Electric Vehicle Charging Cable Market Landscape Assessment By Type, Opportunities And Higher Mortality Rates By 2031

Electric vehicles (EVs) are installed with rechargeable battery packs, which can be charged through public or private station outlets.

PORTLAND, OR, UNITED STATES, June 1, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Electric Vehicle Charging Cable Market,” The global electric vehicle charging cable market was valued at $0.67 billion in 2021, and is projected to reach $3.45 billion by 2031, growing at a CAGR of 18.1% from 2022 to 2031.

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Electric vehicles (EVs) are installed with rechargeable battery packs, which can be charged through public or private station outlets. Thus, to charge the electric vehicles, EV charging cables are used in infrastructure (charging station) to charge them. These cables have two ends, one of which is attached to a connector & plugged into the electric vehicle, and the other into the charging point. The charging cable for electric vehicles supports a variety of charging modes in different regions.

Presently, the leading EV charging cables manufacturers are investing significantly in EV charging infrastructure along with research & development for faster and efficient charging methods. For instance, in April 2019, Leoni AG launched & illustrated wide variety of its cables as well as solutions at the Electric & Hybrid Technology Expo, Stuttgart especially for fast charging technology, power supply with high-voltage cables as well as its LEONiQ digital cable technology. The new technology is equipped with liquid-cooled charging systems that contributes to ensure the temperatures in the cable and connector.

Covid-19 Scenario

Manufacturing activities of components of electric vehicle charging cable were stopped completely or partially due to lockdown restrictions. Moreover, small tier II and tier III manufacturers faced liquidity issues.
In addition, the market was dependent on the global supply chains for core technology services. Disruptions in supply chain led to stoppage of manufacturing activities and hindered daily operations.
The slowdown in demand & production presented a strong ripple effect on the global EV manufacturers and impacted the EV supply chains worldwide.

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Factors such as the increasing adoption of EVs have amplified the EV charging cables market. Additionally, government concerns over reducing carbon footprints are driving the market of EV charging cables. Besides, the demand for fast charging cables would proliferate the market growth. However, high operational costs of EV charging cables and adoption of wireless EV charging technology would hamper the market growth. Further, rocketing infrastructural developments of public EV charging station and advancements in EV charging cable technology will propel electric vehicle charging cable market growth.

KEY FINDINGS OF THE STUDY

By power type, AC charging segment dominated the global EV Charging Cable market in 2021, in terms of growth rate.
On the basis of application, the public charging segment is anticipated to exhibit a remarkable electric vehicle charging cable industry growth during the forecast period.
On the cable length, the 2 meter to 5 meter segment is the highest contributor to the EV Charging Cable market in terms of growth rate.
By shape, the coiled segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of charging level, the level 2 segment is anticipated to exhibit a remarkable growth during the forecast period.
By region, the Asia-Pacific holds majority of market share during the forecast period.

AG Electrical Technology Co., Ltd., 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, and TE Connectivity are some of the leading players operating in the EV charging cable market.

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