EV Charging Cable Market

The global EV charging cable market is projected to grow from USD 1.3 billion in 2023 to USD 3.9 billion by 2030, registering a CAGR of 16.7%. As awareness of environmental concerns and the benefits of EVs continues to rise, there has been a significant surge in the adoption of electric vehicles worldwide. This surge has naturally spurred the demand for efficient and innovative charging solutions, leading to a substantial expansion of the EV charging cable market. The market's growth can also be attributed to government incentives and initiatives aimed at promoting clean energy, further encouraging consumers to embrace electric mobility.

The EV charging cable market is experiencing robust growth due to the rapid expansion of electric vehicle (EV) infrastructure worldwide. With countries like the US, the Netherlands, Germany, France, and South Korea investing heavily in charging stations, the demand for reliable charging cables is soaring. Moreover, collaborations between OEMs and EV charging providers are driving innovation, further propelling market growth. This convergence of factors presents significant growth opportunities for the EV charging cable industry.

Major EV Charging Cable Market Companies include

• Leoni AG (Germany),
• Aptiv (Ireland),
• BESEN International Group (China).

The market players have adopted various strategies such as new product launches, acquisitions, agreements, collaborations, partnerships, and geographical expansions to strengthen their position in the global EV charging cable market.

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Leoni AG (Germany):

LEONI operates through its two divisions: Wiring Systems and Wire & Cable Solutions. The company offers electric charging cables in straight and coiled versions with international approvals under the Wire & Cable Solutions division. These cables include High Power Charging (HPC) cables that enable drivers to charge their electric vehicles within a few minutes and travel significantly longer distances. The small diameter makes these cables easy to handle but exposes them to overheating. Hence, these cables are fitted with a liquid-cooling system. The company also offers an illuminated electric vehicle charging cable equipped with advanced features, such as visual monitoring of the vehicle's charging process. The color of the cable jacket changes to indicate the charging status. These cables can be used universally for public or private charging, irrespective of the vehicle manufacturer or country. In April 2023, LEONI AG announced an upgrade to its Business Group AM, transforming it into the Automotive Cable Solutions (ACS) Division, which highlights the crucial importance of the automotive cables business within the company's cables segment. The ACS Division, a leading supplier in standard automotive, special, and charging cables, boasts a global production network with ten facilities across seven countries. The ACS portfolio encompasses cutting-edge charging cables for electric vehicles, drastically reducing charging times and authorized for global markets.

BESEN International Group (China):

BESEN International Group delivers innovative, safe, and high-quality electric vehicle components. It was founded in 2005 and is headquartered in Nanjing, China. The company’s product portfolio for electric vehicle charging includes various components, including EV plugs, sockets, extension cables, connectors, and charging stations. The company was the first to establish an 800 kW high-power DC charging station in China. The company is CE and TUV certified for EV charging connectors in China. The company provides competitive pricing for electric vehicle charging cables, offering both straight and coiled configurations. It has established a robust market presence in China and serves as a prominent supplier to the State Grid Corporation of China. Additionally, the company has collaborated with numerous charging equipment manufacturers in the United States and Europe, engaging in multiple original equipment manufacturer (OEM) projects in recent years. To bolster its online sales efforts, the company also sells its products on e-commerce platforms.

Aptiv (Ireland):

Aptiv manufactures and supplies automotive components and modules to major OEMs, including GM, Volkswagen Group, Fiat Chrysler Automobiles N.V., Ford Motor Company, and Daimler AG. Previously known as Delphi Automotive PLC, the company's powertrain systems segment now operates as an independent entity, Delphi Technologies PLC. Aptiv operates across regions, spanning the Americas, Europe, the Middle East, Asia, and Africa. The company operates through its two business segments; Signal and Power Solutions. Advanced Safety and User Experience. The Signal and Power Solutions segment provides complete design, manufacture, and assembly of the vehicle’s electrical architecture, including connectors, wiring assemblies, harnesses, cable management, electrical centers, and hybrid high voltage and safety distribution systems. It offers EV charging cables with SAE J1772/ IEC 62196 Type I, IEC62196 Type II, and GB/T 20234 compliant connections. These cables provide 16 A to 40 A current capacity with a 120 V to 480 V voltage range. Their global presence spans 48 countries, enabling them to tackle the most challenging mobility issues using their software and systems integration expertise.

Related Reports:

EV Charging Cable Market by Power Supply (AC and DC), Application (Private Charging & Public Charging), Length (2-5 Meters, 6-10 Meters, and >10 Meters), Shape, Mode, Charging Level, Connector Type, Cable Type Diameter & Region - Global Forecast to 2030

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