The EV Charging Cables Market document additionally mentions market share gathered by means of every product in the market, alongside with the manufacturing growth. The market Trend for Development and advertising channels are analyzed. In addition to the boom potential, future opportunities, using factors, industry-specific issues and dangers, the market lookup additionally consists of market share and boom rate. The find out about additionally covers adjustments in currencies and change rates, import-export alternate and the modern-day country of the world market. EV Charging Cables Market is developing at a High CAGR at some point of the forecast length 2023-2031. The growing pastime of the persons in this enterprise is the principal cause for the growth of this market.
Key Players[Leoni AG, Brugg Group, TE Connectivity Ltd., Eland Cables, Besen International Group Limited, Systems Wire, and Cable LLC, Phoenix Contact, EV Teison, Coroplast Group, Sinbon Electronics Co., Ltd., Chengdu Khons Technology Co., Ltd., Dyden Corporation, General Cable Technologies Corporation, Aptiv plc, AG Electrical, OMG EV Cables, Alishan Cable Industries, 3Q Wire & Cable, MustartPower
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A recent study conducted by the strategic consulting and market research firmReport Ocean revealed that the global EV charging cables market was worth USD 430.9 million in 2021. According to the study, the market is estimated to grow at a CAGR of 39.4%, earning revenue of around USD 4,402.0 million during the forecast period (2022-2028)
Establishment of Public Charging Points Driving the Global EV Charging Cables Market
Based on applications, the global EV charging cables market is segmented into private charging and public charging. The private charging segment accounts for the largest market share due to the rising investment from private EV charging companies in establishing charging points. However, the public charging segment is projected to witness the highest CAGR during the forecast period due to increasing government investment in establishing charging point infrastructure at public spaces, such as airports, shopping malls, hotels, government offices, highways, etc., as an initiative to promote the use of electric vehicles.
High Demand for Low-Cost Straight Cables Propelling the Global EV Charging Cables Market Forward
Based on shapes, the EV charging cables market is grouped into straight and coiled segments. EV charging cables with straight conductors occupy the largest market share due to their advantages over coiled cables, including lower costs and maintenance, and ease of installation. However, the coiled cables segment is projected to register substantial growth during the forecast period due to their durability. Furthermore, the launch of cost-effective coiled cables is anticipated to boost its demand during the forecast period, thereby driving the segments growth.
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Global EV Charging Cables Market – By Charging Levels
Based on charging levels, the EV charging cables market is grouped into level 1 (120 V), level 2 (240 V), and level 3 (300-600V) segments. Among these, the level 2 (240 V) segment accounts for the largest market share. Several reports have revealed that more than half of private electric vehicle owners charge their vehicles at their homes. Level 2, i.e., 240 V is prominently used in residential spaces, such as homes, apartments, retail facilities, and hotels, which acts as a contributing factor to the segments growth.
Global EV Charging Cables Market – Regional Insights
Geographically, the EV charging cables market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. The Asia-Pacific dominated the EV charging cable market in 2021. Europe is also projected to emerge as a potential market for EV charging cables owing to the increasing electric vehicle ownership in personal and commercial spaces in the region. In 2020, the International Energy Agency estimates that electric car registrations doubled to 1.4 million, mainly due to favorable government policies. This is anticipated to boost the demand for the EV charging cables market in the forecast period, propelling the overall market growth.
Impact of COVID-19 on the Global EV Charging Cables Market
The growth of the EV charging cables market was initially negatively halted by the COVID-19 pandemic outbreak. The lockdown imposed by various countries to mitigate the virus spread resulted in the obstruction in the EV manufacturing operations. Several EV charging cable manufacturers also temporarily halted their operations in light of social distancing norms. Furthermore, the government paused its initiatives to establish charging points in order to focus on the healthcare system. A combination of all these factors slowed the market for EV charging cables.
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Market Segment:
By Power Supply(Ac Charging (<=22kw), Dc Charging (>400kw))
By Cable Length(2-5 Meters, 6-10 Meters, >10 Meters)
By Charging Level(Level 1 (120 V), Level 2 (240 V), Level 3 (300-600v))
By Shape(Straight, Coiled)
By Application(Private Charging, Public Charging)
By Region(North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
The global EV charging cables market is highly competitive and fragmented and dominated by numerous global and regional industry players. The company offers a wide range of products and constantly launches new products to stay ahead in the competition. Additionally, they invest heavily in research and development to innovate their products and focus on improving their distribution channels to increase their market presence. Additionally, competitive strategies such as mergers, acquisitions, collaborations, joint ventures, etc., are prevalent in this market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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