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EV Charging Cables Market Forecast 2022-2028

The growth of the global EV charging cables market can be attributed to the increasing demand for electric vehicles for private and commercial use due to growing awareness of carbon emissions, along with favorable government initiatives, such as European Unionu2019s CO2 emissions standards. Furthermore, the development of charging points in different countries owing to public-private ownership is anticipated to boost the demand for the EV charging cables during in the forecast period.

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EV Charging Cables Market Forecast 2022-2028

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  1. Global EV Charging Cables Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2022-2028

  2. Global EV Charging Cables Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global EV charging cables market was worth USD 430.9 million in 2021. According to the study, the market is estimated to grow at a CAGR of 39.4%, earning revenue of around USD 4,402.0 million during the forecast period (2022-2028). The growth of the global EV charging cables market can be attributed to the increasing demand for electric vehicles for private and commercial use due to growing awareness of carbon emissions, along with favorable government initiatives, such as European Union’s CO2 emissions standards. Furthermore, the development of charging points in different countries owing to public-private ownership is anticipated to boost the demand for the EV charging cables during in the forecast period.

  3. Growth Drivers  Rising Adoption of Electric Vehicles The growing demand for electric vehicles is emerging as the major driving factor for the global EV charging cable market. Electric vehicles are becoming increasingly popular due to volatile fuel prices, along with an increasing awareness of carbon emissions and footprint. According to the International Energy Agency, more than 10 million electric cars were registered worldwide in 2020 with about 3 billion new electric cars registered in the same year despite the pandemic restrictions. Sample Copy: https://www.blueweaveconsulting.com/report/ev-charging-cables-market/report-sample

  4. Restraints  High Upfront Cost of EV Charging Cables The high cost of EV charging cables acts as a major restraining factor for the growth of the market. An EV charging cable costs between USD 1000 and USD 2500, depending on the brand, station, and region. The high cost of these cables is estimated to be the result of the production and testing phases which alone can cost over 30,000 Euros (approx. USD 33,000). The high cost may limit the sales of EV charging cables, negatively impacting its market growth.

  5. Impact of COVID-19 The COVID-19 pandemic proved to be a huge challenge for the global EV charging cables market during its initial outbreak. This is because the manufacturing and production operations of electric vehicles and their components, including charging cables, were completely halted during the lockdown. However, the pandemic is expected to provide lucrative growth opportunities to the market during the forecast period. In response to the global COVID-19 situation, the topic of sustainability came to the forefront, which is expected to spur the demand for personal and commercial electric vehicles, which in turn, will drive the demand for EV charging cables.

  6. Regional Insights Geographically, the EV charging cables market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among these, the Asia-Pacific region dominates the EV charging cable market. China and Japan are emerging as manufacturing hubs for EV charging cables which are boosting the accessibility to these products, propelling the overall market growth. Moreover, the growing investment in the adoption of electric vehicles and construction of charging stations in emerging economies such as India, China, South Korea, etc., is expected to provide lucrative growth opportunities for the EV charging cables market.

  7. Competitive Landscape The leading players in the EV charging cables market are Leoni AG, Brugg Group, TE Connectivity Ltd., Eland Cables, Besen International Group Limited, Systems Wire, and Cable LLC, Phoenix Contact, EV Teison, Coroplast Group, Sinbon Electronics Co., Ltd., Chengdu Khons Technology Co., Ltd., Dyden Corporation, General Cable Technologies Corporation, Aptiv plc, AG Electrical, OMG EV Cables, Alishan Cable Industries, 3Q Wire & Cable, MustartPower, and other prominent players.

  8. Recent Development • In September 2021, Bosch, a German engineering and technology company, revealed its new flexible charging cable for electric vehicles without the ‘charging brick’ with integrated universal charging technology. • In August 2021, Zero Emission Vehicles Ltd. announced the launch of British-made EV charging cables with lightweight connectors for the UK market.

  9. Key Players Leoni AG, Brugg Group, TE Connectivity Ltd., Eland Cables, Besen International Group Limited, Systems Wire, and Cable LLC, Phoenix Contact, EV Teison, Coroplast Group, Sinbon Electronics Co., Ltd., Chengdu Khons Technology Co., Ltd., Dyden Corporation, General Cable Technologies Corporation, Aptiv plc, AG Electrical, OMG EV Cables, Alishan Cable Industries, 3Q Wire & Cable, MustartPower, and other prominent players.

  10. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  11. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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