New York, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "EV Charging Cables Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application, Power Type, Cable Length, Charging Level, Jacket Material , Shape, Charging Cable Type, and IEC Mode" - https://www.reportlinker.com/p06316353/?utm_source=GNW
Asia Pacific is a leading and fastest-growing region in terms of automobile manufacturing due to extensive manufacturing facilities present in China, India, and Japan; the presence of a massive consumer base; and the operations of key automotive players in the region.
Thus, the EV charging cables market in the region is mainly driven by surging EV production capacities and technological advancements.China is the largest market for EVs in Asia Pacific, with the predominance of charging stations.
The country has numerous publicly owned (more than privately owned ones) EV charging stations that can charge the majority of non-proprietary electric vehicle on the road. For instance, according to the revelations of the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA) report, the country successfully built 87,000 new public EV charging stations in just a month of May 2022, which resulted in a 60.5% increase compared to the number reported in 2021.
China, South Korea, and Japan are among the major countries generating vast EV demand in Asia Pacific, which is impacting the EV charging cables market.In addition to these three, India and Singapore are likely to contribute to an exponential rise in EV sales in Asia Pacific in the coming years.
In recent years, concerns about environmental safety have received huge attention in the region.Therefore, OEMs are focusing on introducing energy-efficient technologies to reduce CO2 emissions.
The manufacturers in the EV charging cables market are investing in developing products with greater fuel efficiencies and specific outputs.Focus on ruling out the dependency on petrol and diesel and government incentives promoting the use of EVs are two major factors bolstering EV manufacturing and sales in Asia Pacific.
According to the market research study as reported by International Energy Agency IEA, the sales of EVs in Asia surged by ~75% in 2021. In 2030, the total annual EV sales in Asia would attain the peak of ~10.9 million units, up from a predicted sales volume of more than 1.4 million units in 2029. According to the International Energy Agency’s (IEA) Global EV Outlook 2021, China had the largest fleet of 4.5 million electric cars in 2020. A report published in May 2022 states that India is projected to witness ~48,000 more EV charging points owing to the investment of around US$ 150 million (~INR 14,000 crore) over the next 3–4 years. According to a report by the ICRA, a domestic credit rating agency, as EV penetration grows in the two-wheeler, three-wheeler, and bus segments, the charging infrastructure would further increase in Asia Pacific in the coming years. Further, electric two-wheelers would account for ~13–15% of the total new vehicle sales by FY2025, while electric three-wheelers and e-buses would account for more than 30% and 8–10%, respectively, by FY2025. India currently has less than 2,000 public charging stations, with the majority of them located in only a few states and mostly in urban areas. Such developments from the economically developed regions are contributing to the growth of the EV charging cables market.
Impact of COVID-19 pandemic on EV Charging Cables Market Size
Except a few developed countries, including Japan and Singapore, Asia Pacific is still considered to be in developing state.The developing countries do not have required health infrastructure, and this was the main reason that led to the increase in the count of recorded cases in 2020.
As per the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic has affected significant economies, such as India, Australia, and Japan.Due to inadequate health and medicine facilities, government authorities had to impose restrictions regarding limited workforce at production sites.
In China, where the electric vehicle share was higher than in Europe throughout 2019, sales have slightly decreased to around 4.2% during the first half of 2020. An underlying reason might be the reduction in purchase premiums for electric vehicles in China. COVID-19 pandemic have negatively impacted the green energy sector in China, including renewable energy sources, battery energy storage, electric vehicles (EVs), and renewable heating and cooling. Moreover, falling costumer demands due to low labor movement will affect the EV charging cables market growth in the coming years. Even Tesla’s Gigafactory in Shanghai has hinted of possible supply shortages for the US, the UK, and Australia. The supply constraint also has an negative impact on the global EV charging cables market along with energy storage projects, causing project delays or rises in cost.
Coroplast Group; Sinbon Electronics Co., Ltd.; TE Connectivity; Phoneix Contact; Besen International Group Co., Ltd.; Dyden Corporation; Teison Energy Technology Co., Ltd.; General Cable Technologies Corporation; System Wire Cable; Aptiv; Leoni AG; Brugg eConnect; Ionity Gmbh; Chengdu Khons Technology Co., Ltd. are among the companies profiled in the EV charging cables market study. The market players are adopting organic and inorganic growth strategies to sustain the competitive edge. For instance, in April 2022, Tata Power signed an MoU with National Real Estate Development Council (NAREDCO) that entails installing 5,000 EV charging stations in Maharashtra, India. The agreement will include installation, maintenance, and up gradation of the individually installed chargers. Such initiatives by key players will contribute to the EV charging cables market growth during the forecast period.
The overall EV charging cables market analysis has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the EV charging cables market.
The process also serves the purpose of obtaining an overview and forecast of the EV charging cables market size with respect to all market segments.Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights.
The participants of this process include VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in EV charging cables market.
Read the full report: https://www.reportlinker.com/p06316353/?utm_source=GNW
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