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South Asia Pacific led the EV charging cables market with a 27.4% CAGR. India, Oceania, and ASEAN countries are the most lucrative in the global market.
NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 21, 2023 /EINPresswire / -- Global sales of the EV charging cables market are set to be valued at over US$ 1,549.3 Million in 2022 and expand at over 22.2% CAGR from 2022 to 2032, as per Future Market Insights (FMI). According to analysis, the demand for EV charging cables for electric vehicles is mainly due to the ongoing development and adoption of new technologies in the electric vehicle market. Additionally, rising global spending on EV Charging infrastructure and increasing demand for electric vehicles will drive the EV charging cable market.
Rising infrastructure development and industrial activities post-COVID period have enhanced the growth in the market. Apart from that increasing urbanization has enhanced deforestation across the globe, which has resulted in increasing demand for EV Charging Cables.
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The charging infrastructure has seen an increase in demand for EV Charging Cable. This can be attributed to the growth of the manufacturing industry in various developing regions. Additionally, new production technologies are driving up the EV Charging Cable sales globally.
In the years to come, an increasing number of manufacturers will contribute to market expansion by focusing on research and development related to EV Charging Cable
Key Takeaways from EV Charging Cable Market Study
The Private charging segment held around 92% of the volume share of the global market in 2021, owing to the preference for electric vehicle users.
The demand from combination plugs (CCS Plugs) connector type is set to surge at a CAGR of approximately 28.2% by the end of the forecast period.
East Asia dominated the global EV charging cable market in 2021 with a demand share of around 49.3%.
Key manufacturers in the market are focusing on developing and producing EV charging infrastructure globally.
“The EV charging cable demand is expected to boost on the back of increasing investments in EV charging infrastructure development, especially in developing countries. Hence, key players are eyeing the East Asia and South Asia market to capitalize on growing adoption of electric vehicles across Japan, China, and India” -Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Who is winning?
The EV Charging Cable Market is moderately fragmented with more than 100 players across the region, key players accounting for around 30-35% of the market share. In order to achieve more sales top companies are creating contracts with end users and developing custom products according to needs of the customer along with that manufacturers have focused on enhancing their sales network in order to achieve strong global presence.
Key Companies Profiled:
OSRAM Licht AG
Phoenix Contact
DYDEN Corporation
Prysmian S.p.A.
TE Connectivity
Leoni AG
Aptiv
Tesla Inc.
Huber & Suhner AG
Eland Cables
Coroplast
BRUGG Group
BESEN Group
Find More Valuable Insights
The research report analyzes demand for EV Charging Cable market. The global EV Charging Cable Market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis Power Supply Type, Charging Speed, Mode Type, Connector Type, Application, Cable length, Shape - Forecast to 2022 - 2032 and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
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Key Segments Covered in EV Charging Cables Industry Analysis
Power Supply Type:
AC charging
DC charging
Charging Speed:
Slow (Under 3 kW)
Fast (7kW- 22 kW)
Rapid (50kW – 100 kW)
Ultra-Rapid (Above 100 kW)
Mode Type:
Mode – 1
Mode – 2
Connector Type:
Type – 1
Type – 2
Combination Plugs (CCS Plugs)
CHADeMo Plug
Application:
Private charging
Public charging
Cable Length:
2-5 meters
6-10 meters
>10 meters
Shape:
Straight
Coiled
Region:
North America
Latin America
Asia Pacific
Middle East & Africa
Europe
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
Explore FMI's Extensive Coverage in Automotive Domain:
EV Charging Station Market Size : Over the assessment period from 2023 to 2033, the global EV charging station market is projected to expand at a CAGR of 18.3%.
Automotive EV Charging Adapters Market Review : This is expected to proliferate with increasing significance gained by the market and plug-in hybrid electric vehicles (PHEVs).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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