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Shibuya-ku, Tokyo, Japan, Japan, Jun 23, 2022, 10:18 /Comserve / -- EV Charging Cable Market Share, Growth by Top Company, Region, Applications, Drivers, Trends and Forecast to 2022-2031
The EV Charging cable market size was more than $ 1,230.8 million in 2018 and is estimated to witness a lucrative growth of over 7.4% during the forecast period.
Rising government rules about the use of electric vehicles to control environmental pollution globally is the key growth factor for this market. Additionally, increase in the demand for electric vehicles in developing and developed nations is further projected to upsurge the market growth in the coming years.
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Based on power supply type the market is segmented into alternate charging and direct charging. Alternate charging segment is anticipated to drive the market growth in the recent years; this is majorly due to the growing demand for EV charging systems for private use such as, homes.
EV charging cable market based on cable length is categorized into 2 to 5 meters, 6 to 10 meters and above 10 meters. 6 to 10-meters segment held the largest market share accounting for more than 49% in 2018 and is anticipated to continue its dominance during the projected time frame. 2-5-meters segment is expected to boost in the coming years and account for $ 511.1 million, growing at a CAGR of 31.7% by 2026.
On the basis of shape, the market is bifurcated into straight cables and coiled cables. Straight cables dominated the market value in 2018 accounting for $ 88.6 million, which is further expected to reach $746.2 million by 2026. Coiled cables market is anticipated to experience a swift growth during the forecast period accounting for $ 531.5 million by 2026, growing at a CAGR of 33.0%.
Based on charging levels the market is divided into level 1, level 2 and level 3. Over the initial years the EV charging stations were majorly installed with the level 1 chargers which had 120 V power supply and took longer time for charging the vehicles. However, rapid adoption of electric vehicles across the globe and growing demand for fast charging is anticipated to create better opportunities for level 3 chargers. Level 3 chargers are anticipated to drive the global charging level market, which is further anticipated to account for $ 390.9 million in 2026, growing at a CAGR of 32.6% during the forecasted period.
On the basis of jacket materials, the market is categorized into rubber jacket, thermoplastic elastomer jacket and polyvinyl chloride jacket. Rubber jackets held the largest market share in 2018 accounting for 41.5%, generating a revenue of $59.30 million. The thermoplastic elastomer jacket is anticipated to lead the market over the forecast period by accounting for $497.04 million in 2026, growing at a CAGR of 32.5% during the projected period.
Depending on the applications the market is bifurcated into private charging and public charging. Private charging segment was $89.7 million in 2018 and is estimated to generate a revenue of $746.1 million by 2026. Public Charging accounted for $ 53.1 million in 2018 and is estimated to reach of $ 531.5 million by 2026 growing at a CAGR of 33.3%.
Depending on the region, the market is segregated into North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific accounted for $504.6 million in 2018 and is estimated to generate a revenue of $875.9 million by 2026. North America region was valued at $32.7 million in 2018 and is estimated to generate a revenue of $303.5 million by 2026.
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EV Charging Cable market players include EV TEISON, General Cable Technologies Corporation., SINBON Electronics Co., Ltd., PHOENIX CONTACT, TE Connectivity, BRUGG GROUP AG, BASEN- Group, Leoni AG, Aptiv, IONITY GmbH and DYDEN CORPORATION among many others.
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