The global electric vehicle (EV) charging cable market is poised for exponential growth, projected to surge from $670 million in 2021 to a staggering $3.45 billion by 2031, according to a recent report by Allied Market Research. This marks an impressive compound annual growth rate (CAGR) of 18.1% over the forecast period.
Asia-Pacific remains the frontrunner in the EV charging cable market, led by China’s aggressive push for EV adoption through government incentives, industrial expansion, and technological advancement. Europe and North America follow closely, with growing infrastructure and environmental policies supporting clean mobility.
Driving Factors: Electrifying the Future
The demand for EV charging cables is directly tied to the rise in electric vehicle adoption and the proliferation of charging infrastructure globally. These cables—integral to both private and public charging stations—are seeing heightened innovation, with manufacturers like Leoni AG unveiling fast-charging and liquid-cooled cable technologies to improve efficiency and performance.
“Government efforts to cut carbon emissions, combined with private investments in charging solutions, are shaping a robust ecosystem for EVs and their supporting components,” the report notes.
Policy moves like China’s 10% service tax waiver for EVs and expanding domestic manufacturing of EV components have further accelerated market momentum. Companies are also actively pursuing business expansion strategies. In 2019, Leoni AG announced a $25 million investment to expand its cable production in Mexico, highlighting the growing international footprint of EV cable production.
Market Dynamics and Segment Insights
- Power Type: The AC charging segment led the market in 2021 and continues to be a preferred choice due to compatibility with residential charging setups.
- Application: Public charging stations are set to experience significant growth, driven by urban mobility demands.
- Cable Length: Cables between 2 and 5 meters remain most popular due to their suitability for both private and semi-public usage.
- Shape: Coiled cables are gaining traction for their compact storage and ease of use.
- Charging Level: Level 2 charging dominates the market as it balances speed and accessibility for everyday users.
COVID-19 Impact: A Temporary Setback
The pandemic disrupted global EV production and the EV charging cable supply chain, particularly due to factory shutdowns and component shortages. While China—the global hub for EV parts—faced export slowdowns, regions like Europe and the U.S. also experienced plant closures. Despite the setbacks, the market has shown strong recovery potential with ongoing investments in clean transportation.
Key Players and Competitive Landscape
Prominent players in the EV charging cable market include AG Electrical Technology Co., Ltd., Aptiv Plc, Besen International, Brugg Group, Leoni AG, Phoenix Contact, Prysmian S.p.A., and TE Connectivity, among others. These companies are focusing on R&D, strategic partnerships, and regional expansions to gain a competitive edge.
With governments, automakers, and consumers aligned toward sustainable mobility, the electric vehicle charging cable market is fast becoming a critical link in the global electrification drive. As technology evolves and infrastructure expands, the sector is set to deliver both economic and environmental dividends.
