Electric Vehicle Charging Cables Market Size

EV Charging Cables Market size was over USD 1.5 Billion in 2023 and is expected to reach USD 23.1 Billion by the end of 2036, growing at around 25.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of EV charging cables is assessed at USD 1.9 Billion.

The market is driven by the staggering growth in the EV sector. According to the International Energy Association (IEA), electric cars are witnessing robust growth as global sales reached 14 million units in 2023, surpassing previous records. Several factors underpin the progressive shift toward sustainable transportation from traditional ICE vehicles. An equitable transition to electric mobility hinges on the successful launch of affordable EVs. Established automakers are expanding their operation and entrants are competing for EV charging cables market share. Intensifying competition has impelled companies to cut prices to the minimum profit margin in order to sustain the current landscape. For instance, between 2022-2024, Tesla cut the price of its Model Y car from USD 65, 000 to USD 45. 000 in the U.S. This booming growth in affordable EVs and its subsequent adoption has propelled the demand for charging cables.