Increasing electric vehicle sales, rapid development of EV charging infrastructure, government policies and subsidies, and increasing price of fossil fuels drive the growth of the global EV Charging Cables Market to grow at a projected CAGR of 29.8% till 2027.
According to the new market research report 'EV Charging Cables Market by power supply (AC/ DC), application (private charging and public charging), length (2-5 meters, 6-10 meters, and >10 meters), shape (straight and coiled), mode, charging level, diameter and region - Global Forecast to 2027', published by MarketsandMarkets, the global EV Charging Cables Market is anticipated to reach $2.45 billion by 2027 from an estimated $665 million in 2022.
According to the report, the private charging segment is expected to hold a larger share till 2027. Most electric vehicle owners prefer private (home) charging as it is convenient and cheap. Private charging stations are installed in home garages or outdoor locations.
Coiled cables are best suited for these charging stations as they require less space and can be easily handled. These cables reduce the complexity and cost of private charging stations. Outdoor installations require outdoor-rated charging equipment, while a home charging station requires a dedicated circuit. The private charging segment is expected to continue to grow at a significant rate as the number of EV users is expected to continue rising at a rapid pace in these countries. Most EV users are provided options to install a home charger when buying EVs. Thus, this type of charger is expected to increase as the number of EVs grows.
Coiled Cables
According to the report, the coiled cable segment is expected to be the faster-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, the report observed.
In addition, these cables need lesser storage space than straight cables. However, the heat dissipation of coiled cables can be a matter of concern if the spirals are too closely coiled. Dyden Corporation, BESEN International Group and TE Connectivity are some of the leading manufacturers of coiled cables.
The North American region is estimated to be the second-fastest-growing market for coiled cables due to the presence of leading EV charging cable manufacturers such as LEONIAG, TE Connectivity, and Brugg Group. Coiled cables need lesser storage space than straight cables and are easy to spot.
According to MarketsandMarkets, the Asia Pacific region is expected to be the largest market for EV charging cables during the forecast period.
The Asia Pacific is home to some of the world's fastest-developing economies, such as China and India, emphasising the fast adoption of electric vehicles.
Additionally, the Governments of these emerging economies have recognised the growth potential of the global electric vehicle market and, hence, have adopted various initiatives to attract major OEMs for the manufacture of electric vehicle charging infrastructure in domestic markets. Subsequently, considering the high sales volume and spending on EV infrastructure, the region is expected to remain the largest market for EV charging cables during the forecast period, the report noted.
Courtesy: MarketsandMarkets. Photo is representational; courtesy: BESEN.