May 10, 2022 12:02 ET | Source: Facts & Factors Facts & Factors
NEW YORK, US, May 10, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “EV Charging Cable Market By Usage (Private and Public), By Dimension (>10m, 6m-10m, and <5m), By Charging Level (Level-1, Level-2, and Level-3), By Form (Coiled and Straight), By Power Distribution (Direct Charging and Alternate Charging), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global EV Charging Cable Market size & share was valued at around USD 0.45 Billion in 2021 and is projected to reach roughly USD 3.2 Billion by the end of 2028, with an excellent compound annual growth rate (CAGR) of approximately 38.5% over the projection period 2022 to 2028.”
What is EV (Electric Vehicle) Charging Cable? How big is the EV Charging Cable Industry?
EV charging cables are cables that are used in infrastructure to charge electronic vehicles. The key driver of the market is the widespread adoption of electric vehicles due to environmental concerns. These charging cords collect AC electricity from the plug socket and convert it to DC power, which is then used by the car. These charging cables are outfitted with liquid-cooling technology to properly disperse heat and reduce the possibility of overheating. Because of their ease of maintenance and environmental friendliness, water-glycol mixtures are the most commonly used coolants.
In addition, there is a controller present that monitors the temperature and regulates the flow of the coolant. Fast-charging technologies, as well as effective charging times and capacity, have resulted from technological developments. EV charging cables are designed to carry the maximum amount of electricity to charge the vehicle in the shortest amount of time. Coiled charging cables and DC charging cables are predicted to be in high demand shortly.
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Global EV Charging Cable Market: Dynamics
Electric vehicle use is increasing, and several countries around the world are investing considerably in research and development. Countries such as France, the Netherlands, India, and Canada have started a variety of initiatives to promote the widespread adoption of electric vehicles. The government provides automakers with subsidies, fixed quotas, refunds, and tax breaks. Subsidies for buying electric vehicles are also significant for consumers. These factors have increased the worldwide manufacture and distribution of electric vehicles.
Some of the key elements influencing the development of these vehicles include advancements in electric vehicle charging technology and large investments by manufacturers in electric vehicles. These rapid advancements in charging infrastructure are projected to boost the global EV charging cable market going forward. However, the high cost of EV charging cables and the advancement of wireless EV charging may impede the market’s growth.
Browse the full “EV Charging Cable Market By Usage (Private and Public), By Dimension (>10m, 6m-10m, and <5m), By Charging Level (Level-1, Level-2, and Level-3), By Form (Coiled and Straight), By Power Distribution (Direct Charging and Alternate Charging), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at https://www.fnfresearch.com/ev-charging-cable-market
EV Charging Cable Market: COVID-19 Impact Analysis
In response to the widespread disruption of the entire supply chain caused by COVID-19's initial breakout, the world's automotive manufacture and distribution had been brought to a grinding halt. Manufacturers were forced to halt production until the lockdowns were lifted before they could resume production, which had a negative impact on their bottom line. As a result, automakers are anticipated to reduce the number of vehicles they manufacture.
Additionally, component manufacturing was suspended, and small Tier 2 and Tier 3 manufacturers may have experienced liquidity issues as a result of the shutdown. To remain in business, the automotive industry requires significant amounts of capital expenditure. Therefore, it is expected that the pause in manufacturing during the pandemic, as well as lower demand, will have an enormous impact on manufacturers and providers of electric vehicle charging stations.
EV Charging Cable Market: Segmentation Analysis
The global EV charging cable market is segregated on the basis of usage, dimension, charging level, form, power distribution, and region.
By usage, the market is divided into private and public. The private charging segment accounts for a sizable portion of the global market. By dimension, the market is divided into >10m, 6m-10m, and <5m. Because of its widespread use in private charging stations, the <5m category accounts for the lion's share of the global market. By charging level, the market is divided into level-1, level-2, and level-3. Because of its widespread use at private charging points, the level-1 sector accounts for the lion's share of the global market.
By form, the market is segmented into coiled and straight. Because of its widespread use in private and public charging stations today, the straight cable segment is likely to dominate the market. By power distribution, the market is divided into direct charging and alternate charging. The alternate charging segment accounts for the lion's share of the global market.
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Some of the main competitors dominating the global EV charging cable market include -
Key Insights from Primary Research:
Key questions answered in this report:
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Europe is expected to account for a significant portion of the global EV charging cable market due to an increase in demand for electric vehicles throughout the area. The massive expansion of electric car component manufacturers throughout the area is also driving the EV charging cable market.
Following Europe, the Asia Pacific region is expected to have a substantial proportion of the global market due to a rise in electric car production throughout the region. Also, the Asia Pacific region has a strong presence of EV parts manufacturing and services sectors in India, China, and Japan, which is expected to boost the regional EV charging cable market.
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The global EV charging cable market is segmented as follows:
By Usage, the market is segmented into:
By Dimension, the market is segmented into:
By Charging Level, the market is segmented into:
By Form, the market is segmented into:
By Power Distribution, the market is segmented into:
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