EV Charging Cable Market to reach USD 6.2 billion in 2030, at a CAGR of 20.8% | IMR

In the latest report published by Intent Market Research, the EV Charging Cable Market stood at USD 1.8 billion in 2023-e and projected to grow at a CAGR of 20.8% through 2030 to reach USD 6.2 billion.

There’s an increasing demand for EV charging cable owing to the exponential rise in EV adoption across the globe. Technological innovations in EV charging cables with the introduction of enhanced safety features and reduced charging times are driving the market growth.

High Adoption of CCS2 Among Automakers and Charging Equipment Manufacturers Drives the Market 

CCS2 or Combined Charging System 2, is a standardized charging interface adopted by multiple automakers and charging equipment manufacturers. It combines AC and DC charging and allows for charging speeds up to 350 kW. CCS2 is the predominant standard in Europe owing to the predominant adoption of a 3-phase power supply. It is required by the EU for EV charging networks. Even Tesla EVs and chargers in Europe use CCS2. CCS2 is also largely used in Greenland, Iceland, South America, South Africa, Arabia, India, Singapore, Taiwan, Hong Kong, Oceania, and Australia. Thus, CCS2 is anticipated to have a significant market share.

Increasing Sales of EV is Driving the Mode 1 & Mode 2 Segments

Mode 1 cable is widely used to connect a light electric vehicle including e-bikes and scooters to a standard AC socket-outlet using an extension cord and standard plug. However, it’s not considered safe for electric cars and is prohibited in many parts of the world owing to a lack of communication between the vehicle and the charging point. Mode 2 cables are usually provided with new EVs. These cables plug an ordinary 3-pin domestic socket and are used for EV charging. Mode 2 charging cables also come with an In-Cable Control and Protection Device (IC-CPD) which makes it relatively safe. Increasing sales of EVs is driving the Mode 1 & 2 segment’s growth.

Increasing Government Initiatives for Environmental Sustainability Drives the Market in Europe

Europe was among the early adopters of EVs and the European Union (EU) has taken the lead in environmental sustainability.  In 2020, the European Green Deal was approved. It is a set of policy initiatives by the European Commission to make the EU climate-neutral by 2050. Moreover, the key players are strongly focused on innovation to capture the market share. For instance, in September 2023, Aptiv (Ireland) acquired 85% of Intercable Automotive Solutions, a subsidiary of Intercable (Italy). Thus, increasing government initiatives for environmental sustainability drive the market in Europe.

The Key Players are Highly Competitive to Capture the Market Share

The key companies in the EV charging cable market are continuously striving to strengthen their portfolio to meet the growing demand. The companies are focused on establishing long-term partnerships with automobile industries. Some of the key companies in the market are Aptiv, Besen International, Brugg Group, Dyden, Huber+Suhner, Leoni, Phoenix Contact, Sinbon Electronics, Systems Wire and Cable, and TE Connectivity.