The global EV Charging Cables Market is projected to grow at a CAGR of 31.8%, to reach USD 1,808 million by 2027 from an estimated USD 198 million in 2019. 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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AC charging cable segment is expected to be the largest market during the forecast period. AC charging is used in residential and semi-commercial charging stations. This type of charging offers a low power output and has low installation cost. Wall-mounted EV chargers are preferred to floor-mounted chargers as they save the cost of underground electrification. Wall-mounted chargers are best suited for residential charging. An AC charging cable may be a single phase or a 3-phase cable depending on the current and power requirements. Depending on the size of the battery, AC charging can fully charge a drained battery in 8-12 hours. Most of the OEMs offer electric vehicles with AC charging due to low cost and availability of infrastructure. All these factors make the AC charging cable segment the largest market for EV charging cables.
Private charging is estimated to be the largest market, by application type. Most of the electric vehicle owners prefer private charging as it is convenient and cheap. Private charging stations are installed in home garages or outdoor locations. Private charging is best suited for places where drivers park vehicles for several hours. Many electric vehicle owners rely on charging their vehicles overnight at home to ensure that their electric vehicle is ready to use the next day. Increasing adoption of electric vehicles is expected to drive the market growth of private charging segment.
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The Asia Pacific region is estimated to be the largest market for EV charging cables during the forecast period. The region comprises some of the fastest developing economies of the world such as China and India. The market growth in the region can be attributed to increased adoption of electric vehicles in China and Japan. With a significant increase in demand for electric vehicles, many European and North American OEMs have expanded in subcontinental markets and launched new electric vehicle models. Countries like China, Japan, and South Korea can use advanced technology to manufacture high power charging cables at low cost. Moreover, government agencies in these countries have initiated various projects to increase the number of EV charging stations. These are expected to provide lucrative opportunities for EV charging cables manufacturers to set up manufacturing plants in countries such as India, China, Japan, and South Korea. Hence, the Asia Pacific market is expected to register steady growth during the forecast period.
- How do Tier I and Tier II players plan to accelerate charging process in the least possible time?
- How will the implementation of safety mandates and material usage impact the overall market?
- What are EV charging cables manufacturers doing to meet the requirements of fast charging stations?
- What are the upcoming technology advancements in EV charging cables?
- What could be the possible developments in EV charging cables? How can heat dissipation be treated in high power charging cables?
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