New York, USA, March 02, 2020 (GLOBE NEWSWIRE) -- As per a report published by Research Dive, the global EV charging cable market is set to grow at a 31.5% CAGR and is expected to garner a revenue of $1,277.7 million throughout the forecast period from 2019 to 2026. The market has been segmented on the basis of power supply type, cable length, shape, charging level, jacket material, applications, and region. The report provides in-depth insights on drivers, opportunities, restraints, vital segments, and major players of the market. As per our analysts, increasing demand for fast charging cables, rapid growth in the adoption of electric vehicles globally is giving significant boost to the growth of EV charging cable market. However, the high operative costs coupled with fast power charging is predicted to hinder the market growth.
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Alternate Charging and 2 to 5 Meters Segment to Experience Significant Growth
On the basis of power supply type, the global EV charging cable market is segmented into direct charging and alternate charging. The alternate charging segment is expected to register the highest growth with 33.2% during the period of forecast, owing to the rapid growth in the preferences of the consumers to install EV charging stations.
Based on length of cable, the global market for EV cable charging is segmented into 2 to 5 meters, 6 to 10 meters, and above 10 meters. The 2 to 5 meters segment is predicted to generate a revenue of $511.1 million and is set to rise at 31.7% CAGR during the forecast period.
Coiled Cable and Level 1 Charging to Hold Largest Share in Industry
On the basis of shape, the global market is segmented into straight cable and coiled cable. The market size for coiled cable segment is estimated to drive the market majorly during the forecast period owing to the ease of maintenance and properties such as instant contraction.
Based on charging level, the global industry is classified into level 1(120V), level 2(240V), and level 3 (300-600V). The market revenue for level 1 charging was $55.59 million in 2018 and is predicted to surpass $456.09 million by the end of 2026. The level 3 segment is also expected to drive the market growth owing to the growing demand for fast charging across the globe.
Public Charging Segment to Have Highest Growth Rate
Based on jacket material, the global EV charging cable market is segmented into rubber jacket, thermoplastic elastomer jacket, and polyvinyl chloride jacket. The market size for the rubber jacket segment is anticipated to generate a revenue of $521.31 million and will grow at 31.2% CAGR during the projected period.
Based on application, the global industry is classified into private charging and public charging. The market revenue for public charging segment is estimated to surpass $531.5 million with a growth rate of 33.3% by the end of 2026. This is mainly due to the growth in installations of EV charging stations in various localities such as highways, government offices, airports, hotels, etc.
Geographical Growth & Prominent Players of the Industry
Geographically, the global EV charging cable market is segmented into North America, Europe, Asia Pacific, and LAMEA. North America is projected to dominate the global market owing to the growing adoption of electric vehicles across the region. This region is anticipated to grow at 32.1% CAGR during the period of forecast.
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The top players of global EV charging cable market include EV TEISON, General Cable Technologies Corporation., SINBON Electronics Co., Ltd., PHOENIX CONTACT, TE Connectivity, BRUGG GROUP AG, BASEN- Group, Leoni AG, Aptiv, IONITY GmbH and DYDEN CORPORATION. These market players are focusing more on technology advancements, new product launches, mergers & acquisitions, and geographical expansion.
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