New York, United States , Jan. 25, 2023 (GLOBE NEWSWIRE) -- The Global Electric Vehicles Cable Charging Market Size was valued at $200 million in 2021 and is expected to reach $1025 million in 2030 at a CAGR of 26% from 2021 to 2030. Demand for fast charging cables is predicted to rise, and EV charger technology is projected to progress quickly. Multiple charging modes are available on electric car charging cords at various locations. It is projected that the electric vehicle charging market would grow swiftly and experience increased competition in order to support expanding sales of battery and plug-in electric vehicles.
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Electric vehicles (EVs) have rechargeable batteries installed inside of them that can be charged using either private or public terminal outlets. With battery electric vehicles, which are entirely driven by electricity, the noise, air quality, and greenhouse gas emissions related to driving are significantly decreased. The stricter CO2 pollution rules in emerging economies are what's driving the demand for EVs. As a result, there is an exponential increase in demand for infrastructure for electric vehicle charging. For instance, there were roughly 44% more EV charging stations established globally.
Such reasons are predicted to raise the need for electric vehicle charging cables in emerging economies during the next 10 years. The market is also growing as a result of increased government initiatives and campaigns to encourage the adoption of EVs. The size of the market for EV charging cables is affected by the significant investments made in the installation of charging infrastructure by nations like China, the Netherlands, the United States, France, and Japan. For instance, installing a charger specifically intended for use in households to recharge electric vehicles costs USD 650 in the United Kingdom.
Additionally, the growing number of government initiatives and the focus on promoting the adoption of EVs are aiding market expansion. Significant investments have been made in the construction of charging infrastructure by nations including China, the Netherlands, the United States, France, Norway, and Japan, which is also anticipated to have an effect on the size of the market for EV charging cables. For instance, in the United Kingdom, a specialised home charger for an electric car installation is supplied for USD 650.
Browse key industry insights spread across 200 pages with 116 market data tables and figures & charts from the report “Global Electric Vehicles Cables Charging Market Size, Share, and COVID-19 Impact Analysis, By Power Supply, By Cable Length, By Charging Level, By Shape, By Application, By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2030“ in detail along with the table of contents.
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Fast charging cords cost about $127, which is a hefty premium above regular charging cables. The price of charging cables for rapid charging stations can restrict the use of this technology. For instance, it costs $1700 to set up a slow charging station in the UK, which is a substantial sum of money. As charging cable technology advances, users will increasingly favour the newest types. Therefore, the initial cost of installing the charging station could result in significant losses for some consumers. All of these elements might prevent the market from expanding.
Covid 19 Impact on Global Electric Vehicles Cables Charging Market
Fast charging cables are around $127 more expensive than regular charging connections. This technology's use may be constrained by the price of charging cables for rapid charging stations. For instance, setting up a slow charging station in the UK costs $1700, which is a sizable sum of money. As charging cable technology advances, users will likewise embrace the newest versions more and more. As a result, the upfront expense of establishing the charging station may cause substantial losses for some consumers. Each of these elements may restrict the market's potential to expand.
Global Electric Vehicles Cables Charging Market, By Cable Length
The market is divided into three categories based on cable length: below 5 metres, 6 metres to 10 metres, and above 10 metres. The cable length segment between 6 and 10 metres is anticipated to grow at the greatest CAGR of 28% between 2021 and 2030. This is due to the fact that charging stations can accommodate growing consumer demand and increased penetration of electric vehicles with cable lengths of at least 18 to 20 feet.
Global Electric Vehicles Cables Charging Market, By Charging Level
The market has been segmented into level 1, level 2, and level 3 charge levels. From 2021 to 2030, the CAGR for the level 3 segment category is predicted to be the greatest at 28%. CHAdeMO technology, which charges through 480V, is included in Level 3 systems. In less than 15 minutes, a level 3 charger can recharge an electric car battery that has been completely depleted. The primary driver of the segment's growth is the ability to charge devices at high power in less than 30 minutes. Additionally, it is projected that rising demand for fast charging systems in nations like China, South Korea, and Japan would help hasten the development of high-power electric vehicle charging infrastructure, which in turn is anticipated to propel the segment during the forecast period.
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Global Electric Vehicles Cables Charging Market, By Shape
Based on cable shape, the market has been segmented into straight and coiled cable. From 2021 to 2030, the coiled cable market is anticipated to grow at the highest CAGR of 29%. They go by the name "spiral cables" and are simple to maintain because they don't stretch out across the ground, reducing the risk of tripping. These cables are therefore more durable than straight cables and take up less storage space. Developments are also anticipated to lower the cost of coiled cables, increasing the segment's growth during the forecast period.
Global Electric Vehicles Cables Charging Market, By Application
The market is segmented into applications for both private and public charging. The fastest CAGR of 27.0% is anticipated for public charging stations between 2021 and 2030. Shopping centres, airports, hotels, parking lots for commercial properties, offices of the government, taxi stops, and motorways all have these stations built. These charging stations have the power to quickly and at a high voltage charge an electric vehicle. Over the projection period, demand for public charging stations is expected to increase due to the widespread adoption of electric vehicles and the rising desire among EV owners to shorten charging times.
Global Electric Vehicles Cables Charging Market, By Region
From 2021 to 2030, North America is predicted to have the greatest CAGR, at 30%, followed by Europe and Asia Pacific. This is due to manufacturers' growing focus on creating electric vehicles that are high-performing, clean, and quick. The regional market is projected to be driven by the expansion of advanced charging infrastructure and the presence of significant EV supply equipment manufacturers in the area.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: AG Electrical Technology Co, Aptiv Plc, Besen International Group, Brugg Group, Chengdu Khons Technology Co., Ltd., Coroplast Fritz Müller GmbH & Co. KG, Dyden Corporation, EV Cables UK, Guangdong OMG Transmitting Technology Co., Ltd., Leoni AG, Manlon Polymers, Phoenix Contact, Prysmian S.p.A., Sinbon Electronics, TE Connectivity Ltd. And Others 20+ prominent key players competition we will cover in the final report.
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Recent Developments in Global Electric Vehicles Cables Charging Market
The AMP+ charging inlet for hybrid and electric passenger and commercial cars was presented by TE Connectivity Ltd. in January 2021. These devices can manage AC currents of up to 32 amps and DC currents of 200 amps.
A leading provider of optical and electrical communication solutions, HUBER+SUHNER AG, debuted RADOX HPC500 in April 2021 as the newest model in the RADOX higher power line. Even in warm conditions, 500 Ampere continuous charging is possible with these cooled charger cables.
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