The global EV charging cables market is anticipated to register a phenomenal growth rate of about 27.5%
during the forecast period from 2022 to 2032, with an expected valuation
of US$ 598.2 Million in 2022 and totaling around 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 predicted to account for a notable portion of the global EV
charging cables market.
Due to the expanding number of private electric vehicles on the road, this segment in particular is expected to
dominate the market over the assessment period. The public charging
segment is projected to dominate the market over the forecast period,
accounting for a boost in the number of commercial charging terminals
across regions.
Key Takeaways
- The implementation of electric vehicles is expanding in several countries
all over the world with heavy investments in research and development in
this sector. Numerous countries including the Netherlands, France,
India, and Canada have launched various campaigns in order to encourage
the adoption of electric vehicles. Automakers in the automotive sector
are given by the state fixed quotas, tax breaks, subsidies, and rebates. - For purchasing purposes, entitlements are conveniently available for
customers. Such considerations have caused a spike in the global
production and sales of electric vehicles. In order to ensure the smooth
functioning of vehicles, the surging inventory of electric vehicles
necessitates the establishment of power grids and charging terminals. - The major factor driving growth in the EV charging cables market is the
development of these vehicles which has resulted in advancements in
electric vehicle charging technology and significant investments by
automakers in electric vehicles. - Several organizations develop EV charging cables to make sure quick charging terminals are available
for vehicles. Tesla has approximately 1600 supercharging stations
available all over the North American region. This propels the
development of charging infrastructure, resulting in propelling the
global EV charging cable market.
Competitive Landscape
Key EV charging cable providers are rapidly adopting various marketing
strategies including new product launches, geographical expansion,
mergers and acquisitions, partnerships, and collaboration in order to
increase sales and raise the interest of potential buyers to create a
massive customer base and gain a competitive edge in the global EV
Charging Cables market.
More Insights into the EV Charging Cables Market
Asia Pacific EV charging market is expected to dominate the global market
landscape. In 2019, the Asia Pacific EV Charging Cables Market was worth
US$ 255 Million. Owing to the largest number of transactions and
production of electric vehicles in this region, the Asia Pacific region
is projected to dominate during the forecast period.
Due to the accelerated adoption of electric vehicles, China is considered the
market’s largest contributor. Among several other countries, China is a
dominant market leader in electric vehicle charging stations. As per the
FMI analysis, China’s EV exports are anticipated to skyrocket over the
next few years. In 2020, China generated a revenue of 1.5 million by
selling EVs.
North America is the second largest EV charging cables market because of the widening quantity of electric vehicle
customers in this region. Despite the COVID-19 challenges, the majority
of the North American countries are expected to boost product sales and
exports in 2020. The United States is considered a prominent player,
providing opportunities for electric vehicle parts.
North America is accounting for a massive market share of 25.7% of the global EV
charging cables market. Because of several technological advancements
such as fast charging cables, type-2 connecter plugs, and so on have
offered leading players in the market an opportunity to expand their
horizons.
Europe's EV charging cables market is expected to witness lucrative growth opportunities backed by the surging adoption of
electric vehicles in this region as a result of escalating regulations
on vehicle emissions in this region. Europe is accounting for a market
share of 31.8% of the global EV Charging Cables market.
