Global EV Charging Cables Market
Global EV Charging Cables Market Introduction
EV Charging cables are cables that are used to charge electric vehicles. They are equipped with plugs on both ends that vary depending on the car model and charger type. The growing popularity of e-mobility as a means of reducing air and noise pollution has fueled the rise of the EV charging cable industry. The increased demand for EV charging cables is due to favorable government plans for the rise of electric cars, such as the EU’s “Europe on the Move” package, which intended to make Europe a leader in clean, competitive, and connected transportation.
Global EV Charging Cables Market Dynamics
The need for charging infrastructure and EV charging connections has increased as the acceptance and use of electric cars has grown. China, the United States, and Germany, for example, are spending heavily on electric vehicles and EV charging infrastructure, as well as research and development for quicker and more efficient charging techniques. Automakers are expected to make significant expenditures to meet the growing demand for electric vehicles and play a key role in the growth of the electric car charging cable industry. Tesla, Volkswagen, Mahindra & Mahindra, Ford, Nissan, BMW, and GM all have considerable R&D resources dedicated to the development of electric vehicles. Chargeable battery packs are placed in EVs to provide energy for driving, and these batteries may be charged at public or private charging stations. Battery electric vehicles (BEVs) are powered entirely by electricity, resulting in reduced noise, pollution, and greenhouse gas emissions. Increasing the rigor of carbon emission standards in emerging markets is a must. As a result, the demand for electric car charging infrastructure is skyrocketing. In addition, a growing number of government programs and a focus on encouraging the use of electric vehicles are driving the market growth. China, the Netherlands, the United States, France, Norway, and Japan have all made significant investments in the development of charging infrastructure, which is expected to have an impact on the market size for EV charging cables. For example, in the United Kingdom, a specialized home charger for an electric car is available for USD 650. COVID-19, on the other hand, is expected to have a substantial influence on the automotive supply chain and product demand. Production difficulties at Fiat Chrysler Automobiles (FCA) and Hyundai plants throughout the world were obvious right away. Given the size and importance of the Chinese market for the total automotive industry, particularly for the EV category, worldwide electric vehicle sales are projected to suffer short-term setbacks. As a result, the current scenario is impacting the market for EV charging cords. The recovery from the epidemic is expected to boost demand.
Global EV Charging Cables Market Segment Analysis
The market is segmented into two types of power supply: Alternate Charging (AC) and Direct Charging (DC). With a market share of 73.3 % in 2019, the AC segment dominated the market. Depending on the car and charging infrastructure regulations, alternate charging provides a 120 V with a charging speed of 22 kW. Around the world, AC electricity is largely utilized in semi-commercial and residential stations. This sort of power supply charging station has a modest power output and cheap installation expenses. Furthermore, wall-mounted electric car chargers are preferable to floor-mounted chargers since they reduce the expense of subterranean electrification. Furthermore, home stations are best served by wall-mounted chargers. Due to many developments in public stations, the DC segment is expected to grow at the fastest rate of 28.0 % from 2020 to 2027. DC fast chargers transmit energy quickly, allowing for greater flexibility in the use of electric cars. Furthermore, the segment’s growth is expected to be fueled by rising demand for speedier results in less time throughout the forecast period. 
To know about the Research Methodology :- Request Free Sample Report The market has been divided into three levels based on charge levels: level 1, level 2, and level 3. In 2019, the level 2 category led the market with 47.8% of the market share, as they are increasingly employed in residential and semi-commercial applications such as single houses, apartments, condominiums, hotels, parking lots, and retail facilities. From 2020 to 2027, the level 3 segment category is expected to grow at the fastest rate of 27.5%. A Level 3 system has CHAdeMO technology, which charges from a 480V source. In less than 15 minutes, a level 3 charger can charge a totally depleted electric car battery to 80% capacity. Furthermore, rising demand for fast charging systems in countries such as Japan, South Korea, and China is expected to help in the rapid improvement of high-power electric car charging infrastructure, driving the sector throughout the forecast period.
Global EV Charging Cables Market Regional Insights
In 2019, Asia Pacific led the market, accounting for 58.9% of total revenue. China, South Korea, and Japan are the key driver of growth in this area. China is the world’s largest market for electric car charging cables. The governments of Japan and China have anticipated the global EV supply equipment market’s growth potential and have implemented a variety of policies and initiatives to encourage major market players to manufacture EV charging infrastructure in their home countries. The region’s high number of EV charging stations is expected to boost regional market growth over the forecast period. The COVID-19 outbreak, on the other hand, is wreaking havoc in South Korea and China, adding an additional dimension for automakers. Because electric vehicle batteries are predominantly acquired from Chinese and South Korean providers, such as LG Chem, CATL, and Samsung HDI, supply may be limited and procuring them from alternate sources are difficult. From 2020 to 2027, North America is expected to have the highest CAGR of 29.6%, followed by Europe and Asia Pacific. This is due to most manufacturers’ increased focus on building high-performance, greener, and quicker electric cars. The regional market is expected to be driven by the growing installation of sophisticated charging infrastructure and the presence of key EV supply equipment manufacturers in the region.
Global EV Charging Cables Market Report Scope: Inquire before buying
Global EV Charging Cables Market, by Region
• North America • Europe • South America • MEA • Asia Pacific
Global EV Charging Cables Market Key Players
• Allwyn Cables • Aptiv plc. • Besen International Group • Brugg Group • Chengdu Khons Technology Co., Ltd. • Coroplast • Dyden Corporation • Eland Cables • Elkem ASA • EV Cables Ltd • EV Teison • General Cable Technologies Corporation (Prysmian Group) • Hwatek Wires and Cable Co., Ltd • Leoni Ag • Manlon Polymers • Phoenix Contact • Shanghai Mida EV Power Co., Ltd.Contact info:
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