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What is Biggest Trend Currently Witnessed in Electric Vehicle Charging Cables Market?
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One of the major factors boosting the electric vehicle charging cables market is the development of the EV charging infrastructure. With the increasing adoption of EVs, the installation of their charging stations is also rising across the world. Heavy investments are required for the installation of charging stations; therefore, governments are installing them in public places. As per the International Energy Agency (IEA), the number of EV charging points rose by about 44% between 2017 and 2018 across the globe.
Furthermore, based on shape, the electric vehicle charging cables market is bifurcated into straight and coiled. Out of these, the straight category held the larger revenue share in 2020 in the market, and it is also projected to dominate the market in the coming years. This can be attributed to the low cost, ease of installation, and low maintenance requirements of straight cables. Since cost is a major factor hampering EV sales, such cables might play an important role in making the situation better.
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Geographically, the electric vehicle charging cables market in Asia-Pacific (APAC) accounted for the largest share in 2020, and it is also expected to be the largest during the forecast period. This is ascribed to the growth in the EV sector and government efforts to improve the development of the charging infrastructure. Moreover, China is the major contributor to the regional market growth, followed by South Korea and Japan. The governments of these nations are providing financial and regulatory support to the producers and customers of EVs, thereby boosting the adoption of charging cables.
Thus, the surging deployment of charging stations and growing EV industry across the globe are expected to propel the market growth during the forecast period.
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