The global EV charging cables market is projected to grow at a CAGR of 31.8 per cent, to reach USD 1,808 million by 2027 from an estimated USD 198 million in 2019. Factors such as increasing adoption of electric vehicles, rapid development of electric vehicle supply equipment, and increasing demand for fast charging cables would drive the growth of the market.
Public charging is the fastest growing segment during the forecast period.
Public charging stations are installed at taxi stands, highways, government offices, parking lots of commercial properties, hotels, airports, and shopping malls. These charging stations have a high voltage and can charge a vehicle in the least possible time. To increase the adoption of electric vehicles, leading OEMs have partnered with the governments of various countries to install public charging stations. In addition, increasing demand of electric vehicle owners to reduce the charging time of electric vehicle would further drive the market growth of public charging stations.
Coiled cable is expected to be the fastest growing segment.
Coiled cables, also known as spiral cables, are easy to maintain as they do not spread over the surface like straight cables. Thus, coiled cables are more durable than straight cables. In addition, these cables need lesser storage space than straight cables. They do not lie on the floor and prevent a tripping hazard. Coiled cables for Type 2 allow 32 amps of charge flow inside the vehicle. At public charging points in Europe, coiled cables are used for Type 2 charging port. Further, developments are expected to reduce the price of coiled cables, which in turn would boost the demand for these cables.
North America is expected to be the fastest growing market.
North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. Various OEMs have installed electric vehicle charging network to increase the adoption of electric vehicles in the region. In Canada, various companies have collaborated to increase the number of charging stations and promote the adoption of electric vehicles. In addition, the presence of leading companies that provide electric vehicle charging infrastructure and supply equipment is expected to drive the market in North America.
The major market players include Leoni AG (Germany), TE Connectivity (Switzerland), BESEN Group (China), Aptiv (Ireland), Phoenix Contact (Germany), and Coroplast (Germany).