Press release
The Global To Ruffle The Feathers Of EV Charging Cables Market
EV Charging Cables Market ForecastAccording to research, EV Charging Cables market is projected to grow with a CAGR of 35% - 40% for the forecast period of 2021-2031.
Demand for this product will be witnessed across all regional markets. Due to a gradual switch of population from oil and gas requiring vehicles to electric vehicles and increasing demand for their charging cables, the market for this product is set to prosper.
What is Driving Demand for EV Charging Cables?
EV charging cables are a basic necessity for people who own electric vehicles. One won’t be able to drive anywhere in an EV without one. Electric vehicles are catching fame and people are ready to adopt the invention. With awareness regarding depleting non-renewable resources, the mass is ready to make a switch from petrol and diesel running vehicles to electric vehicles, marking the onset of green transport revolution.
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As people make this switch, it is estimated by the International Energy Agency (IEA) that by the forecast period, there will be 250 million EV’s on the worlds’ roads. This massive number of electric vehicles being sold will make it as one of the topmost priority of buyers to purchase charging cables as well, in turn rapidly increasing the sales and driving the market of EV charging cables further.
Furthermore, different cables cater to different requirements. Different types of cables charge at different speeds and some have different connectors which enable one to charge their EVs at different locations. Hence, for a variety of purposes, the consumer might need more than one type of cable. This requirement and demand will ensure the growth of the EV charging cables market, in the forecast period.
Technological Advancements to Provide Growth Opportunity to EV Charging Cables
Leading manufacturers have launched various new products to ease the charging process. For example, Phoenix Contact has developed high-power charging cables that can charge electric vehicles rapidly. These cables do not overheat during the charging process as they are cooled efficiently with an environment-friendly water-glycol mixture.
Technological advancements have also led to changes in the charging interface. For example, Leoni AG developed a new charging cable concept involving a status-indicating light function. This feature illuminates the charging cable, enhancing safety and preventing tripping over cables in dark areas. Further such advancements are expected to act as an opportunity for the growth of the market.
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Asia-Pacific EV Charging Cables Demand Outlook
The Asia-Pacific region is expected to have the largest market share in the global market in the forecast period. There will be a rapid rise in the market of this product in this region which is attributed to the presence of many Original Equipment Manufacturers (OEM) native to this region.
Also, COVID-19 brought a halt in the growth of the automotive industry of many countries in this region like India. But, with betterment of the pandemic times and importance of sustainability and saving environment dawning upon people, the market for the product will catch pace and grow.
North America and Europe EV Charging Cables Sales Outlook
North-American region’s market share is expected to grow at a rapid pace during the forecast period. This growth shall be owing to the global demand of EV charging cables and US as the biggest exporter of EV. The growth will also be due to major key players like Tesla, present in the region.
The European region is expected to grow at the fastest pace in the domain of EV charging cables. There are developments already happening to increase charging stations. The region is aiming to turn 10 million lamp posts into smart lamp-posts with EV chargers and retrofitting street infrastructure with EV chargers.
German telecoms firm Deutsche Telekom announced plans to convert 12,000 street cabinets into charging stations. Such initiatives in this region will ensure the growth of EV charging cables market, in the forecast period.
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Who are the Key Manufacturers and Suppliers of EV Charging Cables?
Some of the key players operating in the global market are
• Tesla Inc.
• Dyden Corporation
• Leoni AG
• TE Connectivity
• BESEN International Group
• Aptiv
• Phoenix Contact
• Chengdu Khons Technology Co. Ltd
• Brugg Group
• Fujikura Ltd
• Coroplast Group
• Others.
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