EV Charging Cables Market Expected to Soar to USD 16.99 Billion by 2034, Growing at a 22.24% CAGR

Global sales of EV charging cables market are projected to exceed USD 16,992.56 million by 2034, expanding at a compound annual growth rate (CAGR) of over 22.24% from 2024 to 2034, according to Future Market Insights (FMI). The growing demand for EV charging cables is largely driven by the continuous development and adoption of new technologies within the electric vehicle market. Additionally, increased global investment in EV charging infrastructure and the rising demand for electric vehicles are key factors fueling the expansion of the EV charging cable market.

Post-COVID, the acceleration of infrastructure development and industrial activities has further stimulated market growth. Moreover, rapid urbanization has led to increased deforestation worldwide, indirectly boosting the demand for EV charging cables as the need for sustainable transportation options becomes more pressing.

The growing demand for EV charging cables is closely linked to the expansion of charging infrastructure, particularly in developing regions where the manufacturing industry is on the rise. Advancements in production technologies are also contributing to the global increase in EV charging cable sales.

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Looking ahead, a growing number of manufacturers are expected to drive market growth by intensifying their research and development efforts focused on improving EV charging cables. This increased focus on innovation will likely play a significant role in the market’s expansion over the coming years.

Key Takeaways from EV Charging Cable Market Study

Private charging segment held around 92% of the volume share of the global market in 2021, owing to the more preferable by electric vehicle users.
The demand from combination plugs (CCS Plugs) connector type is set to surge at CAGR of approximately 28.2% by the end of forecast period.
East Asia dominated the global EV charging cable market in 2021 with a demand share of around 49.3%.
Key manufacturers in the market are focusing on developing and producing EV charging infrastructure globally.

“The EV charging cable demand is expected to boost on the back of increasing investments in EV charging infrastructure development, especially in developing countries. Hence, key players are eyeing the East Asia and South Asia market to capitalize on growing adoption of electric vehicles across Japan, China, and India” – says a Future Market Insights analyst.

Who is winning?

The EV Charging Cable Market is moderately fragmented with more than 100 players across the region, key players accounting for around 30-35% of the market share. In order to achieve more sales top companies are creating contracts with end users and developing custom products according to needs of the customer along with that manufacturers have focused on enhancing their sales network in order to achieve strong global presence.

Some of the key players in this industry include but are not limited to 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, and BESEN Group

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The research report analyzes demand for EV Charging Cable market. The global EV Charging Cable Market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis Power Supply Type, Charging Speed, Mode Type, Connector Type, Application, Cable length, Shape – Forecast to 2022 – 2032 and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.

Key Segmentations

By Power Supply Type: