New York, USA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- According to a report published in Research Dive, the global EV charging cable market is expected to garner a revenue of $1,277.7 million and grow at a healthy CAGR of 31.5% during the forecast period.
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As per our analysts, with the rapid growth in the acceptance of electric vehicles worldwide, the global EV charging cable market is anticipated to see a vertical growth of market throughout the estimated timeframe. Moreover, the growing demand for fast charging cables and the increase in the development of EV charger equipment is predicted to create huge growth opportunities for the market over the forecast period. However, the high operative costs integrated with fast power charging may restrict the growth of the EV charging cable market over the analysis timeframe.
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Segments of the EV Charging Cable Market
The report has been divided the market into segments based on power supply type, cable length, shape, charging level, jacket material, application, and region.
Power Supply Type: Alternate Charging Sub-Segment to be Most Profitable
The alternate charging segment is predicted to grow at a CAGR of 33.2% during the forecast period. The increasing growth in the preferences of consumers to install EV charging stations is further expected to bolster the growth of the market during the analysis timeframe.
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Cable Length: 2 to 5 Meters Sub-Segment to be Most Lucrative
The 2 to 5 meters sub-segment is anticipated to rise at a healthy CAGR of 31.7% and is predicted to garner a revenue of $511.1 million over the estimated timeframe. The increasing adoption of private EV charging stations across the globe is further expected to upsurge the growth of the EV charging cable market sub-segment during the analysis period.
Shape: Coiled Cables Sub Segment to Hold the Largest Market Share
The coiled cables sub-segment is predicted to have continuous steady growth over the analysis timeframe. This is mainly due to the ease of maintenance and properties of coiled cables such as instant contraction. In addition, the long-lasting nature of coiled cables and the requirement of less storage space are the factors expected to fortify the growth of the market sub-segment during the forecast period.
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Charging Level: Level 3 Charging Sub-Segment to Most Beneficial
The level 3 charging sub-segment is projected to hold the maximum share of the market during the estimated timeframe. This is mainly because of the increasing demand for fast charging all across the world. Moreover, the ability to charge a drained battery within 15 to 20 minutes is the vital factor expected to boost the growth of the EV charging cable market sub-segment over the analysis time period.
Jacket Material: Polyvinyl Chloride Sub-Segment to Have the Maximum Market Share
The polyvinyl chloride sub-segment is expected to see exponential growth during the forecast period. The outstanding properties of polyvinyl chloride materials such as high flexibility, excellent temperature resistance, and recyclability, is the major factor expected to uplift the growth of the market sub-segment during the forecast period.
Application: Public Charging Station Sub-Segment to be Most Productive
This is mainly due to the rising installation of EV charging stations in various localities such as airports, hotels, taxi stands, shopping malls, and many more. Furthermore, the partnership of governments with various OEMs to install the charging stations is the major factor expected to fuel the growth of the EV charging cable market sub-segment during the estimated time period.
Region: North American Region to be Have Extensive Growth Opportunities
The North American region is predicted to experience significant growth during the forecast period. This is mainly because of the increasing adoption of electric vehicles in this region. Moreover, the presence of leading manufacturers and growing government initiatives are further expected to drive the regional growth of the market throughout the forecast period.
Key Players of the EV Charging Cable Market
1. General Cable Technologies Corporation
2. EV TEISON
3. PHOENIX CONTACT
4. SINBON Electronics Co. Ltd.
5. TE Connectivity
6. BASEN- Group
7. BRUGG GROUP AG
8. Leoni AG
9. IONITY GmbH
10. Aptiv
11. DYDEN CORPORATION
The players are broadly working on the development of new business strategies such as partnership and collaboration, merger and acquisition, and many others.
For instance, in November 2019, BYD Co. Ltd., a leading Chinese manufacturing company, has announced a partnership with AMPLY Power, a renowned electric vehicle charging and energy management provider. With this partnership, the companies aimed to upgrade the operational strategies to help customers to have fewer operational expenses globally.
In addition, the report also presents other important aspects such as SWOT analysis, latest strategic developments, product portfolio, and the financial performance of the key players. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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