Press release
Who are the frontrunners in the EV Charging Cables Market, and what strategies have been adopted by them?
The report "EV Charging Cables Market by Power Supply Type (AC, DC), Application Type (Private Charging, Public Charging), Length (2 Meters to 5 Meters, 6 Meters to 10 Meters, Above 10 Meters), Shape , Charging Level, Region - Global Forecast to 2027" The global EV charging cables market is projected to grow at a CAGR of 31.8%, to reach USD 1,808 million by 2027 from an estimated USD 198 million in 2019 Factors such as increasing adoption of electric vehicles, rapid development of electric vehicle supply equipment, and increasing demand for fast charging cables would drive the growth of the market.Public charging is the fastest growing segment during the forecast period.
Public charging stations are installed at taxi stands, highways, government offices, parking lots of commercial properties, hotels, airports, and shopping malls. These charging stations have a high voltage and can charge a vehicle in the least possible time. To increase the adoption of electric vehicles, leading OEMs have partnered with the governments of various countries to install public charging stations. In addition, increasing demand of electric vehicle owners to reduce the charging time of electric vehicle would further drive the market growth of public charging stations.
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Coiled cable is expected to be the fastest growing segment.
Coiled cables, also known as spiral cables, are easy to maintain as they do not spread over the surface like straight cables. Thus, coiled cables are more durable than straight cables. In addition, these cables need lesser storage space than straight cables. They do not lie on the floor and prevent a tripping hazard. Coiled cables for Type 2 allow 32 amps of charge flow inside the vehicle. At public charging points in Europe, coiled cables are used for Type 2 charging port. Further developments are expected to reduce the price of coiled cables, which in turn would boost the demand for these cables.
North America is expected to be the fastest growing market.
North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. Various OEMs have installed electric vehicle charging network to increase the adoption of electric vehicles in the region. In Canada, various companies have collaborated to increase the number of charging stations and promote the adoption of electric vehicles. In addition, the presence of leading companies that provide electric vehicle charging infrastructure and supply equipment is expected to drive the market in North America.
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Key Market Players:
The major market players include Leoni AG (Germany), TE Connectivity (Switzerland), BESEN Group (China), Aptiv (Ireland), Phoenix Contact (Germany), and Coroplast (Germany).
Critical Questions:
• How do Tier I and Tier II players plan to accelerate charging process in the least possible time?
• How will the implementation of safety mandates and material usage impact the overall market?
• What are EV charging cables manufacturers doing to meet the requirements of fast charging stations?
• What are the upcoming technology advancements in EV charging cables?
• What could be the possible developments in EV charging cables? How can heat dissipation be treated in high power charging cables?
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of globalFortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's™ flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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