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Electric Vehicle (EV) Charging Cable Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Electric Vehicle (EV) Charging Cable Market Outlook
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According to The Business Research Company's, The electric vehicle (EV) charging cable market size has grown rapidly in recent years. It will grow from $0.93 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to regulatory support, increased market demand for electric vehicles, rising fuel prices, advancement in battery technology, and consumer demand for convenience and accessibility.
The electric vehicle (EV) charging cable market size is expected to see rapid growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to enhanced regulatory measures, growing market penetration, rising environmental awareness, expansion of charging infrastructure, and ultra-fast charging cable. Major trends in the forecast period include expansion of public charging, home and workspace charging, sustainable materials, government and policy support, and advancement in electric vehicle charging technology.
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Market Drivers and Trends:
The growing adoption of electric vehicles (EVs) is expected to propel the growth of the electric vehicle (EV) charging cable market going forward. Electric vehicles refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. The adoption of electric vehicles (EVs) is growing due to advancements in technology, environmental concerns, government incentives, and decreasing costs. Electric vehicle cables are used to connect the electric vehicles to a power source for charging their batteries. For instance, in April 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales exceeded 10 million in 2022 and are nearing 14 million in 2023, with firm objectives increasing to 35% by 2030. Therefore, the growing adoption of electric vehicles is driving the growth of the electric vehicle (EV) charging cable market.
Major companies operating in the electric vehicle charging cable market are focused on developing innovative products, such as high-speed electric car chargers, to better serve customers with advanced features. High-speed electric car chargers are designed to significantly reduce charging times, allowing users to quickly and efficiently power their electric vehicles. For instance, in September 2021, ABB Ltd., a Switzerland-based provider of industrial automation and electrification technologies, launched the Terra 360 modular charger, which is capable of delivering unprecedented charging speeds and is designed to charge up to four vehicles simultaneously and provide 100 km of range in less than three minutes. Its innovative lighting system guides users through the charging process, displaying the state of charge (SoC) of the EV battery and the remaining time for an optimal charge session. It is wheelchair accessible and features an ergonomic cable management system, allowing drivers to plug in quickly with minimal effort.
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Major Key Players of the Market:
Siemens AG, Schneider Electric SE, ABB Ltd., Aptiv Plc, Legrand S.A., Leoni AG, Phoenix Contact Ltd., Webasto Group, Huber+Suhner AG, Sinbon Electronics Co. Ltd., AeroVironment Inc., Mennekes Electrical Products, EVBox BV, Tritium DCFC Limited, Eland Cable Limited, The Besen Group, Circontrol SA, Coroplast Inc., Charge Amps AB, Dyden Corporation, AG Electrical Technology Co., Chengdu Khons Technology Co. Ltd., Teison EV, Brugg eConnect
Electric Vehicle (EV) Charging Cable Market 2024 Key Insights:
• The electric vehicle (EV) charging cable market size is expected to see rapid growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• The Surge in Electric Vehicles Fules Electric Vehicles (EV) Charging Cable Market
• Innovative High-Speed Electric Car Chargers Revolutionizing The Electric Vehicle Charging Cable Market
• Asia-Pacific was the largest region in the electric vehicle (EV) charging cable market in 2023
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