The Global EV Charging Cables Market is Projected to Grow at a CAGR of 31.8%, to Reach USD 1,808 Million by 2027
Factors such as increasing adoption of electric vehicles, the rapid development of electric vehicle supply equipment, and increasing demand for fast charging cables would drive the growth of the market. On the other hand, the high operational costs associated with high power charging can negatively impact the market. High power charging cables require high power from the grid, which adds to the cost of production, installation, and components in a charging station.
AC charging supplies a 120 volt (V), alternating-current (AC) and requires a dedicated circuit. It can fully charge a completely drained battery in 8-12 hours. AC charging is installed in residential and semi-commercial charging stations. This type of charging offers a low power output and has a low installation cost. With the increasing adoption of electric vehicles in developing countries, the market for AC charging segment is estimated to grow in several regions.
Straight cables are generally used when multiple charging stations are situated within a short distance. As most of the charging stations are equipped with Type 1 (J1772) connectors, straight cables are commonly used for electric vehicle charging. These cables are easy to handle and involve less manufacturing costs as compared to coiled cables. In addition, these cables spread on the ground and, hence, do not suspend weight on either side of the sockets.
The Asia Pacific region is estimated to be the largest market for EV charging cables. The degrading quality of air has been a key driving factor for the electric vehicle market in China. The increasing demand for electric vehicles has created opportunities for EV charging cables manufacturers to innovate and develop new products. The EV charging cables market in India is expected to grow at the highest CAGR with the increasing number of EV charging stations. Increasing the adoption of electric vehicles in Japan and South Korea is expected to boost the demand for EV charging cables. All these factors are expected to drive the growth of EV charging cables market in the region.
The market comprises major manufacturers such as Leoni AG (Germany), TE Connectivity (Switzerland), BESEN Group (China), Aptiv (Ireland), Phoenix Contact (Germany), and Coroplast (Germany).
-Report by MarketsAndMarkets
