CHICAGO, May 10, 2021 /PRNewswire/ — According to the new market research report «EV Charging Cables Market by Power Supply (AC and DC), Application (Private Charging and Public Charging), Length (2-5 Meters, 6-10 Meters, and >10 Meters), Shape (Straight and Coiled), Mode, Charging Level, and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global EV Charging Cables Market is projected to grow at a CAGR of 39.5%, to reach USD 3,173 million by 2027 from an estimated USD 431 million in 2021. 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.
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211 – Tables
59 – Figures
219 – Pages
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Tier I and tier II suppliers dominate the market for EV charging cables. These suppliers have supply contracts with global OEMs and electric vehicle charging station manufacturers. Tier I suppliers include leading OEMs such as Leoni AG, TE Connectivity, Aptiv, Coroplast, and Phoenix Contact. Tier II suppliers include raw material suppliers such as suppliers of jacket material and copper.
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.
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.
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Asia Pacific is expected to be the largest market
The Asia Pacific region is expected to be the largest market for EV charging cables during the forecast period. The increasing adoption of electric vehicles in China and Japan is expected to drive the market. North America is expected to be the fastest-growing market during the forecast period. The market growth in North America can be attributed to the increasing projects undertaken by OEMs such as Tesla and Ford to develop charging stations in the region.
Key Market Players:
The EV Charging Cables Market is dominated by players such as Leoni AG (Germany), TE Connectivity (Switzerland), BESEN Group (China), Aptiv (Ireland), Phoenix Contact (Germany), and Coroplast (Germany).
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