New York, USA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a new report to its offering titled, “EV Charging Cable Market, by Power Supply Type (Direct Charging and Alternate Charging), Cable Length (2 to 5 Meters, 6 to 10 Meters, and Above 10 Meters), Shape (Coiled Cables and Straight Cable), Charging Level (Level 3, Level 2, and Level 1), Jacket Material (Rubber Jacket, Thermoplastic Elastomer Jacket, and Polyvinyl Chloride Jacket), Application (Public Charging and Private Charging): Global Opportunity Analysis and Industry Forecast, 2019–2026”.
The global EV charging cable market is anticipated to generate a revenue of $1,277.7 million by 2026, exponentially growing at a healthy CAGR of 31.5% during the forecast period (2019-2026).
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Dynamics of the Market
Rising demand for rapid fast charging cables due to the increased adoption of electric vehicles around the world is expected to bolster the growth of the market during the forecast period. In addition, significant increase in the development of effective EV charger’s equipment is further expected to drive the growth of the market during the forecast period. Moreover, persistent technological enhancements in EV charging cable for faster vehicular charging and extensive construction of an operative EV charging infrastructure are expected to create vital opportunities for the growth of the market during the forecast period. However, high cost associated with the production of EV charging cable is expected to impede the growth of the market during the forecast period.
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Segments of the Market
The report has divided the market into different segments based on power supply, cable length, shape, charging level, jacket material, application, and region.
• Based on power supply, the alternate charging segment is expected to have the highest growth rate, surging at a CAGR of 33.2% during the forecast period. Rising need among consumers to deploy effective EV charging stations is expected to drive the growth of the sub-segment during the forecast period.
• Based on cable length, the 2-5 metres sub-segment is anticipated to have the most lucrative growth rate, surging at a CAGR of 31.7% during the forecast period. Rising adoption of personal or private charging stations around the globe is predicted to drive the growth of the sub-segment during the forecast period.
• Based on shape, coiled sub-segment is expected to be most beneficial and grow exponentially during the forecast period. Its ease of maintenance, immediate contraction, and long-lasting properties are expected to bolster the growth of the sub-segment during the forecast period.
• Based on charging level, level 3 sub-segment is expected to be most lucrative, growing exponentially at a CAGR of 32.6% during the forecast period. An impeccable high-speed charging provided by a level 3 charger is expected to fuel the growth of the sub-segment during the forecast period.
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• By jacket material, polyvinyl chloride sub-segment is expected to be most profitable, and grow exponentially during the forecast period. Its high degree of flexibility and temperature resistivity is expected to drive the growth of the sub-segment during the forecast period.
• By application, public charging sub-segment is expected to have the highest market share, growing exponentially at a CAGR of 33.3% during the forecast period. Extensive installation of EV charging station at highways, malls, offices, airports, etc. is expected to fuel the growth of the market during the forecast period.
• By region, North America is expected to create massive opportunities for the growth of the market during the forecast period. Increasing adoption of electric vehicles in this region is expected to drive the growth of the market in this region.
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Key Players of the 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
For instance, in March 2020, ABB, a Swiss-Swedish multinational company, acquired Chargedot, a Chinese EV charging network company, so as to widen ABB’s e-mobility portfolio with hardware and software created specifically for local requirements.
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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