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 high durability of coiled cables and high investments by major players are factors expected to drive growth of the global electric vehicle charging cables market. Also, installation of charging infrastructure and technological advancement in EV charging cables have boosted growth of global electric vehicle charging cables over the forecast period.
However, high cost of the DC charging cables and 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 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.
Asia Pacific to dominate 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 the global market and accounted 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 power supply of electric vehicle charging cables market. In 2020, alternate charging segment accounted for the largest share of 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 electric vehicle charging cables market. In 2020, below 5 meters segment accounted for the largest share of 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 level 1, level 2, and level 3. In 2020, level 2 segment is accounted for a significant share in 2020 of the global electric vehicles charging cables market.
Straight cable is the major segment in the global electric vehicle charging cables market in terms of shape
Straight cable and coiled cable are the shapes of electric vehicle charging cables market. In 2020, straight cable segment accounted for the largest share of global electric vehicle charging cables market.
Private charging is the major segment in the global electric vehicle charging cables market in terms of application
Based on application, the global electric vehicle charging cables market is segregated into private charging and public charging. In 2020, private charging segment is accounted for a significant share in 2020 of the global electric vehicles charging cables market.
Frequently asked questions about global electric vehicle charging cables market
What are the consequences of COVID 19 on global electric vehicle charging cables market? Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
Which is the key power supply through electric vehicle charging cables market? Ans: Alternate charging is the most frequently through electric vehicle charging cables market
Which is the key length through which electric vehicle charging cables market occurs? Ans: Below 5 meters is the main length segment in electric vehicle charging cables market
Which is the key charging level through which electric vehicle charging cables market occurs? Ans: Level 2is the major vehicle type segment in electric vehicle charging cables market
Which is the key shape through which electric vehicle charging cables market occurs? Ans: Straight cable is the major vehicle type segment in electric vehicle charging cables market
Which is the key application through which electric vehicle charging cables market occurs? Ans: Private charging is the major vehicle type segment in electric vehicle charging cables market
Who are the key players in the global electric vehicle charging cables market? Ans: Leoni AG, Aptiv Plc, BESEN International Group, Dyden Corporation, TE Connectivity, Brugg Group, Coroplast, Phoenix Contact, Chengdu Khons Technology Co., Ltd., General Cable Technologies Corporation, and Others are key players operating in this market
Which is the leading regional market for global electric vehicle charging cables market? Ans: Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
What will be the CAGR (2021 - 2027) of in global electric vehicle charging cables market? Ans: The market is anticipated to grow at a CAGR of 31.1% throughout the forecast period
Which are the major factors driving the growth of global electric vehicle charging cables market? Ans: Increasing demand for the charging cables in electric vehicles is a key driving factors propelling the growth of this market
