The global EV Charging Cables Market is projected to grow at a CAGR of 39.5%, to reach USD 3,173 million by 2027 from an estimated USD 431 million in 2021. The market growth can be attributed to the increasing installation of charging stations by various OEMs and electric vehicle supply equipment manufacturers. The increasing demand for e-mobility and high-power charging cables in developing regions has contributed to the growth of EV charging cables market. Also, the increasing demand of electric vehicle owners to charge their electric vehicles in the least possible time has compelled OEMs and EV charging cables manufacturers to develop technologically advanced EV charging cables. High power cables (HPC) enable drivers to charge their electric vehicles in minutes and travel longer distances.
Increasing concerns about the environment have compelled the governments of various countries to take several protective measures. Several countries are focusing on deployment of electric vehicles to reduce the increasing level of pollution. Currently, China is the world’s largest electric car market, followed by Europe and the United States. Heavy investments from automakers are expected to cater to the growing demand for electric vehicles and play a major role in the evolution of the electric vehicle market. Developing countries across the globe have understood the importance of e-mobility and formed policies to increase the adoption of electric vehicles. The increasing number of electric vehicles has, in turn, necessitated the need for a wide network of charging stations and created revenue generation opportunities for EV charging cables suppliers.
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Public charging is the fastest growing segment during the forecast period
Public charging stations are installed at taxi stands, highways, government offices, parking lots of commercial properties, hotels, airports, and shopping malls. These charging stations have a high voltage and can charge a vehicle in the least possible time. To increase the adoption of electric vehicles, leading OEMs have partnered with the governments of various countries to install public charging stations. In addition, increasing demand of electric vehicle owners to reduce the charging time of electric vehicle would further drive the market growth of public charging stations.
Coiled cable is expected to be the fastest growing segment
Coiled cables, also known as spiral cables, are easy to maintain as they do not spread over the surface like straight cables. Thus, coiled cables are more durable than straight cables. In addition, these cables need lesser storage space than straight cables. They do not lie on the floor and prevent a tripping hazard. Coiled cables for Type 2 allow 32 amps of charge flow inside the vehicle. At public charging points in Europe, coiled cables are used for Type 2 charging port. Further developments are expected to reduce the price of coiled cables, which in turn would boost the demand for these cables.
Asia Pacific is expected to be the largest market
The Asia Pacific region is expected to be the largest market for EV charging cables during the forecast period. The increasing adoption of electric vehicles in China and Japan is expected to drive the market. North America is expected to be the fastest-growing market during the forecast period. The market growth in North America can be attributed to the increasing projects undertaken by OEMs such as Tesla and Ford to develop charging stations in the region.
Key Market Players:
The EV Charging Cables Market is dominated by players such as Leoni AG (Germany), TE Connectivity (Switzerland), BESEN Group (China), Aptiv (Ireland), Phoenix Contact (Germany), and Coroplast (Germany).
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