The global electric vehicle charging cable market is expected to gain traction from the increasing evolution of fast charging infrastructures. This is resulting in the rising usage of public charging points by electric vehicle (EV) owners because of their ability to deliver full charging of those vehicles in less span of time. This information is given by Fortune Business Insights™ in a new report, titled, “Electric Vehicle Charging Cable Market Size, Share Industry Analysis, By Application (Public Charging, Private Charging), By Length (Below 5 meters, 6 meters to 10 meters and Above 10 meters), By Charging Level (Level 1, Level 2 and Level 3), By Power Supply (Alternative Charging (AC) and Direct Charging (DC)), By Shape (Straight Cable and Coiled Cable) and Regional Forecasts, 2020-2027.” The report further states that the electric vehicle charging cable market size was USD 516.6 million in 2019 and is projected to reach USD 1244.3 million by 2027, exhibiting a CAGR of 22.1% during the forecast period.
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Fortune Business Insights™ lists out the names of the electric vehicle charging cable manufacturers operating in the global market. They are as follows:
- TE Connectivity
- Phoenix Contact
- BESEN Group
- Leoni AG
- Other prominent companies
Rising Demand for Power Grids Charging Terminals to Boost Growth
The increasing usage of electric vehicles is surging the demand for established charging terminals and power grids. This would aid the vehicles to operate smoothly. Besides, government agencies of various countries are implementing stringent laws and regulations to curb the emission of carbon in the atmosphere. This is leading to the rising adoption of EVs, which, in turn, would accelerate the electric vehicle charging cable market growth in the coming years. However, the high cost associated with fast electric vehicle charging cables may hamper growth.
Asia Pacific to Lead Stoked by Increasing Usage of Electric Vehicles in China
Geographically, in 2019, Asia Pacific held USD 254.4 million in terms of revenue and would retain its dominant position throughout the forthcoming years. China is likely to be the major contributor to this growth owing to the increasing usage of electric vehicles in this country. Europe, on the other hand, is set to showcase an exponential growth fueled by the implementation of government laws and regulations to reduce emissions. This is compelling people to purchase electric vehicles, thereby augmenting the demand for EV charging cables.
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Key Players Focus on Acquisitions New Product Launches to Cater to High Demand
The global market for electric vehicle charging cables is fragmented with the presence of multiple automakers. They are trying to launch state-of-the-art products for catering to the high demand from people worldwide. Some of the others are engaging in the strategy of merger acquisition to co-develop new electric vehicle charging cables. Below are two latest industry developments:
- August 2020: Tritium unveiled its RT175-S smart charging system in the U.S. It will be able to power electric vehicles in 15 minutes by charging it to 80% on average.
- March 2020: TE Connectivity Ltd. acquired 71.87% shares of First Sensor AG. TE will now be able to deliver a broad product base with the help of the portfolios of both companies.
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