July 20, 2022 09:05 ET | Source: Research Dive Research Dive
New York, USA, July 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global EV charging cable market is predicted to garner a revenue of $1,277.7 million by 2026 and grow at a CAGR of 31.5% over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Drivers: The rising adoption of electric vehicles by people along with the growing awareness about environment safety are some factors projected to drive the growth of the global EV charging cable market during the analysis timeframe.
Opportunities: Increasing developments in the EV charging cables and some benefits of EVs like affordability, fast charging, low carbon emissions, etc. are the factors estimated to create ample growth opportunities for the global EV charging cable market during the forecast period.
Restraints: High operative costs of EVs is the major factor anticipated to impede the market growth.
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Segments of the EV Charging Cable Market:
According to the report, the market is fragmented into multiple segments based on power supply type, cable length, shape, charging level, jacket material, application, and regional analysis.
Power Supply Type: Alternate Charging Sub-segment to be Highly Lucrative
The alternate charging sub-segment is expected to have a significant growth rate of 33.2% CAGR during the forecast period. This immense growth rate is attributed to the rapid growth in the preferences of users to install electric vehicle charging stations.
Cable Length: 2 to 5 Meters Sub-segment to be Highly Progressive
The 2 to 5 meters sub-segment of the global EV charging cable market is predicted to have a noteworthy growth rate and generate a revenue of $511.1 million during the 2019-2026 forecast years. This growth rate is attributed to the rising adoption of private EV charging stations across the world for convenience.
Shape: Coiled Cable Sub-segment to be Highly Beneficial
The coiled cable sub-segment of the global EV charging cable market is projected to have a lucrative growth rate during the analysis timeframe due to its instant contraction property along with ease of maintenance. Moreover, coiled cables are long-lasting as compared to straight ones and require less storage space. These factors are estimated to bolster the sub-segment’s growth by 2026.
Charging Level: Level 3 (300-600V) Sub-segment to be Highly Dominant
The Level 3 sub-segment is anticipated to have a dominant market share and register a revenue of $390.9 million during the analysis years due to the growing demand for fast EV charging across the world. Level 3 chargers can charge a drained battery up to 80% in just 15-20 minutes, therefore, propelling the sub-segment’s growth by 2026.
Jacket Material: Polyvinyl Chloride Jacket Sub-segment to Have Prominent Growth Rate
The polyvinyl chloride jacket sub-segment of the global EV charging cable market is expected to have a prominent growth rate during the forecast period. This immense growth rate is attributed to the outstanding properties it offers like recyclability, high flexibility, and great temperature resistance.
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Application: Public Charging Sub-segment to be Highly Profitable
The public charging sub-segment of the global EV charging cable market is predicted to have a noteworthy growth rate of 33.3% CAGR during the 2019-2026 forecast timeframe due to the rising installations of EV charging stations in multiple localities like highways, airports, government offices, hotels, shopping malls, etc. Moreover, public EV charging stations can charge drained car batteries with the least possible time, thus uplifting the sub-segment’s growth.
Region: Market in the North America Region to Relish Better Growth Opportunities
The EV charging cable market in the North America region is projected to witness more growth opportunities during the analysis period. This market growth is mainly attributed to the rising adoption of electric vehicles across the region, people’s high disposable income, and more number of EV charging stations.
Significant EV Charging Cable Market Players:
Some significant market players include
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire here for the key player's development strategic report
For example, in June 2022, the Ministry of Energy of the United Arab Emirates (UAE) selected Siemens, a German multinational automation company, to boost its nation-wide network of ultra-fast electric vehicle chargers and cables. The company is predicted to uplift EV adoption in the region by addressing issues like range anxiety. Moreover, the company would be installing 10 Sicharge D 160kW fast chargers on highway corridors throughout the country.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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