The accelerating demand for electric vehicles and the rising number of government initiatives and programs to support the adoption of EV charging cables and vehicles are the key drivers that are strengthening the demand of the market in the coming years.
The significant factors surging the demand of the EV charging cable market include the strong demand for electric vehicles and favorable government initiatives to decrease global carbon footprint and support the adoption of electric vehicles. Moreover, the development and installation of EV charging stations around the world are further projected to boost the demand for electric vehicles, thus strengthening the growth for the EV charging cables market size. Additionally, the growing convenience of consumers, including home charging options for electric vehicles, followed by the emerging trend towards the adoption of emission-free vehicles by transport companies and expansion of th electric bus market will further energize the growth of the market. According to the EV charging cables market report, the high price associated with DC charging cables and the emergence of wireless electric vehicle charging technology will restrain the growth of the EV charging cables market.
On the basis of the power supply, the AC segment exhibits substantial growth potential and is anticipated to gain traction over the forecast period due to its exceptional features such as lower installation and operational cost, and low power output. Furthermore, the rising number of AC power supply in residential and commercial charging stations across the globe is further surging the demand of the segment in the market.
Based on the cable length, the 2 meters to 5 meters segment is predicted to witness considerable growth in the next six years. The ease of using and storing the cable is the major factor that is attracting the end-users to opt for these cables. Furthermore, the rising popularity of the home charging system is another factor driving the growth of the 2 meters to 5 meters segment.
On the basis of shape, the coiled cable segment is expected to maintain its dominance over the forecast period. This is due to the less storage space requirement and easy to maintain features of these cables as they do not outspread over the surface like straight cables. In contrast, the straight cable segment is projected to experience a faster CAGR over the forecast period owing to the rising adoption of straight cables in public charging stations due to the remarkable features, such as low maintenance, low cost, ease of installation, and better heat-dissipating ability.
Based on the charging level, the level 3 segment is poised to expand in the coming years owing to its high power charging option in a small duration of time. Level 3 is the fastest charging facility and charges 80% EV batteries in 20-30 minutes. On the other hand, the level 1 segment is predicted to lead the market over the forecast period. The level 1 charging system does not require additional equipment for installation. Easy operation, less expensive, and the other advantages of using these chargers at home are encouraging the consumers to opt for these cables in the coming years.
On the basis of application type, the public charging segment is expected to grow at a faster CAGR during the forecast period. This is due to the increasing number of initiatives launched by the governments and electric vehicle manufacturers for the expansion and installation of the public EVSE infrastructure across numerous destinations such as movie theatres, stadiums, airports, shopping malls, corporate buildings, hotels, and others. The safe and secure charging of vehicles and less charging time are some other factors that are energizing the demand of the segment.
On the basis of the region, the Asian-pacific region is anticipated to dominate the EV charging cables market in the next six years. This is due to the growing emphasis on the manufacturing of electric vehicles in various economies such as China, Japan, and South Korea. Moreover, the rising per capita income of people in developing countries, including India, China, Bangladesh, and Thailand, followed by the increasing awareness of consumers towards reducing greenhouse gas emission, is further creating new growth opportunities for the market. On the other edge, the North American region is expected to witness a faster CAGR during the forecast period. In North America, the Electric Drive Transportation Association (EDTA), Electric Power Research Institute, Plug In America (PIA), Edison Electric Institute (EEI), Electric Auto Association are the largest institutes encouraging the R&D activities and deployment of electric vehicles in the region, thus surging the growth of the market in this region. Furthermore, the European region is also expected to experience a higher CAGR during the forecast period. Several favorable government initiatives and policies to promote investment for the development of electric vehicles and to decrease vehicle emissions are predicted to boost the demand of the market.
The key players of the EV charging cables market include Besen International Group limited, Aptiv Plc, Phoenix Contact, Coroplast Group, Leoni AG, TE Connectivity Ltd., Systems Wire and Cable LLC, Eland Cables, Chengdu Khons Technology Co., Ltd., General Cable Technologies Corporation, Dyden Corporation, Sinbon Electronics Co., Ltd., EV Teison, and Brugg Group, among others.
The research report on the EV charging cables market provides an in-depth analysis of the market revenue based on power supply type, cable length, shape, charging level, application type, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.