APAC Is Dominating the EV Charging Cables Market

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.

Straight cables lead the industry with a share of more than 65%, credited to the fact that the majority of public charging stations utilize them cables due to their low maintenance needs, simplicity of installation, and low buying cost.

Furthermore, the coiled category is projected to advance during the projection period, because these variants help in the stoppage of a tripping danger as they do not lie across the surface. Furthermore, less storage space is needed for them, and they are also measured long-lasting. Furthermore, the cost of coiled cables is lower than the straight ones, which is further boosting their usage.

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.