Electric Vehicle Charging Cable Market to Rear Excessive Growth $3.45 Billion by 2031
Electric Vehicle Charging Cable Market
Electric Vehicle Charging Cable Market to Reach at 18.1% CAGR: Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, September 11, 2023/EINPresswire.com/ -- Electric vehicles (EVs) are installed with rechargeable battery packs, which can be charged through public or private station outlets. Thus, to charge the electric vehicles, EV charging cables are used in infrastructure (charging station) to charge them. These cables have two ends, one of which is attached to a connector & plugged into the electric vehicle, and the other into the charging point. The charging cable for electric vehicles supports a variety of charging modes in different regions.
Presently, the leading EV charging cables manufacturers are investing significantly in EV charging infrastructure along with research & development for faster and efficient charging methods. For instance, in April 2019, Leoni AG launched & illustrated wide variety of its cables as well as solutions at the Electric & Hybrid Technology Expo, Stuttgart especially for fast charging technology, power supply with high-voltage cables as well as its LEONiQ digital cable technology. The new technology is equipped with liquid-cooled charging systems that contributes to ensure the temperatures in the cable and connector.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/ev-charging-cable-market/purchase-options
The electric vehicle charging cable industry size was valued at $0.67 billion in 2021, and is projected to reach $3.45 billion by 2031, growing at a CAGR of 18.1% from 2022 to 2031.
In addition, the electric vehicle charging cable market has witnessed significant growth in recent years, with the rising number of government initiatives and prominence on encouraging the adoption of EVs. For instance, in April 2020, China government introduced a 10% service tax waiver for EVs to boost the demand in the market. Thus, the growing potential of the global EV supply equipment industry and the high number of EV charging stations in the region is projected to encourage significant market players to manufacture EV charging infrastructure in domestic markets, which considerably fuels EV charging cable market. Furthermore, the companies operating in the electric vehicle charging cable industry have adopted partnerships, product launches, and business expansions to increase their market share and expand their geographical presence. In August 2019, Leoni AG planned to expand its wire & cable solutions division (WCS) in Cuauhtémoc, Mexico by 7000 square meters with the option for a further 3000 square meters by investing more than 25 million US dollars. The purpose is to increase capacity to produce mostly EV charging cables and Hivocar high-voltage cables for vehicles with alternative drive.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/9279
Factors such as the increasing adoption of EVs have amplified the EV charging cables market. Additionally, government concerns over reducing carbon footprints are driving the market of EV charging cables. Besides, the demand for fast charging cables would proliferate the market growth. However, high operational costs of EV charging cables and adoption of wireless EV charging technology would hamper the market growth. Further, rocketing infrastructural developments of public EV charging station and advancements in EV charging cable technology will propel electric vehicle charging cable market growth.
𝐓𝐡𝐞 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐜𝐡𝐚𝐫𝐠𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on application, the private charging segment accounted for the highest market share in 2021, accounting for nearly two-thirds of the global electric vehicle charging cable market, and is expected to continue its leadership status throughout the forecast period. This is due to increase in adoption of electric vehicles across the globe and supportive government initiatives for installing dedicated home charging infrastructure. However, the public charging segment is projected to witness the highest CAGR of 19.0% from 2022 to 2031. This is attributed to continuous government initiatives that support the installation and maintenance of public charging systems across various cities.
𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/9279
𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐭𝐨 𝐨𝐟𝐟𝐞𝐫 𝐥𝐮𝐜𝐫𝐚𝐭𝐢𝐯𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬
Based on region, Asia-Pacific contributed the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global electric vehicle charging cable market, and is expected to maintain its dominance in terms of revenue by 2031. Moreover, this region is projected to portray the fastest CAGR of 19.1% during the forecast period. This is due to increased production and sales of EVs and related components across the globe. The research also analyzes regions including North America, Europe, and LAMEA.
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
AG Electrical Technology Co
Aptiv Plc.
Besen International Group
Brugg Group
Chengdu Khons Technology Co., Ltd.
Coroplast Fritz Müller GmbH & Co. KG
Dyden Corporation
EV Cables UK
Guangdong OMG Transmitting Technology Co., Ltd.
Leoni AG
Manlon Polymers
Phoenix Contact
Prysmian S.p.A.
Sinbon Electronics
TE Connectivity Ltd.
David Correa
Allied Analytics LLP
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