Japan, a large consumer base, and key automotive players operating in the region. This has led to the growth of the EV charging cables market in the region, driven by the increasing production capacity of EVs and advancements in technology. China, in particular, has the largest EV market in the Asia Pacific region, with a high number of publicly owned charging stations. The country built 87,000 new public EV charging stations in May 2022 alone, resulting in a 60.5% increase compared to the previous year, according to a report by the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA).
Asia Pacific is experiencing a significant increase in demand for electric vehicles (EVs) from countries such as China, South Korea, Japan, India, and Singapore. This surge in EV sales has had a notable impact on the EV charging cables market, prompting manufacturers to focus on developing energy-efficient technologies that reduce CO2 emissions and increase fuel efficiency. The region's focus on reducing dependency on traditional petrol and diesel fuel sources, along with government incentives promoting the use of EVs, has further fueled the growth of EV manufacturing and sales. Market research by the International Energy Agency IEA suggests that EV sales in Asia rose by around 75% in 2021, with total annual sales projected to reach approximately 10.9 million units by 2030, up from a predicted 1.4 million units in 2029. According to the IEA's Global EV Outlook 2021, China currently has the largest fleet of 4.5 million electric cars, and India is expected to witness around 48,000 additional EV charging points over the next few years with an investment of approximately US$150 million (~INR 14,000 crore). As EV penetration grows in the two-wheeler, three-wheeler, and bus segments, charging infrastructure is expected to expand further in Asia Pacific. By FY2025, electric two-wheelers are expected to account for 13-15% of total new vehicle sales, while electric three-wheelers and e-buses are projected to account for more than 30% and 8-10%, respectively. Although India currently has less than 2,000 public charging stations, developments in economically developed regions are contributing to the growth of the EV charging cables market.
Impact of COVID-19 pandemic on EV Charging Cables Market Size
The Asia Pacific region, excluding a few developed countries such as Japan and Singapore, is still considered to be in a developing state. In 2020, the region faced a significant increase in the count of recorded COVID-19 cases due to inadequate health infrastructure. The pandemic has also affected the significant economies of India, Australia, and Japan, as per the Organization for Economic Co-operation and Development (OECD). Inadequate health and medicine facilities resulted in the imposition of restrictions on limited workforce at production sites. In China, sales of electric vehicles decreased to around 4.2% during the first half of 2020, compared to higher sales in 2019, which may be due to the reduction in purchase premiums for electric vehicles. The COVID-19 pandemic has negatively impacted the green energy sector in China, including renewable energy sources, battery energy storage, electric vehicles (EVs), and renewable heating and cooling, as well as the EV charging cables market. The reduction in customer demand due to low labor movement is expected to affect the growth of the EV charging cables market in the coming years. Tesla's Gigafactory in Shanghai has also hinted at possible supply shortages for the US, the UK, and Australia, which may have negative impacts on the global EV charging cables market and energy storage projects. The supply constraint may lead to project delays or increases in costs.
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; Chengdu Khons Technology Co., Ltd. are among the companies profiled in the EV charging cables market study. The market players are adopting organic and inorganic growth strategies to sustain the competitive edge. For instance, in April 2022, Tata Power signed an MoU with National Real Estate Development Council (NAREDCO) that entails installing 5,000 EV charging stations in Maharashtra, India. The agreement will include installation, maintenance, and up gradation of the individually installed chargers. Such initiatives by key players will contribute to the EV charging cables market growth during the forecast period.
The analysis of the EV charging cables market has been conducted using both primary and secondary sources. The research process began with extensive secondary research, which involved gathering qualitative and quantitative information from internal and external sources. This approach helped to obtain a comprehensive overview and forecast of the market size for all segments.Moreover, industry experts and commentators were interviewed to validate the data and gain further analytical insights. The participants in this process included VPs, business development managers, market intelligence managers, and national sales managers. External consultants, such as valuation experts, research analysts, and key opinion leaders, who specialize in the EV charging cables market were also consulted. Overall, a combination of primary and secondary research approaches has been used to ensure that the analysis is comprehensive and accurate, and to provide insights into the EV charging cables market's current and future trends.