The market size for EV charging cables is projected to be approximately USD 1,287.3 million in 2023, with an anticipated compound annual growth rate (CAGR) of 16.8% from 2024 to 2030. This growth is expected to lead to a market valuation of USD 3,775.6 million by the year 2030.
This development of the market can be credited to the increasing use of EVs due to the growing count of government initiatives to guarantee their acceptance. Furthermore, the rising pace of technical improvements, which are allowing advanced driving ranges and speeds, is contributing toward the development of the industry.
In terms of application, private charging holds the majority market share at approximately 70%, primarily due to the fact that a significant number of electric vehicles (EVs) are charged at the residences of their owners. The predominant type of private Electric Vehicle Supply Equipment (EVSE) consists of slow-charging variants, allowing vehicles to be plugged in overnight for charging.
The Asia-Pacific (APAC) region currently dominates the EV cables market, and it is expected to maintain its leading position until 2030, reaching a value of approximately USD 1.8 billion. This can be largely attributed to the increasing disposable income in the region and the presence of key industry players.
Within APAC, China holds the top position and is projected to experience a Compound Annual Growth Rate (CAGR) of 17.2% throughout the forecast period. This growth is driven by the widespread availability of electric vehicles (EVs), charging stations, and charging cables, coupled with continuous advancements in automotive technologies.
Apart from contaminating the air, fossil-fuel-based cars possess higher maintenance and working prices than EVs. This is mainly because they require changes in oil, fuel filter retrofitting, spark plug replacements, emission checks, and other efforts. On the other hand,
EVs do not have numerous of these components, which makes their processes lucrative. Furthermore, several of them use regenerative braking, which helps in decreasing the wear and tear on brakes, and also in saving power.
