According to latest research by Future Market Insights, EV Charging Cables market is set to witness a robust growth during 2021-2031 reflecting a CAGR of over 6% during the same period. Demand for charging cables will witness high growth in short-term, with optimistic growth outlook in the long-run. Though muted demand from automotive industry will mean limited opportunities in near future, however, sales of charging cables from electric vehicles will provide momentum to the market growth.

What is Driving Demand for EV Charging Cables?

Surfacing demand from automotive industry for various end use applications will continues to drive demand for EV charging cables. Increase in the adoption and use of electric vehicles has emphasized the necessity for charging infrastructure and charging cables.

The furthermost EV charging cables manufacturers are investing significantly in EV charging infrastructure along with research & development for faster and efficient charging methods. The growing demand for EV’s adoption has created significant opportunities for manufacturers and original equipment manufacturers (OEM’s) to improve and upgrade the charging cable systems.

EV are equipped with an inbuilt charger through which they can easily charge the vehicles from the normal main supply. Some vehicles however will require an additional charging cable that will allow the owners to charge their cars away from home. Charging cables has been significantly reduce the charging time with long-lasting features. This is especially true in the production of large volumes of products and that can significantly improve the product sales.

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Automotive Industry is Likely to Augment EV Charging Cables Sales

Automotive industry sales around the globe have been impacted by COVID-19-induced slowdown. This has also had a ripple effect on automotive industry allied services sales. As the EV charging cables manufacturers are likely to witness sustained opportunities in the future from customers across the world.

Charging cables is also used extensively in manufacturing and designing of complex models for automobile industry. Although lockdown and shelter-at-home guidelines have meant restricted production activities, sales are likely to improve over the course of the assessment period.

China EV Charging Cables Market Outlook

China is one of the largest markets for automobile manufacturing globally. The China electric charging cables market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to remain muted in the next couple of years, as a number of end-use industries make gradual recovery. China has recorded over 1.49 Mn Units of EV’s in 2020.

Demand for EV charging cables in China will account for high demand from the EV manufactures, as demand for charging cables will continues to grow over the forecast period. Chain’s EV’s exports is likely to surge drastically over a period and beyond, and this will continue to benefit OEM companies.

China automotive sales will also be impacted by the COVID-19 recovery in 2021. Automotive manufacturers faces a challenging year, however, there is growing optimism that low mortgage rates will lead to a spurt in early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of charging cables.

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Who are the Key Manufacturers and Suppliers of EV Charging Cables?

Some of the leading manufacturers and suppliers of EV Charging Cables include

• Tesla, Inc.
• Phoenix Contact
• Dyden Corporation
• TE Connectivity
• Coroplast, Leoni AG
• BESEN International Group
• Systems Wire and Cable
• General Cable Technologies Corporation
• Chengdu Khons Technology Co., Ltd.
• Manlon Polymers
• Eland Cables
• EV Teison, Aptiv Plc.
• Brugg Group, Fujikura Ltd.
• Guangdong OMG Transmitting Technology Co. Ltd.
• Japan Aviation Electronics Industry Ltd.
• SINBON Electronics Co. Ltd.
• Sumitomo Electric Industries, Ltd.

In February 2021, Sumitomo Electric Industries, Ltd. has launched a new CHAdeMO-compatible*1 DC Quick-Charger/Discharger Connector Cable Assembly for electric vehicles (EVs), the SEVD-V3E. The new assembly maintains the high level of safety, durability, compactness and light weight, but features a completely new design with a novel mechanism that allows the connector to be inserted to and removed from an EV in a single action.

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Key Segments of EV Charging Cables Market