Luton, Bedfordshire, United Kingdom, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the EV Charging Cables Market.
EV Charging Cables Market Overview:
The EV (Electric Vehicle) Charging Cables Market is a growing industry due to the increasing popularity of electric vehicles around the world. An EV charging cable is an essential component of an EV charging station, as it connects the charging station to the vehicle and allows for the transfer of electricity.
The global EV charging cables market is expected to grow significantly in the coming years, driven by factors such as the increasing adoption of electric vehicles, government initiatives to promote the use of EVs, and the growing demand for eco-friendly and energy-efficient transportation solutions.
Overall, the EV charging cables market is poised for significant growth in the coming years, driven by the increasing adoption of electric vehicles and the need for efficient and reliable charging solutions.
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Increase In Adoption Of Electric Vehicle (EV):
Since Technology has advanced and costs have decreased, electric cars (EVs) have become more and more popular. Support for clean transportation has also boosted the availability of charging stations and encouraged EV adoption. Furthermore, a number of governments have decided to invest in electric vehicles due to the rise in worries over vehicle emissions and the depletion of nonrenewable energy sources. European nations are among the early adopters of electric transportation. Battery electric vehicles (BEVs) made up 6% of all new car registrations in 2020, while plug-in hybrid electric vehicles (PHEVs) made up 5%, according to the European Environment Agency. Electric vehicle registrations as a whole increased to 11% of newly registered passenger cars. Consumer adoption of EVs has even resulted from subsidies for buying electric vehicles. For the expanding fleet of EVs to run without a hitch, established power infrastructure and charging stations are necessary. Therefore, it is anticipated that a rise in EV usage will fuel the market expansion for EV charging cables.
Key Players Operating in Electric Vehicle Charging Cables Market
The Electric Vehicle Charging Cables Market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the electric vehicle charging cables market are:
- Leoni AG
- TE Connectivity
- BESEN Group
- Aptiv
- Phoenix Contact
- Coroplast
Adoption Of Wireless EV Charging Technology:
Smartphone charging has a few distinctions from wireless automobile charging, which is an improved version of it. It enables automatic charging of EVs without the use of cables. The desire for premium automobiles, the development of semi-autonomous and autonomous vehicles, the rise in EV adoption, and the surge in demand for vehicle safety are projected to boost the market for wireless charging of EVs. The development of the market for EV charging cables is hampered by such advancements in wireless EV charging. For instance, in nations like China and Germany, many EV buses utilise this technology for stationary EV charging. Sweden also created an electric road that can recharge cars. This has a huge impact on the market for wired EV charging.
Electric Vehicle Charging Cable Market Report Highlights:
| Aspects | Details |
| By Cable Length |
|
| By Shape |
|
| By Charging Level |
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| By Power Supply Type |
|
| By Application |
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| By Region |
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| Key Market Players | Leoni AG, TE Connectivity, BESEN Group, Aptiv, Phoenix Contact, and Coroplast |
Browse Full Reports Link of Electric Vehicle Charging Cable Market:
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Recent Developments:
In December 2021, SINBON Electronics invested in opening a new manufacturing unit in Miaoli (Taiwan). The factory is designed to meet the current manufacturing requirements of semiconductor customers and to provide a complete range of manufacturing services.
In September 2020, LEONI AG invested USD 54.9 million to build its fourth plant in Kraljevo (Serbia). The facility has 45,000 sq meter of production area out of a total 60,000 sq meter area. This plant will establish LEONI AG as the largest industrial employer in Serbia.
In August 2019, LEONI AG announced the expansion of its existing facility for EV charging cables and high-voltage cables in Mexico. The market share of electric cars in the US is expected to exceed 15 percent in 2025. Therefore, Leoni wants to be prepared with greater capacities for the growing and changing market requirements. With close-to-customer production, the company can provide electro-mobility products made to desired specifications. The expansion will help simplify contact with the clients and shorten the supply chain. The start of production is planned for the first quarter of 2020, the first samples are to be manufactured at the end of December.
In September 2018, SINBON Electronics, a Taiwan-based electronics company, announced the official opening of its new plant in Tatabanya, Hungary. The plant will focus on developing and producing parts and components related to new energy vehicles and smart network vehicles, including connectors, wiring harnesses, and smart wires.
In October 2018, Leoni announced that it will showcase innovative technologies for electromobility at the International Suppliers Fair (IZB) in Wolfsburg. The company will illustrate the wide variety of its internationally approved cables as well as solutions for fast charging technology, power supply with high-voltage cables, and its LEONiQ digital cable technology. Leoni has developed a special HPC cable for liquid-cooled charging systems to ensure that the temperatures in the cable and connector do not exceed a set limit.
In July 2018, Coroplast’s Cable & Wire division introduced high-voltage cables at the trade fair in Wolfsburg. These cables can be actively cooled and convince with their minimal material consumption combined with high space and weight savings.
In January 2018, Systems Wire & Cable introduced the addition of a new EVE, EVJE Polyurethane Jacketed Electric vehicle charging cable. Among all the EV cables, UL EVE has the most stringent testing requirements.
EV Charging Cables Market Dynamics:
The EV charging cables market is influenced by various factors that impact its growth and demand. Here are some of the key dynamics affecting the market:
- Increasing adoption of electric vehicles: The global EV market is growing rapidly, and the increasing number of EVs on the road is driving demand for EV charging infrastructure, including EV charging cables.
- Government initiatives and regulations: Many governments are offering incentives and subsidies to promote the adoption of EVs, and some are mandating the installation of EV charging stations in public places. This is expected to boost demand for EV charging cables.
- Advancements in charging technology: Technological advancements in charging equipment and cables are improving charging efficiency, safety, and convenience, leading to increased demand for higher quality and more advanced EV charging cables.
Overall, the EV charging cables market is expected to experience steady growth due to the increasing adoption of electric vehicles, government initiatives, technological advancements, and the need for eco-friendly transportation solutions.
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