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Mushrooming Adoption of EVs Driving EV Charging Cable Sales

With increasing environmental concerns, the deployment of electric vehicles (EVs) has surged over the last few years. Moreover, the rapid installation of proper EV charging facilities will further boost the sales of EVs in the coming years, which will subsequently push up the requirement for EV charging cables. According to the International Energy Agency (IEA), the worldwide electric car stock reached 10 million units in 2020, registering an increment of 43% from 2019.

The burgeoning need for EVs is encouraging the governments of several countries to make huge investments in the development of EV charging facilities. As per the IEA, the total number of EV charging points all over the world rose by nearly 44% from 2017 to 2018. The installation of these charging stations is expected to propel the demand for EV charging cables in the coming years, which will drive the global EV charging cables market.


 According to the observations of the market research company, P&S Intelligence, the value of the market rose to $250 million in 2020. Furthermore, many major EV charging cable producers, such as Chengdu Khons Technology Co. Ltd., Leoni AG, General Cable Technologies Corporation, BESEN-Group, Coroplast Group, Aptiv plc, PHOENIX CONTACT GmbH & Co. KG., TE Connectivity Ltd., and Dyden Corporation, are focusing on collaborations and partnerships in order to expand their customer pool and bolster their position in the market.

For example, the AMP+ charging inlet for hybrid commercial and passenger vehicles and EVs was launched by TE Connectivity Ltd. in January 2021. Hence, the demand for EV charging cables will surge in the forthcoming years, primarily because of the growing deployment of EVs all over the world.



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