The fast and slow development of the global electric vehicle charging cable is closely linked to the sales of electric vehicles. There will be a market for charging cables only if global sales of electric vehicles remain stable.
First, take a look at how global electric vehicle sales have changed over the past decade.
In 2011, about 55,000 electric cars were sold worldwide. A decade later, in 2021, there were almost 7 million.
The global electric vehicle market has grown exponentially over the past decade as many countries have begun to electrify. IEA data show explosive growth in global EV sales since 2011.
From 2011 to 2015, global EV sales grew at an average annual rate of 89 percent, with about a third of global sales occurring in the United States.
In 2014, the United States was the largest market for electric vehicles, followed by China, the Netherlands, Norway and France. But that modified in 2015, when electric vehicle sales in China rose 238 percent from 2014, propelling it to the top spot.
China's growth has been years in the making, with generous government subsidies for electric vehicles in addition to incentives and policies to encourage production. In 2016, Chinese consumers bought more electric cars than the rest of the world combined -- and that has not ceased the country from expanding, making up more than half of global sales by 2021.
After remaining fairly flat in 2019, global EV sales will grow 38% in 2020 and then more than doubled in 2021. China is the key driver of growth.
China has nearly 300 models of electric vehicles available for purchase, more than any other country, and it is host to four of the world's 10 largest battery manufacturers. Moreover, the median price of electric vehicles in China is just 10% higher than that of conventional vehicles, while the middling price in other major markets is 45-50% higher.
Germany, Europe's largest car market, sold nearly 700,000 electric vehicles in 2021, up 72% from 2020. The country is home to some of Europe's biggest electric car factories. Overall, sales in Europe will rise 65% in 2021.
The U.S. is also making a comeback after two years of decline, with EV sales more than doubling in 2021. The growth was supported by a 24 per cent increase in the supply of electric car models and increased production of Tesla models, which account for half of US EV sales.
Tesla is the world's most legendary electric car company, and its dominance in the United States is unparalleled. Between 2011 and 2019, Tesla accounted for 40 percent of all electric vehicles was placed on the United States. Moreover, Tesla vehicles have been the best-selling electric vehicle model in the United States every year since 2015.
Tesla accounted for more than 50% of electric vehicle sales in the U.S. in 2021, with the Model Y, will launch in 2019, topping the list. In addition, Model Y remained the best-selling electric vehicle in the first quarter of 2022, with Tesla capturing 75% of the electric vehicle market share.
Despite its popularity, Tesla could face challenges as other automakers introduce new models and expand electric vehicle production. General Motors, for example, aims to over 20 models of electric vehicles by 2025, and Ford is expected to produce at least 2 million EVs a year by 2026. Increased competition from incumbents and new entrants could eat into Tesla's market share in the coming years.
From the above, it can be seen that the sales volume of electric vehicles in all countries in the world is on the rise from 2011 to 2021.
Despite supply chain challenges, global EV sales in 2022 are expected to surpass 2021.
Despite ongoing supply chain challenges, the electric vehicle market will exceed approximately 6.4 million units in 2021, and is expected to continue to grow in 2022 due to the adoption of 800V power trains and continuous upgrading of high-voltage cables, according to a report released by IDTechEx.
In terms of power train, despite the increase in cost, most automobile manufacturers are beginning to transition from the current prevailing 400V to 800V power train. Because the main advantage of 800V power trains is to increase energy efficiency by reducing joule loss and allowing high-voltage cables to be miniaturized (decreasing weight), thus reducing battery pack use and reducing costs while improving vehicle performance.
In terms of high-voltage cables, BMW's I3 series and Tesla's original Model S series utilize about 20 meters of high-voltage cable, but in the more modern Model 3, only 10 meters of high-voltage cable is used. In other words, design optimization has enormous potential without major technological improvements.
In addition, changing the conductive core from copper to a lighter material, such as aluminum, with one-third and 60% of copper's density and conductivity, respectively, is also a way to optimize the use of high-voltage cables.
Tesla reportedly ordered 3,000 kilometers of aluminum-cored cable from Gebaud &Griller in 2017. Recent disassembly reports in China show that Tesla used about 3 meters of aluminum-core cable in the section between the OBC and the external plug of the Model 3.
Global sales of electric vehicles (including plug-in hybrids) exceeded 3.5 million units in the first half of this year and are placed at surpass the 6.4 million units sold in 2021 for the full year 2022.
Up to now, from all kinds of data, we can basically judge that the future global sales of electric vehicles still have a lot of room to increase. Therefore, the global electric vehicle charging cable also has a very broad space for development.
Being dependent on a report released by Growth Market Reports, the global EV charging cable Market will grow at a compound annual Growth rate of 29% from 2022 to 2030.
The popularity of electric vehicles, the growing demand for fast charging, the connectivity and rapid progress of EV charger devices are the principal drivers contributing to the stable and rapid development of this market.
Being dependent on the cable length, the global electric vehicle charging cable is mainly divided into 5 meters below, 6-10 meters, and more than 10 meters. With the increasing adoption of private EV charging, the segment 5 meters and below is called upon to reach a growth rate of more than 29% during the forecast period.
For service providers, the demand for charging cables at charging stations will be diversified to respond to the changing needs of users in charging stations. As a result, the 6-10 m segment is expected to grow at a CAGR of around 27% during the forecast period.
In terms of power supply, the EV charging cable market is mainly divided into DC charging and AC charging. With the increasing demand for charging, the DC charging segment is expected to grow at a faster rate during the forecast period.
In terms of regional markets, the global market is mainly divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
APAC is forecast to expand at a faster CAGR during the forecast period, especially as China will dominate the charging cable market in APAC. Meanwhile, the growing demand for fast charging in Japan and South Korea will also drive growth in the region.
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