The Electric Vehicle Charging Cables Market is expected to cross-market value of USD 1,807.5 million in 2027 from USD 256.8 million in 2020. It is expected to grow at a CAGR of over 31.1% during the forecast period.
Key Market Drivers and Restraints
Rising awareness regarding the high durability of coiled cables and high investments by major players are expected to drive the global electric vehicle charging cables market growth. Also, the installation of charging infrastructure and technological advancement in EV charging cables have boosted the growth of global electric vehicle charging cables over the forecast period.
However, the high cost of the DC charging cables and the adoption of wireless EV charging are factors expected to hamper the global electric vehicle charging cables market.
Impact of COVID 19
The electric vehicle charging cables market will show considerable growth on the back of the global pandemic. Due to the COVID-19 outbreak, all or part of it has been closed globally, causing a negative impact on the supply chain and product demand. In addition, distributors, suppliers, and retailers have inventory in warehouses but cannot sell them, and participants are taking advantage of the demand for the final product.
The Asia Pacific dominates the global electric vehicle charging cables market
The global electric vehicle charging cables market covers the regions, which are Europe, Asia Pacific, North America, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. Asia Pacific market is dominated by the global market and accounts for more than 32.4% of the total market. This is attributed to increasing demand for the charging cables in electric vehicles and rising collaboration among players to enhance market penetration.
Alternate Charging (AC) would continue to dominate the global electric vehicle charging cables market in terms of power supply.
Alternate Charging (AC) and Direct Charging (DC) are the electric vehicles charging cables' power supply. In 2020, the alternate charging segment accounted for the largest share of the global electric vehicle charging cables market, owing to growing demand in semi-commercial and residential stations.
Below 5 meters is the major segment in the global electric vehicle charging cables market in terms of length.
Below 5 meters, 6 meters to 10 meters, and above 10 meters are the length of the electric vehicle charging cables market. In 2020, the below 5 meters segment accounted for the largest share of the global electric vehicle charging cables market.
Level 2 is the major segment in the global electric vehicle charging cables market in terms of charging level.
Based on charging level, the global electric vehicle charging cables market is segregated into levels 1, level 2, and level 3. In 2020, the level 2 segment accounted for a significant share 2020 of the global electric vehicle charging cables market.
Straight cable is the major segment in the global electric vehicle charging cables market in terms of shape.
Straight and coiled cables are the electric vehicle charging cables' market shapes. In 2020, the straight cable segment accounted for the largest share of the global electric vehicle charging cables market.
Frequently asked questions about global electric vehicle charging cables market
Disruption of supply chain and shutdown of production lines caused by the current pandemic
Alternate charging is the most frequently through electric vehicle charging cables market
Below 5 meters is the main length segment in electric vehicle charging cables market
Level 2is the major vehicle type segment in electric vehicle charging cables market
Straight cable is the major vehicle type segment in electric vehicle charging cables market
