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EV charging cables Market: Segmented: Power Supply (Alternate Charging, Direct Charging), By Application (Private Charging and Public Charging), By Shape (Straight and Coiled) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
EV charging cables Market to surpass USD 11,087 million by 2031 from USD 409.8 million in 2021 at a CAGR of 39.2% in the coming years, i.e., 2021-31.
EV charging cables are the connecting cables that are used to connect the EV charging device and electric vehicles to transmit power. EV charging cables are used by people who own electric vehicles and make it possible to charge electric vehicles within a few minutes and travel long distances. In EV charging cables both ends are fitted with plugs that depend on the electric vehicle's model and charger type. EV charging cables are mainly used in charging stations, garages, and parking lots. EV charging cables are designed to transfer the amount of power to charge the electric vehicles in the least possible time.
The global EV charging cables market is expected to project a notable CAGR of 39.2% in 2031.
The adoption of Electric Vehicles is increased due to their easy maintenance and environment-friendly properties. The rapid advancement of electric vehicle supply equipment and increasing adoption of electric vehicles has fueled the rise of the EV charging cable market. Furthermore, rising awareness of the matter of exhausting non-renewable resources is the primary driver of the market.
Alternate Charging segment to grow with the highest CAGR during 2021-31
The global EV charging cables market is classified based on Power Supply into Alternate Charging, Direct Charging. The Alternate Charging cable segment is expected to be the largest market during the forecast period. Alternate Charging is used in residential and semi-commercial charging stations globally. Alternate Charging cable offers lower installation costs and less power output, which proliferates the demand for this segment during the forecast period.
Straight cables segment to grow with the highest CAGR during 2021-31
Based on shape, the global EV charging cables Market is fragmented between straight cables and Coiled cables. straight cables are mostly used for electric vehicle charging due to their less manufacturing cost, low maintenance over time, and low cost as compared to coiled cables. In addition, Straight EV charging cables are spread on the ground thus, do not suspend weight on any side of the sockets.
Rising Adoption of Electric Vehicles
One of the market's primary drivers is a growing awareness of the importance of environmental conservation. The growing demand for electric vehicles is emerging as the major driving factor for the global EV charging cable market. Electric vehicles are becoming increasingly popular due to their impacts on the environment is likely to boost the electric vehicle charging cables market across the globe. The rising popularity of electric vehicles as a source of reducing air pollution and noise pollution has fueled the growth of the EV charging cable industry.
Government initiatives and improvement in R&D
The EV charging cables Market is also growing as a result of increased consumer and industry awareness of environmental concerns. As the general public becomes more aware of environmental issues, the greater demand for environmentally-friendly electric vehicles will be greater. Furthermore, Government investment to develop charging infrastructure is rising across the globe and is expected to fuel the electric vehicle charging cables market globally. The fast development of electric component manufacturing industries across the globe is likely to further fuel the electric vehicle charging cable market. Other factors driving market growth include increased research and development activities and technological advancements in the manufacture of EV charging cables.
Advancement of wireless EV charging
A vehicle can be charged without using wire by using wireless charging technology. Many companies are planning to implement wireless technology in various applications. The important developments in wireless EV charging can impact the growth of the EV charging cables market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global EV charging cables market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific has dominated the industry in recent years with a significant share due to favorable government regulations and subsidies. China is the largest electric vehicle charging cable market. North America has risen to second place in terms of value in recent years, Rise in advanced charging infrastructure installation and due to existence of important EV supply equipment manufacturers in the region are likely to drive the regional market.
The COVID-19 pandemic due to the lockdowns has hurt the global market for electric vehicle charging cables. Many automotive corporations have stopped production due to various restrictions imposed by governments. Automotive industry sales around the globe are facing a slowdown.
| Report Attribute | Details |
| The market size value in 2021 | USD 409.8 million |
| The revenue forecast in 2031 | USD 11,087 million |
| Growth Rate | CAGR of 39.2% from 2021 to 2031 |
| The base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Tesla, Inc., Phoenix Contact, Dryden Corporation, TE Connectivity, Coroplast, Leoni AG, BESEN International Group, TE Connectivity, General Cable Technologies Corporation, Chengdu Khons Technology Co., Ltd., Manson Polymers, Eland Cables, EV TEISON, Aptiv Plc., Brugg Group are and Other Prominent Players |
The EV charging cables Market size was estimated at USD 409.8 million in 2021 and expected to reach USD 11,087 million by 2031
Key players: Trojan Technologies, Halma PLC, Advanced UV, Inc., American Ultraviolet, Atlantium Technologies LTD., Dr. Honle AG, Lumalier Corporation, Xenex, ENAQUA, Severn Trent Plc, Hitech Ultraviolet Pvt. Ltd and Other Prominent Players
Alternate Charging segment and Straight cables segment are anticipated to hold the largest EV charging cables Market.
Drivers: Rising Adoption of Electric Vehicles and Government initiatives and improvement in R&D
EV charging cables are the connecting cables that are used to connect the EV charging device and electric vehicles to transmit power. EV charging cables are used by people who own electric vehicles and make it possible to charge electric vehicles within a few minutes and travel long distances.
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