EV Charging Cables Market is anticipated to grow at a CAGR of 28.8% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “EV Charging Cables Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global EV charging cables market accounted for over US$ 206.20 million in 2019. It is anticipated to grow at a CAGR of 28.8% from 2020 to 2030.
The automotive industry is facing a slowdown in terms of sales across the globe owing to the strict lockdown in many countries amid the COVID-19 pandemic. As a result, there is a huge drop in the sale of electric vehicles. For instance, the sale of BYD Auto Co. Ltd. an established Chinese electric vehicle manufacturer declined by approximately 79% due to the COVID-19 pandemic. This will further hamper growth of the electric vehicles charging cable market. Additionally, there is a big drop in the manufacture of electric vehicle charging cables due to the lack of laborers. Most electric vehicle charging infrastructure development projects have been halted due to the COVID-19 pandemic, further limiting market growth.
On the other hand, China has taken prompt measures to prevent the negative effects of the COVID-19 pandemic on its charging station market. For instance, according to the Corporate Electric Vehicle Alliance, about 714,000 privately-owned and 531,000 public charging stations were installed in China at the end of February 2020. Every wired charging station is equipped with charging cables. Hence, growth in China’s charging station market is supplementing growth of the charging cable market during the present situation of COVID-19. New electric vehicle charging infrastructure project announcements by the governments across the globe are fuelling market growth. Increasing investments by the key players to develop better EV charging cable solutions in the market are expected to create new opportunities in the market.
Moreover, the increasing popularity of compact fast EV charging stations and the growing installations of private charging stations across the globe are propelling market growth. However, the decreased sale of electric vehicles across the globe and slowdown in the construction of public electric vehicle charging infrastructure are expected to hamper market growth. Also, the increasing popularity of fuel cell electric vehicles will act as a limiting factor in the market. Moreover, expensive DC charging cables and advancements in the wireless electric vehicle charging technology are restraining the EV charging cable market.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, EV Charging Cables Market By Charging Level (Level 1, Level 2, and Level 3/DC Fast Charging), By End-Use (Private Charging and Public Charging), By Charging Plug (CHAdeMO and Combined Charging System (CCS)) – Global Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/ev-charging-cables-market/342
Asia Pacific accounted for the largest market share in 2019. It is also expected to grow at the highest CAGR during the forecast period. The growth for this region can be attributed to China holding more than 40% of the total electric vehicle market share worldwide. Also, government initiatives, such as tax benefits and incentives to support the adoption of electric vehicles, are supplementing market growth in this region.
Some of the prominent players in the EV charging cables market include LEONI AG/ADR, TE Connectivity, BESEN-Group, DYDEN CORPORATION, Coroplast Fritz Müller GmbH & Co. KG, PHOENIX CONTACT, and BRUGG eConnect, among others.
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