EV Charging Cables Market Generated Revenue Worth ~$250 Million in 2020

  • Published: May 2021

The increasing adoption of electric vehicles (EVs), rising concerns regarding air pollution, and development of the public EV charging infrastructure are the key driving factors for the global EV charging cables market growth. Due to the aforementioned factors, the industry is expected to generate significant revenue during the forecast period.

In 2020, due to the COVID-19 pandemic, the global EV charging cables market progress slowed down to a huge extent. The imposition of multiple lockdowns and other restrictions brought the automobile industry to a halt, thus breaking down the supply and demand chain. Automakers stopped manufacturing EVs, and the installation of charging stations also stopped, thus resulting in a reduction in the demand for charging cables.

AC Charging Cables Display Higher Demand

The EV charging cables market is categorized into AC and DC, based on power supply. Of these, AC cables are projected to hold the larger market size during the forecast period. This can be attributed to the increasing installation of charging infrastructure in private settings, such as offices and homes.

Geographically, Asia-Pacific (APAC) held the largest EV charging cables market share in 2020. This is mainly attributed to the growth of the EV industry in Japan, China, and South Korea, which has been driving the installation of electric vehicle supply equipment (EVSE) and the demand for the related cables.

Partnerships and Collaborations Are Most-Effective Strategic Measures Taken by Market Players

Technological improvements, such as dynamic load management, integration between EV charging and the existing payment systems, high security, better charging control, EV identification through power lines, and type-2 connecter plugs, have boosted the acceptance of EV charging cables. As a result, players in the EV charging cables market are entering into mergers and partnerships to further enhance the quality of the cables in terms of charging speed and durability.

For instance, in November 2019, AMPLY Power formed a partnership with BYD Co. Ltd. for developing the EV charging infrastructure and offering end-to-end services to fleet operators, including operational upgrades and utility interconnections, optimal charging strategies based on drive cycle and duty cycle, and debt financing and funding, for reducing capital expenditures.

Key players operating in the global EV charging cables market are TE Connectivity Ltd., Leoni AG, Dyden Corporation, Chengdu Khons Technology Co. Ltd., Coroplast Group, General Cable Technologies Corporation, PHOENIX CONTACT GmbH & Co. KG., Aptiv plc, and BESEN-Group.