Developments of EV Charging Infrastructure Driving Electric Vehicle Charging Cables Market Growth

A number of factors, such as the rise in deployment of electric vehicles (EVs), technological advancements, surge in concerns of air pollution, and developments of EV charging infrastructure, are expected to drive the electric vehicle charging cables market in the foreseeable period (2021–2030). According to P&S Intelligence, the market generated revenue of around $250 billion in 2020, and it is expected to witness significant growth in the coming years.

Geographically, the APAC electric vehicle charging cables market accounted for the largest share in 2020, and it is also expected to maintain its lead during the forecast period. This is ascribed to the growth in the EV sector and the introduction of several projects by governments to improve the developments of EV charging infrastructure.

Moreover, China is the major contributor to the regional market growth, followed by South Korea and Japan. The governments of these nations are providing financial and regulatory support to producers and customers of EVs, which is boosting the adoption of the charging stations.

The power supply segment of the electric vehicle charging cables market is categorized into alternative current (AC) and direct current (DC). Between the two, the AC category accounted for a larger share in 2020 in the market, and it is expected to dominate the market during the forecast period as well. This can be ascribed to the rising deployment of charging infrastructure in private facilities, such as homes and offices.

Furthermore, based on the shape segment, the electric vehicle charging cables market is bifurcated into straight and coiled. Out of these, the straight category generated a larger revenue share in 2020 in the market, and it is also projected to dominate the market in the coming years. This can be attributed to the low cost, ease of installation, and low maintenance of straight cables.

Thus, the surging developments of EV charging stations and the growing EV industry across the globe are expected to propel the market growth during the forecast period.

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