Electric vehicle (EV) charging cables are crucial components used for charging electric vehicles. They are designed to safely and efficiently transfer electricity from charging stations to the vehicle's battery. The cables come with various features, including high conductivity, weather resistance, and safety features like overcurrent protection. EV charging cables are used in both public and private charging stations, enabling EV owners to recharge their vehicles at home, workplaces, and on-the-go, fostering the widespread adoption and convenience of electric vehicles.
According to Data Bridge Market Research, the Global Electric Vehicle Charging Cables Market is expected to reach at USD 3,205.25 million by 2029. The market is expected to grow with a CAGR of 33.00% in the forecast period of 2022 to 2029.
“Upsurge in the adoption rate of electric vehicles (EVs) boosts the market’s growth”
The upsurge in the adoption rate of electric vehicles (EVs) is driving the growth of the electric vehicle charging cables market. As more consumers and businesses switch to electric vehicles, the demand for reliable and efficient charging solutions increases. Electric vehicle charging cables play a crucial role in facilitating safe and fast charging, enabling the widespread adoption of EVs. This trend is propelling the market's growth, with manufacturers investing in advanced charging cable technologies to cater to the expanding electric vehicle market.
What restraints the growth of the global electric vehicle charging cables market?
“High price of DC charging cables restraints the market’s growth”
The high price of DC charging cables poses a significant restraint on the electric vehicle charging cables market growth. DC charging cables are designed for fast charging and have more complex technology, leading to higher manufacturing costs. As a result, the expensive price of DC charging cables can deter some consumers from adopting electric vehicles and investing in fast charging solutions.
Segmentation: Global Electric vehicle charging cables Market
The global electric vehicle charging cables market is segmented on the basis of application, power supply type, cable length, shape, charging level, jacket material, and current.
- On the basis of application, the electric vehicle charging cables market is segmented into private charging and public charging.
- On the basis of power supply type, the electric vehicle charging cables market is segmented into alternate charging and direct charging.
- On the basis of cable length, the electric vehicle charging cables market is segmented into meters to 5 meters, meters to 10 meters, and above 10 meters.
- On the basis of shape segment, the electric vehicle charging cables market is segmented into straight cable and coiled cable.
- On the basis of the charging level segment of the electric vehicle charging cables market is bifurcated into level 1, level 2, and level 3.
- On the basis of the jacket material segment of the electric vehicle charging cables market is bifurcated into all rubber jacket, thermoplastic elastomer (TPE) jacket, and polyvinyl chloride (PVC) jacket.
- On the basis of current, the market is segmented into 16-32 Amp and 33-72 Amp.
Regional Insights: Europe dominates the Global Electric Vehicle Charging Cables Market
Europe dominates the electric vehicle charging cables market due to the increasing demand for electric vehicles. Furthermore, the presence of major electric vehicle component manufacturers and leading original equipment manufacturers and tier-1 suppliers such as Phoenix Contact and Leoni AG is driving market expansion. Continuous research and development efforts focused on electric vehicle charging cables are also positively impacting the market's growth rate in this region.
Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to presence of numerous electric vehicle parts manufacturing industries in this region has contributed to its significant growth in the electric vehicle charging cables market. These industries provide essential components and technologies, fostering the development and adoption of electric vehicles and driving demand for charging cables in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/ko/reports/global-electric-vehicle-charging-cables-market
Recent Developments
- In January 2021, TE Connectivity Ltd. has introduced the AMP+ charging inlet designed for electric and hybrid passenger and commercial vehicles. These charging inlets are capable of handling up to 32 Amperes of AC and up to 200 Amperes of DC power, making them efficient and versatile solutions for electric vehicle charging requirements.
- In September 2021, ABB has introduced Terra 360, an innovative all-in-one Electric Vehicle (EV) charger. This modular charger can simultaneously charge up to four automobiles with dynamic power distribution. Boasting a maximum power of 360 kW, the Terra 360 can fully charge any electric vehicle in 15 minutes or less, catering to a diverse range of EV consumers and offering a fast and efficient charging solution.
The Prominent Key Players Operating in the Global Electric Vehicle Charging Cables Market Include:
- LEONI AG (Germany)
- Brugg Kabel AG (Switzerland)
- Yangzhou Teison New Energy Co., Ltd. (China)
- Prysmian S.p.A. (Italy)
- Aptiv (U.S.)
- BESEN-Group (China)
- DYDEN CORPORATION (South Korea)
- TE Connectivity (Switzerland)
- SINBON Electronics Co., Ltd. (Taiwan)
- Coroplast Fritz Müller GmbH & Co. KG (Germany)
- PHOENIX CONTACT (Germany)
- Systems Wire Cable (U.S.)
- Eland Cables (U.K.)
- Manlon Polymers (India)
- Chengdu Khons Technology Co., Ltd. (China)
- Allwyn Cables (India)
- IONITY GmbH (Germany)
- Elkem ASA (Norway)
- HWATEK Wires & Cable Co., Ltd. (Taiwan)
Above are the key players covered in the report, to know about more and exhaustive list of global electric vehicle charging cables market companies contact, https://www.databridgemarketresearch.com/ko/contact
Research Methodology: Global Electric Vehicle Charging Cables Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
