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(I-AutoNewsWire.com, June 16, 2021 ) The global EV Charging Cables Market is projected to grow at a CAGR of 39.5%, to reach USD 3,173 million by 2027 from an estimated USD 431 million in 2021. The market growth can be attributed to the increasing installation of charging stations by various OEMs and electric vehicle supply equipment manufacturers. The increasing demand for e-mobility and high-power charging cables in developing regions has contributed to the growth of EV charging cables market. Also, the increasing demand of electric vehicle owners to charge their electric vehicles in the least possible time has compelled OEMs and EV charging cables manufacturers to develop technologically advanced EV charging cables. High power cables (HPC) enable drivers to charge their electric vehicles in minutes and travel longer distances.
Increasing concerns about the environment have compelled the governments of various countries to take several protective measures. Several countries are focusing on deployment of electric vehicles to reduce the increasing level of pollution. Currently, China is the world’s largest electric car market, followed by Europe and the United States. Heavy investments from automakers are expected to cater to the growing demand for electric vehicles and play a major role in the evolution of the electric vehicle market. Developing countries across the globe have understood the importance of e-mobility and formed policies to increase the adoption of electric vehicles. The increasing number of electric vehicles has, in turn, necessitated the need for a wide network of charging stations and created revenue generation opportunities for EV charging cables suppliers.
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Level 3 segment is expected to be the fastest growing market during the forecast period due to the increasing demand for DC fast chargers globally, especially in developed nations. Level 3 charging, commonly known as DC fast charging, charges through a 480V direct current (DC) plug. It can charge for driving 80 to 130 km in just 30 minutes. Special cables with self-cooling technology are deployed in these EV chargers to minimize loss of product lifecycle due to heating. Tesla’s Superchargers offer a better performance of approximately 270 km in 30 minutes. This type of charger is useful for longer trips, commercial cars (such as taxis), and drivers having limited access to home charging.
The 2-5 meters segment is estimated to be the largest market, by length of charging cables. The majority of the public charging stations and cables that come with the car having an average length of 3-5 meters. With growing sales of EVs and normal charging stations, the segment is expected to grow further. Europe is expected to be a potential market for EV charging cables with a length ranging from 2-5 meters. Most of the countries in Europe have adopted EV charging cables with a length ranging from 2-5 meters. However, the market in Asia Pacific is expected to lead the market during the forecast period. Short cables are widely used in countries such as China, Japan, and South Korea as they are less expensive and easy to handle
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The European region is estimated to be the second-largest market for EV charging cables during the forecast period. The high number of charging stations will fuel the demand for EV charging cables. According to the European Automobile Manufacturers Association, the region will have approximately 2 million charging stations by 2025. Germany is expected to be the largest market for EV charging cables in the region during the forecast period. The market growth in Germany can be attributed to the presence of leading automotive OEMs and initiatives undertaken by government agencies to increase the adoption of electric vehicles. The Netherlands, France, and the UK have a dense EV charging station network, which is also expected to drive the growth of the EV charging cables market.
Key Market Players:
The major market players include Leoni AG (Germany), TE Connectivity (Switzerland), BESEN Group (China), Aptiv (Ireland), Phoenix Contact (Germany), and Coroplast (Germany). These companies have strong distribution networks at a global level. In addition, these companies offer an extensive range of products. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
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Mr. Aashish Mehra