Pune, Maharashtra -- (SBWire) -- 10/12/2022 --Market Overview, Definition, and Statistics
Growing environmental awareness and quick advancements in battery and charging technology have both boosted the appeal of electric vehicles. Similar to this, increased vehicle range is boosting demand for electric cars globally. EV charging cables has significantly decreased the time. It requires charging its battery and maintaining that charge for a longer period of time. These charging cables enable vehicle owners to charge their electric vehicles quickly and go over significantly longer distances.
As per the most authenticated market research report by SNS Insider, the EV charging cables market is projected to reach USD 1441.6 million in 2028, with a lucrative CAGR of 24% over the forecast period of 2022–2028.
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Drivers, Restraints, Opportunities, and Challenges
Sales of electric vehicles are also projected to increase due to the rising desire for zero-emission vehicles, which would increase the demand for charging cables. These elements would fuel the EV charging cables market. The increasing adoption of electric vehicles worldwide, along with government support for the electric vehicle industry in the form of subsidies, taxes, financial incentives, etc., have increased demand for appropriate charging infrastructure as well as improvements to the design of EV charging stations.
Government initiatives pertaining to the EV charging infrastructure, along with increasing research and development activities for quick and efficient charging solutions, are anticipated to create lucrative opportunities for the global EV charging capacity market throughout the forecast period. The high costs of DC charging cables, when combined with the high initial investments made toward EV fast charging infrastructure, are expected to restrain potential opportunities for the global EV charging cables market.
Impact of the COVID-19 Pandemic
The EV charging cables market was impacted by the Covid-19 epidemic in terms of supply and demand. Lockdowns all around the world, issues with the supply chain, and fluctuating raw material supplies led businesses to halt output, which unfortunately slowed market growth. Over the course of the projected period, the introduction of vaccinations to combat the COVID-19 pandemic is anticipated to aid in market expansion.
Market Segmentation
BY TYPE
1.AC charging
2.DC charging
BY APPLICATION
1.Private charging
2.Public charging
BY CHARGING LEVEL
1.Level 1
2.Level 2
3.Level 3
BY LENGTH
1.2-5 meters
2.6-10 meters
3.>10 meters
BY SHAPE
1.Straight
2.Coiled
The straight cable segment is most likely to rule the EV charging cables market because it is now used so frequently in both private and public charging stations. The coiled cable category is anticipated to grow at the market's fastest rate over the forecast period due to its characteristics including flexibility and application in fast charging.
According to application, a large share of the global market is made up of the private charging segment. This category is projected to have an impact on the market throughout the projection period due to the increasing number of private EVs on the road.
The level-1 sector dominates the global market in terms of charging level due to its widespread use at private charging stations. But over the forecast period, the level-2 category is projected to dominate the market due to its growing use in fast-charging infrastructure.
Regional Analysis
Asia Pacific region is projected to dominate the EV charging cables market. A number of initiatives and programs have been created by the governments of China and Japan in an effort to get significant market players to build EV charging infrastructure within their own nations. The highest market share belonged to Europe, which is anticipated to expand at a long-term CAGR during the projection period. Due to the quick increase in new electric car registrations in Europe, it will rise positively during the projection period.
Competitive Landscape Outlook
Some of the prominent players working in the EV charging cables market are Dyden Corporation, Coroplast, Phoenix Contact E-Mobility, Leoni AG, Phoenix Contact, Besen International Group, BESEN-Group, Systems Wire and Cable, TE Connectivity, and Sinbon Electronics.
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EV Charging Cables Market SWOT Analysis by Key Players : Leoni AG, Coroplast, Chengdu Khons Technology Co., Ltd., Phoenix Contact, Aptiv, BESEN-Group
EV Charging Cables Market Size, Share & Segment By Type (Ac Charging, Dc Charging), By Application (Private Charging, Public Charging), By Charging Level (Level 1, Level 2, Level 3), By Length (2-5 Meters, 6-10 Meters, >10 Meters), By Shapes (Straight, Coiled), By Regions | Global Market Forecast 2022-2028