Global Electric Vehicle Charging Cables Market research report 2022 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market.
This study provides information about the sales and revenue during the historic and forecasted period of (2021 to 2028). Understanding the segments helps in identifying the importance of different factors that aid market growth. Estimations about the CAGR value for specific forecast period, market drivers, market restraints, and competitive strategies are assessed in this Electric Vehicle Charging Cables Market report.
Electric charging cables are used in all the conductive charging systems- be it at home, in the garage, or on the road for quick charging of vehicles. They are available in the market as per the type of car, such as type 1, type 2, and others. Also, they can be found in various lengths, such as 3-meter, 5-meter, and more. The majority of the charging cables possess crimp wires that are sealed with either a plastic handle or a soft grip. They also come with different voltage ranges associated with certain temperatures.
The global market size for electric vehicle (EV) charging cables was $ 516.6 million in 2019 and is projected to reach $ 1244.3 million by 2027, with a CAGR of 22.1%. during the forecast period.
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of the global market share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Electric Vehicle Charging Cables Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Drivers & Restraints
The adoption percentage of electric vehicles is growing and many countries around the world are investing heavily in research and development activities. Countries such as the Netherlands, France, India, and Canada have launched various drives to promote the popularization of electric vehicles. The government is providing fixed quotas, subsidies, rebates, and tax exemptions to automakers. Even subsidies for purchasing electric cars play an important role for consumers. These aspects have led to a surge in the global production and sales of electric vehicles.
The growing inventory of electric vehicles requires established power grids and charging terminals to ensure the smooth operation of vehicles. Therefore, this factor is expected to drive the market growth for electric vehicle charging cables during the forecast period. In addition to this, strict government vehicle emission regulations have led consumers to adopt electric vehicles.
The cost of a fast-charging cable is around USD 126 which is higher compared to the slow charging cable. The cost of charging cables to fast charging stations would lead to the lower adoption of this technology. The overall cost of the installation of slow charging stations, for instance, in the U.K. is USD 1700, which is very high. Furthermore, rising advancements in the charging cable would lead to the increasing adoption of the latest model by consumers. So, the initial cost of the setup of the charging station may result in heavy losses for individuals. All these factors may hamper the growth of this market.
Key players covered in the global Electric Vehicle Charging Cables Market research report:
- TE Connectivity (Schaffhausen, Switzerland)
- Aptiv (Dublin, Ireland)
- Phoenix Contact (Blomberg, Germany)
- Coroplast (Wuppertal, Germany)
- BESEN Group (Jiangsu, China)
- Leoni AG (Nürnberg, Germany)
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
In the coming years, the government’s stimulus plan of financing heavily in the charging infrastructure may help the economic crisis brought about by COVID-19 upon the electric vehicle market. China is one of the countries formulating to make such investments to stimulate the auto industry. In China, the government is highlighting its stimulus approach of ‘new infrastructure’ to boost economic growth. The main reason behind this strategy is the vital economic slowdown caused by the coronavirus, as well as trade tensions. Therefore, most of the government administrations from affected parts have used infrastructure refurbishment as a method of economic inducement.
Based on the shape, the market is segmented into the straight cable and coiled cables. The straight cable segment is expected to dominate the market owing to large scale usage in public and private charging terminals nowadays. The coiled cable segment is expected to show the fastest growth in the market over the forecast period owing to its capabilities such as flexibility and usage in fast charging.
Major Table of Contents for Electric Vehicle Charging Cables Market Research Report:
- Introduction
- Executive Summary
- Market Dynamics
- Key Market Growth Insights
- Global Market Analysis, Insights and Forecast, 2017-2028
- North America Market Analysis, Insights and Forecast, 2017-2028
- Europe Market Analysis, Insights and Forecast, 2017-2028
- Asia Pacific Market Analysis, Insights and Forecast, 2017-2028
- The Middle East and Africa Market Analysis, Insights and Forecast, 2017-2028
- Latin America Market Analysis, Insights and Forecast, 2017-2028
- Competitive Landscape
- Global Electric Vehicle Charging Cables Market Revenue Growth, Industry Share Analysis, By Key Players, 2021
- Company Profiles
- Conclusion
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