Market Introduction
The EV charging cable market in North America is segmented into the US, Canada, and Mexico. The rising adoption of electric vehicles has gained traction in the regions due to increasing fuel prices as electric vehicles act as a substitute for petrol and diesel vehicles and are powered by lithium-ion batteries that offer a hybrid charging facility. According to the International Energy Agency (IEA), nearly 1.8 million EVs were registered in the US as of 2020, more than three times as many as in 2016. Moreover, favorable government initiatives, subsidies, and tax rebate programs to promote EV adoption would drive the EV charging cable market growth. For instance, in the US after April 23, 2021, qualified applicants would be provided a rebate from the State of California under the Clean Vehicle Rebate Project (CVRP. After meeting the eligibility requirements, the applicants would be eligible to receive cashback on a new electric vehicle based on the selected type. The applicant will receive a cashback of US$ 2,000 on the purchase of a new battery electric vehicle and US$ 1,000 on the purchase of a new plug-in hybrid electric vehicle. Increase in EV vehicle production is the major factor driving the growth of the North America EV charging cable market.
North America is one of the most prominent regions with respect to the adoption of EV charging cables. Demand for EV charging cables is relatively high in countries such as the United States, Canada and Mexico. But the COVID-19 pandemic negatively impacted the North America EVs market growth in 2020. According to the data published by Electric Mobility Canada (EMC), the electric vehicle sales in Canada witnessed a decline in the second quarter of 2020, with only over 8,000 units sold between April and June. The results represent a drop of over 50% from the units sold during the same period in 2019. However, the overall sales of electric passenger cars and light trucks in Canada remained the same in 2020 compared to 2019. This decline in sales of EV has negatively impacted the growth of the EV charging cable market. Moreover, low demand for oil—and bottomed-out oil prices—make ICE vehicles cheaper than EVs to operate in the United States, since gasoline taxes are relatively low compared with those of most other countries. Recent regulatory changes are also stymieing the large-scale adoption of EVs in the United States. The US federal government plans to decrease the fuel-economy standard to 40.4 miles per gallon by 2026 and is relaxing CO2-emission targets. Although some states have adopted a stricter low-emission standard, such as the one in California, the current regulatory environment will provide fewer incentives for purchasing or manufacturing EVs.
Market Overview and Dynamics
The EV charging cables market in North America is expected to grow from US$ 59.40 million in 2021 to US$ 705.46 million by 2028; it is estimated to grow at a CAGR of 42.4% from 2021 to 2028. In the era of continuous technological developments, the scope of EV charging stations is also getting transformed. Many charging station OEMs are taking steps to overcome the challenges of electric vehicles charging at long routes. The new Marg charger network will be constructed at specific pre-identified stops that long-haul drivers utilize as their resting points. The company is working for it’s first-ever Mega charger installed at the Frito-Lay delivery center in Modesto, California. Such projects for deploying EV charging stations at the long route/national highways will positively impact the market growth.
Key Market Segments
The North America EV charging cables market has been segmented based on type, power supply type, cable length, charging level, jacket material, and country. Based on type, the North America EV charging cables market is segmented into private charging and public charging. The private segment dominated the market in 2020 and public segment is expected to be the fastest growing during the forecast period. Based on power supply type, the market is segmented into alternate charging and direct charging. The alternate charging segment dominated the market in 2020 and direct charging segment is expected to be the fastest growing during the forecast period. Based on cable length, the market is segmented into 2 metres to 5 metres, 6 metres to 10 metres, and above 10 metres. The 2 metres to 5 metres segment dominated the market in 2020 and 6 metres to 10 metres is expected to be the fastest growing during the forecast period. Based on charging level, the EV charging cables market is segmented into level 1, level 2, and level 3. The level 2 dominated the market in 2020 and level 3 segment is expected to be the fastest growing during the forecast period. In terms of jacket material, the EV charging cables market is segmented into all-rubber jacket, thermoplastic elastomer jacket, polyvinyl chloride jacket. All rubber segment dominated the market in 2020 and segment is expected to be the fastest growing during the forecast period.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on EV charging cables market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Aptiv PLC; Coroplast Group; General Cable Technologies Corporation; Phoenix Contact E-Mobility; SINBON Electronics Co., Ltd.; System Wire and Cable; and TE Connectivity Corporation are among others.
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North America EV Charging Cables Market Segmentation
North America EV Charging Cables Market –By Type
- Public
- Private
North America EV Charging Cables Market –By Power Supply Type
- Alternate Charging
- Direct Charging
North America EV Charging Cables Market –By Cable Length
- 2 -5 metres
- 6 -10 metres
- >10 metres
North America EV Charging Cables Market –By Charging Level
- Hospitals
- Ambulatory Surgical Centers
- Clinics
North America EV Charging Cables Market –By Jacket Material
- Level 1
- Level 2
- Level 3
North America EV Charging Cables Market -By Country
- US
- Canada
- Mexico
North America EV Charging Cables Market -Company Profiles
- Aptiv PLC
- Coroplast Group
- General Cable Technologies Corporation
- Phoenix Contact E-Mobility
- SINBON Electronics Co., Ltd.
- System Wire and Cable
- TE Connectivity Corporation
North America EV Charging Cables Market Strategic Insights
North America EV Charging CablesMarket Report Highlights
| Report Attribute | Details |
| Market size in 2021 | US$ 59.40 Million |
| Market Size by 2028 | US$ 705.46 Million |
| CAGR (2021 - 2028) | 42.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
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| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
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North America EV Charging Cables Market Country and Regional Insights
