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PUNE, India , Sept. 13, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global EV Charging Cables Market" by Cable Length (Below 5 Meters, 6 Meters To 10 Meters, and Above 10 Meters), Power Supply (Direct Charging (DC) and Alternate Charging (AC)), Shape (Coiled Cable and Straight Cable), Charging Level (Level 1, Level 2, and Level 3), Applications (Public Charging and Private Charging), and Regions: Size, Share, Trends, and Opportunity Analysis, 2021-2030, the market was valued at USD 664 million in 2021 and is expected to grow at a healthy growth rate of 29% by the end of 2030. The global EV charging cables market growth is attributed to rising demand for fast charging connections and rapid advancements in EV charger equipment.
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Highlights on the segments of the EV charging cables market
In terms of cable length, the global EV charging cables market is segmented into below 5 meters, 6 meters to 10 meters, and above 10 meters. The 5 meters segment is anticipated to expand at a sustainable CAGR during the forecast period, owing to rising adoption of private electric vehicle charging globally. Cables below than 5 meters are widely used in household applications and are easier to store and utilize. It is difficult for service providers to select the right length of an electric vehicle charging cable depending on customer demand and the simplicity of use to charge automobiles. Moreover, charging stations needs cables that are 18 to 20 feet long approximately due to the rising electric vehicle option. Thus, 6 meters to 10 meters segment is estimated to register a CAGR of around 27% during the forecast period.
Based on power supply, the global EV charging cables market is bifurcated into direct charging (DC) and alternate charging (AC). The direct charging segment is expected to grow at a significant pace during the forecast period, owing to the number of improvements made to public stations. DC fast chargers swiftly transfer energy, enhancing the feeling of flexibility for EV drivers. Direct charging gives faster results in less time. The alternate charging segment accounted for a key market share, as alternate charging offers a 120 V with a 22 kW charging speed, depending on the automobile and the requirements of the charging infrastructure.
Based on regions, the market is segmented into five major regions, namely, North America , Europe , Asia Pacific , Latin America , and the Middle East & Africa . The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period. China dominates the regional market for charging cables, as the government of China has developed a number of events and programs to attract major market players to produce EV charging infrastructure in their own countries.
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Key Takeaways from the Study:
Read 198 Pages Research Report with Detailed ToC on "Global EV Charging Cables Market" by Cable Length (Below 5 Meters, 6 Meters To 10 Meters, and Above 10 Meters), Power Supply (Direct Charging (DC) and Alternate Charging (AC)), Shape (Coiled Cable and Straight Cable), Charging Level (Level 1, Level 2, and Level 3), Applications (Public Charging and Private Charging), and Regions (North America , Latin America , Europe , Asia Pacific , and Middle East & Africa ) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030
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