NEWARK, Del, Sept. 14, 2022 (GLOBE NEWSWIRE) — The global electric vehicle charging cable market is expected to witness a phenomenal growth rate of around 27.5% during the forecast period from 2022 to 2032, with an expected valuation of $598.2. million in 2022 and totaling approximately US$6,791.2 million by the end of 2032.
There are two types of electric vehicle charging cables: public charging and private charging. The private charging segment is expected to account for a notable share of the global electric vehicle charging cable market.
Due to the growing number of private electric vehicles on the road, this particular segment is expected to dominate the market over the assessment period. The public charging segment is expected to dominate the market over the forecast period, which will lead to an increase in the number of commercial charging stations across all regions.
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Key points to remember
- The implementation of electric vehicles is growing in several countries around the world with heavy investments in research and development in this sector. Many countries including the Netherlands, France, India and Canada have launched various campaigns to encourage the adoption of electric vehicles. Car manufacturers in the automotive sector receive fixed quotas, tax breaks, subsidies and rebates from the state.
- For purchase purposes, the rights are readily available to customers. These considerations have caused a surge in the production and global sales of electric vehicles. In order to ensure the proper functioning of vehicles, the surge in stocks of electric vehicles requires the installation of electrical networks and charging stations.
- The main growth driver for the electric vehicle charging cable market is the development of electric vehicles, which has led to advancements in electric vehicle charging technology and significant investments by automobile manufacturers in electric vehicles.
- Several organizations are developing EV charging cables to ensure fast charging stations are available for vehicles. Tesla has approximately 1600 boost stations available throughout the North American region. This is propelling the development of charging infrastructure, which is propelling the global electric vehicle charging cable market.
Leading electric vehicle charging cable suppliers are rapidly adopting various marketing strategies, including new product launches, geographic expansion, mergers and acquisitions, partnerships and collaboration in order to increase sales and generate interest. interest from potential buyers to build a massive customer base and gain a competitive advantage. in the global electric vehicle charging cable market.
Some of the main EV charging cable manufacturers include Tesla, Inc., Phoenix Contact, Dyden Corporation, TE Connectivity, Coroplast, Leoni AG, BESEN International Group, Systems Wire and Cable, General Cable Technologies Corporation, Chengdu Khons Technology Co. Ltd. , Manlon Polymers, Eland Cables, EV Teison, Aptiv Plc., Brugg Group, Fujikura Ltd., Guangdong OMG Transmitting Technology Co. Ltd., Japan Aviation Electronics Industry Ltd., SINBON Electronics Co. Ltd., Sumitomo Electric Industries Ltd.
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More information on the EV Charging Cable Market
The Asia-Pacific electric vehicle charging market is expected to dominate the global market landscape. In 2019, the electric vehicle charging cable market in Asia-Pacific was worth US$255 million. Due to the higher number of transactions and production of electric vehicles in this region, the Asia-Pacific region is expected to dominate during the forecast period.
Due to the accelerated adoption of electric vehicles, China is considered the biggest contributor to the market. Among several other countries, China is a dominant market leader in electric vehicle charging stations. According to IMF analysis, China’s electric vehicle exports are expected to soar in the coming years. In 2020, China generated a turnover of 1.5 million by selling electric vehicles.
North America is the second largest EV charging cable market owing to the growing amount of EV customers in this region. Despite the challenges of COVID-19, the majority of North American countries are expected to increase product sales and exports in 2020. The United States is seen as a leading player, providing opportunities for electric vehicle parts .
North America accounts for a massive 25.7% market share of the global electric vehicle charging cable market. Due to several technological advancements such as fast charging cables, type 2 connectors, etc., have presented major market players with an opportunity to broaden their horizons.
The European electric vehicle charging cable market is expected to witness lucrative growth opportunities supported by the increasing adoption of electric vehicles in this region due to escalating vehicle emission regulations in this region. Europe represents a 31.8% market share of the global electric vehicle charging cable market.
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Key segments covered by the Electric Vehicle Charging Cable Industry Survey
By product type:
- Mode 2 Charging Cables
- Mode 3 Charging Cables
By voltage capacity:
- Private recharge
- Public charging
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
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