EV Charging Cable Market is Expected to Surpass USD 3955 Million by 2030 at a CAGR of 24.99% from 2022 to 2030; Various Government Incentives and Subsidies for Boosting the Adoption of Electric Vehicles to Elevate Market Growth
The EV charging cable market is a fast-evolving industry with immense growth potential, making it an attractive opportunity for investors and businesses. In this dynamic market, it is crucial to stay competitive by staying informed about the latest trends and developments. SkyQuest's research report provides valuable insights and information that can assist stakeholders in making informed decisions. In addition, its insights can help stakeholders understand the market's changing landscape and identify opportunities for growth and investment.
Westford USA, March 24, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region is projected to emerge as a game-changer in EV charging cable market, with high competition from North America. The global industry is witnessing unprecedented growth due to the increasing focus on sustainable mobility and the growing concerns over environmental pollution. The world is witnessing a surge in the installation of charging infrastructure, which is expected to boost the demand for EV charging cables in the coming years. Companies are focusing on expanding their product portfolios and improving their distribution networks to gain a competitive edge in the market.
According to SkyQuest's research report, the electric vehicle (EV) market in the United States is seeing a significant surge in sales, with over 165,000 units of battery EVs sold in the first quarter of 2022 alone. This figure represents a remarkable year-over-year increase of approximately 72 percent compared to the same period in 2021. This impressive growth in EV sales indicates a positive outlook for the EV charging cable market, as more and more consumers are embracing electric cars as a viable alternative to traditional gasoline-powered vehicles. With the increase in EV ownership, there is a growing demand for charging infrastructure, including cables.
Browse in-depth TOC on the "EV Charging Cable Market"
Pages - 157
Tables - 192
Figures - 81
An EV charging cable is a device used to connect an electric vehicle (EV) to a power source for charging the vehicle's battery. These cables come in different sizes and shapes, depending on the type of EV and the charging capacity required. Most EVs have a built-in charger that converts the incoming AC power to DC power, which is then stored in the battery. The charging cable plays a crucial role in this process, as it acts as a conduit for the electrical current to flow between the power source and the vehicle.
Prominent Players in EV Charging Cable Market
Volex
Coroplast
Aptiv
Leoni AG
Yangzhou Teison New Energy Co., Ltd.
Dyden Corporation
Chengdu Khons Technology Co. Ltd.
TE Connectivity
Phoenix Contact
General Cable Technologies Corporation
Systems Wire Cable
Allwyn Cables
Prysmian S.p.A.
SINBON Electronics
Eland Cables
Elkem ASA
BESEN-Group
Brugg Kabel AG
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Coiled Cable Segment to Bring Significant Revenue Share Thanks to Its Design Preventing Tangling, Which Reduces the Risk of Damage to the Cable
In 2021, the coiled cable segment of the EV charging cable market experienced substantial growth. This trend is expected to continue and even accelerate from 2022 to 2030. As more consumers switch to EVs, the demand for charging infrastructure, including cables, is also rising. Coiled cables are a popular choice for EV charging because they offer flexibility and ease of use. These cables can stretch and contract as needed, making them convenient for charging in various locations. In addition, coiled cables' longevity can help reduce maintenance costs and ensure reliable charging for EV owners.
In 2021 the electric vehicle (EV) market saw significant growth, and as a result, the demand for EV charging cables has risen substantially. One region that has emerged as a key player in the EV charging cable market is Asia Pacific. The Asia Pacific region has experienced increased EVs on its roads, primarily due to the rise in government initiatives promoting EV adoption. This has increased the demand for EV charging infrastructure, including charging cables. In addition, the growing awareness of the benefits of electric vehicles, such as reduced emissions and cost savings, has led to a surge in consumer interest in EVs and, by extension, EV charging cables.
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Private Charging Segment to Drive High Traction as It Enables Owners to Schedule Their Charging Sessions and Monitor Their Energy Usage
According to market research, the private charging segment dominated the EV charging cable market in 2021, and this trend is expected to continue into the foreseeable future. Moreover, the surge in the segmental growth of the private charging segment is expected to continue from 2022 to 2030, driven by the increasing adoption of EVs and the development of more affordable and efficient charging technologies. With a private charging station, EV owners can conveniently charge their vehicles overnight or during the day without worrying about waiting in line or paying high fees.
In recent years, the electric vehicle (EV) industry has been growing rapidly, as has the demand for EV charging cables. North America is one of the regions where the growth of the EV charging cable market has been particularly noticeable, with continued positive growth in 2021 and expected high momentum by 2030. As per SkyQuest's insights, the US government has revealed an ambitious plan to invest USD 3.1 billion in the domestic manufacturing of electric vehicle (EV) batteries. Therefore, the EV industry's growth will also directly impact the market, presenting a lucrative opportunity for manufacturers to capitalize on the growing demand. In addition, as more consumers switch to electric vehicles, the demand for charging infrastructure has grown.
SkyQuest, a well-known market research firm, has recently released a detailed report on the EV charging cable market. Furthermore, the report delves into the market's competitive landscape, providing insights into key players and their respective market shares. This information can benefit businesses looking to enter or expand their market share. Additionally, the report covers recent advancements and innovations in the market, highlighting the technological developments and advancements driving the industry's growth.
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Key Developments in EV Charging Cable Market
Tesla, the electric vehicle company, has deployed its latest and most advanced Supercharger V4 technology. It features a new liquid-cooled cable design allowing faster charging and a more reliable connection. It also has a new charging curve that optimizes the charging speed based on the battery's state of charge, making the charging process more efficient and reducing the overall charging time.
Autel Energy, a leading electric vehicle (EV) charging solutions provider, has announced the release of its latest product, the AC Ultra EV charger. Another important feature of the AC Ultra is its charging cable management system. This system helps to keep the charging cable organized and tangle-free, which makes it easier for users to connect and disconnect their EVs. In addition, the charging cable is also long enough to provide users with flexibility in where they park their EVs.
Keysight, a leading technology company, has recently announced the expansion of its E-Mobility charging test portfolio. In addition, the company has added new products and solutions to help accelerate the development and deployment of electric vehicles (EVs) and their charging infrastructure.
Key Questions Answered in EV Charging Cable Market Report
How do technological advancements impact the growth of the global market, and which sectors are most affected by these advancements?
What role does government regulation play in shaping the growth of the global market, and how can stakeholders navigate these regulations to remain competitive?
How do shifting consumer preferences impact the global market, and what steps can industry players take to respond to these changes?
What emerging trends are likely to shape the future of the global market, and how can businesses adapt their strategies to capitalize on these trends?
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