Market Research Report
EV Charging Cables - Global Market Outlook (2018-2027)
|EV Charging Cables - Global Market Outlook (2018-2027)|
Published: February 20, 2020
Stratistics Market Research Consulting
Content info: 135 Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global EV Charging Cables market is accounted for $152.54 million in 2018 and is expected to reach $1595.37 million by 2027 growing at a CAGR of 29.8% during the forecast period. Some of the key factors propelling the market growth are growing adoption of electric vehicles and rising demand for fast charging cables. However, high cost of these charging cables and improvement of wireless EV charging are the restraining factor for the growth of the market.
EV charging cables for electric vehicles support different charging modes in various regions. Charging cables make it possible for drivers to charge their electric vehicles within a few minutes and to travel significantly longer distances. Such cables must have a smaller diameter to make them easy to handle, but this exposes them to overheating. This is why they are consequently fitted with a liquid-cooling system.
By power supply type, alternate charging (<=22kW) segment is expected to grow at the significant market share during the forecast period. It is used in residential and few of the commercial charging stations. This kind of charging offers a low power output and has low cost of installation. It may be a single phase or a 3-phase cable depending on the current and power needs.
On the basis of geography, North America is anticipated to hold considerable market share during the forecast period. Various projects initiated by the government to increase the number of public charging stations are expected to drive the market in the region. The rising installation of advanced charging infrastructure and presence of key players in the electric vehicle supply equipment industry are also expected to drive the market in the region.
Some of the key players in EV Charging Cables Market include Leoni AG, Aptiv Plc, BESEN International Group, Dyden Corporation, TE Connectivity, Brugg Group, Sinbon Electronics, Coroplast, Phoenix Contact, EV Teison, Systems Wire and Cable and General Cable Technologies Corporation.
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances