Electric Vehicle Charging Cable Market to Reach $3.45 Billion Globally by 2031 at a CAGR of 18.1%: Allied Market Research

Rising adoption of electric vehicles, rise in demand for fast charging cables, and increase in government initiatives to reduce carbon footprint are driving the growth of the global electric vehicle charging cable market

PORTLAND, Oregon., June 14, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Electric Vehicle Charging Cable Market By Power Type (AC Charging, DC Charging), By Application (Private Charging, Public Charging), By Cable Length (2 Meters To 5 Meters, 6 Meters To 10 Meters, At Above 10 Meters), By Shape (Straight, Coiled), By Load Tier (Tier 1, Tier 2, Tier 3): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global electric vehicle charging cable industry generated $0.67 billion in 2021, and should reach $3.45 billion by 2031, posting a CAGR of 18.1% from 2022 to 2031.

Drivers, constraints and opportunities

Rising adoption of electric vehicles, demand for fast charging cables, and increasing government initiatives to reduce carbon footprint are driving the growth of the global electric vehicle charging cable market. However, high operating costs of electric vehicle charging cables and increasing implementation of wireless electric vehicle charging technology is restraining the market growth. On the other hand, infrastructural developments of public EV charging station and technological advancements in EV charging cable provide new opportunities in the coming years.

Download the report (PDF of 363 pages with information, graphs, tables, figures) at https://www.alliedmarketresearch.com/request-sample/9279

Covid-19 scenario

  • Electric vehicle charging cable component manufacturing activities have been completely or partially halted due to lockdown restrictions. In addition, smaller Tier II and Tier III manufacturers faced liquidity issues.
  • In addition, the market depended on global supply chains for basic technology services. Supply chain disruptions have halted manufacturing activities and hampered day-to-day operations.
  • The slowdown in demand and production has had a strong ripple effect on global EV manufacturers and has impacted EV supply chains around the world.

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The DC load segment to maintain its leading position during the forecast period

Based on power supply type, the DC charging segment held the highest market share in 2021, contributing nearly two-fifths of the global electric vehicle charging cable market, and is expected to maintain its leading position in the during the forecast period. This is due to increased R&D efforts aimed at offering efficient charging infrastructure, a constant flow of current and charging speeds, and a sharp drop in the price of installation in recent years. However, the AC charging segment is estimated to manifest the largest CAGR of 19.4% from 2022 to 2031, owing to the ease of availability of AC charging infrastructure across the globe.

The private charging segment will continue its leading status throughout the forecast period

Based on applications, the private charging segment accounted for the highest market share in 2021, accounting for nearly two-thirds of the global electric vehicle charging cable market, and is expected to maintain its leading status throughout the forecast period. This is due to the increase in the adoption of electric vehicles across the world and supporting government initiatives for the installation of dedicated home charging infrastructure. However, the public charging segment is expected to experience the highest CAGR of 19.0% from 2022 to 2031. This is attributed to the continuous government initiatives that support the installation and maintenance of public charging systems in various cities.

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Asia Pacific provide lucrative opportunities

Based on the region, Asia Pacific contributed the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global electric vehicle charging cable market, and is expected to maintain its dominance in terms of revenue by 2031. Additionally, this region is expected to experience the fastest CAGR of 19.1% over the forecast period. This is due to the increased production and sales of electric vehicles and related components across the world. The research also analyzes regions including North America, Europeand LAMEA.

Main market players

  • AG Electrical Technology Co
  • Aptiv Plc.
  • Besen International Group
  • Brugg Group
  • Chengdu Khons Technology Co., Ltd.
  • Coroplast Fritz Müller GmbH & Co. KG
  • Dyden Company
  • EV Cables UK
  • Guangdong OMG Transmission Technology Co., Ltd.
  • Leoni AG
  • Manlon Polymers
  • Contact Phoenix
  • Prysmian Spa
  • Sinbon Electronics
  • TE Connectivity Ltd.

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Similar reports we have on the electric vehicle industry:

Electric Vehicle Charging Systems Market by Product Type (Home Charging Systems and Commercial Charging Systems), Charging Mode (Plug-in Charging System and Wireless Charging System) and Charging Voltage Level (Level 1, Level 2 and Tier 3): Global Opportunity Industry Analysis and Forecast, 2021-2030.

Wireless EV Charging Market by Vehicle Type (BEV, PHEV, CEV), by Distribution Channel (OEMS, AFTERMARKET), by Charging Method (CWPT, MGWPT, RIPT, IPT), by Installation (Domestic, Commercial), By Power Source (3 11 KW, 11-50 KW, > 50 KW): Global Opportunities Analysis and Industry Forecast, 2020-2030.

EV Testing Equipment Market by Vehicle Type (Passenger Car & Commercial Vehicle), Electric Vehicle Type (BEV & HEV), Equipment Type (AC/DC EVSE, Battery Testing Equipment, Chassis Dynamometer, Dynamometer Application (EV Component and Powertrain, EV Charging and Powertrain): Global Opportunities Analysis and Industry Forecast, 2021-2030.

EV Platform Market by Electric Vehicle Type (Hybrid Electric Vehicle, Battery Electric Vehicle, and Plug-in Hybrid Electric Vehicles) and Platform (P0, P1, P2, P3, and P4): Global Opportunities Analysis and Market Forecast industry, 2021-2030.

Electric Vehicle Charger Market by Vehicle Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), Charging Type (Onboard Chargers and Offboard Chargers) and End User ( residential and commercial): Global opportunity analysis and industry forecast, 2020-2030.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. CEO of Allied Market Research Pawan Kumar is essential to inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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SOURCE Allied Market Research


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