New York, USA, May 05, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global EV charging cable market is expected to garner a revenue of $1,277.7 million and exhibit a CAGR of 31.5% by 2026. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Significant growth in the adoption of electric vehicles across the globe is one of the major factors behind the growth of the global market. Other growth factors include the rapid growth in the development of EV charger’s equipment and increasing demand for fast charging cables.
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However, the high costs involved in operational fronts is expected to restraint growth of the EV charging cable market.
Segments of the Market
The report has divided the market in different segments based on power supply type, cable length, shape, charging level, jacket material, application, and region.
Alternate Charging Sub-Segment is Expected to be the Most Lucrative
Alternate charging segment is anticipated to register the most lucrative revenue during the forecast period at a CAGR of 33.2%. This is mainly because of the rapid growth in the preferences of consumers to install EV charging stations.
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2 to 5 meters Sub-Segment is Predicted to be the Most Profitable
By length, 2-5 meters segment is expected to account for more than $511.1 million by 2026 growing at a CAGR of 31.7% during the forecast period.
Coiled Cable Sub-Segment is Expected to be the Most Beneficial
Compared to straight cables, coiled cables are more long-lasting. Moreover, these coiled cables requires less storage space. These are the key factors that are expected to influence the growth of the segment during the forecast period.
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Level 3 Sub-Segment is Predicted to Earn the Highest Market Share
The Level 3 charger has the ability to charge a drained battery up to 80% in 15 to 20 minutes. This is the main reason this segment is expected to earn the highest revenue of $390.9 million during the forecast period.
Rubber Jacket Material Sub-Segment is Expected to be the Most Lucrative
Rubber jacket generated the highest revenue of $59.30 million in 2018 and is further expected to reach $521.31 million by 2026, growing at a CAGR of 31.2% during the upcoming years.
Public Charging Sub-Segment is Estimated to become the Most Profitable
The public charging application is anticipated to reach $ 531.5 million by 2026, growing at a CAGR of 33.3% during the forecast period. The reason behind this growth is the growth in the installations of EV charging stations in various localities such as, taxi stands, highways, airports, hotels, and shopping malls.
Asia-Pacific is Likely to Dominate the Market
Asia-Pacific EV Charging Cable industry held the largest market share in the year 2018 accounting for $ 45.3 million and is further anticipated to grow at a CAGR of 31.1% during the forecast period.
Major Market Players
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.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships and collaborations to sustain the growth of the market. The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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