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.
Key Market Players Profiled in the Report
Chengdu Khons Technology Co., Ltd.
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This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
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:
Battery electric vehicles have lower levels of noise, greenhouse gas emissions, and air pollution. These cars can be charged at public or private charging stations. Therefore, the demand for charging cables for recharging vehicles is growing exponentially.
Wireless charging is more convenient than conventional charging, and thus it is anticipated to hinder the market growth during the forecast period.
The straight cable segment is anticipated to grow at a significant pace. Straight cables are used in many public charging stations because they are inexpensive, easy to install and have low maintenance.
The level 3 segment is anticipated to expand at a sustainable CAGR during the forecast period, due to their growing usage in semi-commercial and residential sectors including parking lots, apartments, condominiums, and individual homes. the rising demand for rapid charging systems in countries such as Japan , South Korea , and China is a key factor contributing to the segment's growth.
Technological advancement in EV and R&D investment is anticipated to create lucrative opportunities for the market players.
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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Middle East & Africa (MEA)
Global Electric Vehicle Power Inverter Market By Type (Mild Hybrids, Full Hybrids, Others), By Application (Household, Commercials, and Others) and Region (North America , Latin America , Europe , Asia Pacific and Middle East & Africa )
Global Electric Vehicles Charging Stations Market by Type (AC Charging Station, DC Charging Station, Inductive Charging Station), By Application (Personal Use, Commercial) and Region (North America , Latin America , Europe , Asia Pacific and Middle East & Africa ), Forecast To 2028
Global Hybrid and Electric Vehicle Fans and Blowers Market by Type (Hybrid and Electric Vehicle Fans, Hybrid and Electric Vehicle Blowers), By Application (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Other) And By Region (North America , Latin America , Europe , Asia Pacific and Middle East & Africa ), Forecast From 2022 To 2030
Global Electric Vehicle (EV) Management Solution Market by Type (Electric Vehicle Suitability Assessment (EVSA), Electric Vehicle Charging System Management, Electric Vehicle Detection, Electric Vehicle Customer Engagement, Others, Electric Vehicle (EV) Management Solution), By Application (Government Departments, Business Enterprises) And By Region (North America , Latin America , Europe , Asia Pacific and Middle East & Africa ), Forecast From 2022 To 2030
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