• • • CABLING & CABLE MANAGEMENT • • •
Electric Vehicle (EV) charging cables market size worth over USD 23.1 billion by 2036
The data published by The international Energy Agency shows that by the year 2030, between 42 and 58 per cent of car sales could be electric
ven in 2023, electric car market witnessed robust growth of 14 million car sales by the year 2023. Hence, as the espousal of electric vehicles is mushrooming globally, there is an increased demand for versatile and efficacious charging solutions.
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In the quest to provide adequate charging facilities for electric vehicles, researchers are coming up with new ideas. One such notable innovation in this field is the electric vehicle charging cable, that is designed to safely deliver power from power source to the electric cars. For charging an EV, charging cables have become an essential part. Various prominent companies such as Tesla, General Cable Technologies Corporation, etc. are encashing huge profit margins. In this article, we will delve deep into various aspects related to the EV charging cables market and why numerous companies are willing to invest in the domain.
What is an Electric Vehicle charging cable?
An electric vehicle charger cables are fabricated to adequately deliver power from the power source to the EV. A data published International Energy Agency states that by the end of the year 2022, there were 2.71 million public charging points installed globally.
Out of these, few of the charging stations operate with cables attached known as tethered charging stations. While other charging stations require the owner to bring their cables. Let us take a look on some of the prominent types of the EV charging cable:
Hence, these electric vehicle charging cables are not just a channel to provide power but also progressing to meet the requirements of a diverse consumer base. Customers are relying on brands that are manufacturing state-of-the-art charging
Types of EV charging cables Features Mode 1 charging cables
Mode 2 charging cables Mode 3 charging cables Mode 4 charging cables
cables. Companies are also going through extensive research to meet the expectations such as,
• Increased durability and safety features of cables • IFaster charging capabilities • IIncreased flexibility and cable length • IUsage of eco-friendly materials
Electric Vehicle Charging
Cables Market Analysis: The electric vehicle charging cables market size was over USD 1.51 billion in the year 2023. The market is further anticipated to accumulate USD 23 billion by the end of 2036, exhibiting a CAGR of 25.6 per cent. Some of the factors acting as catalysts for the growth of the market are: • IRising development of high-speed charging infrastructure
• IExponential rise in adoption of electric vehicles • ITechnological advancements in EV charging
• ISurge in development of private charging segment
Some of the prominent companies in the domain are TE Connectivity, ABB, Coroplast, Phoenix Contact, Dyden Corporation, Leoni AG and BESEN International Group Co., Ltd. Additionally, EV charging cables market in Asia
Pacific is set to dominate the revenue share of over 60 per cent by the year 2036. The growth of the market in the region can be attributed to rising government initiatives and the presence of a large consumer base.
Let us understand some of the regional and country highlights
These cables simply connect light electric vehicles such as e-bikes and scooters, but not cars. In 2022, the number of e-bikes sold reached 36 million units, globally.
These cables can plug into the EV on one end, and connect ordinary 3 pin to domestic socket. This charging method is convenient, and can deliver up to 2.3 kW of power.
These cables are now the most common way to charge an EV across the globe. These cables are standard across the world.
These charging cables are fabricated to handle higher power outputs for fast charging. These cables are a bit heavier and can handle excess heat generated by higher power output. For instance, China is pioneering in EVSE deployment, with more than 85 per cent of the world’s fast chargers.
electricalengineeringmagazine.co.uk
in the market: China: China accounts for almost 60 per cent of all new electric car registrations. Other than this, Sinopec operated 21,100 charging points by the end of 2023, allocating USD 2.51 billion to its distribution segment. United States: In 2021, Biden allocated USD 7.51 billion for establishing electric vehicle charging stations. Other than this, a local market player recently launched Brooklyn 718 cable. India: India recently launched scheme to give tax rebate for electric vehicle companies. However, the condition is that they must have already invested USD 500 million.
In a nutshell, the above information illustrates that the rising demand electric vehicles is making a pool of opportunities for the allied markets too. Subsequently, Electric vehicle (EV) charging cables market is set to garner significant revenue in the future. Market players are, here on out required to understand the intricacies of the market to make sound business decisions.
ELECTRICAL ENGINEERING • NOVEMBER 2024 11
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