EV Charging Cables Market Size, Growth, Statistics and Forecast 2028

According to a new research report published by Premium Market Insights, “ The EV charging cables market  is projected to grow from $513.36 million in 2022 to $3.55178 billion by 2028. It is projected to grow at a CAGR of 38.0% from 2022 to 2028.

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EV charging cable market analysis for rest of the world includes Asia Pacific, Middle East & Africa (MEA), and South America market research. The Asia Pacific region is the leading and fastest growing region in terms of automotive manufacturing due to its extensive manufacturing facilities in China, India and Japan. the presence of a huge consumer base; Operations of major automakers in the region. Thus, the EV charging cable market in the region is primarily driven by burgeoning EV production capacity and technological advancements. China is the largest EV market in the Asia Pacific region with a predominance of charging stations. The country has numerous publicly owned (more privately owned) EV charging stations capable of charging most non-proprietary electric vehicles on the road. For example, as revealed by the China Electric Vehicle Charging Infrastructure Promotion Association (EVCIPA) report, China successfully built 87,000 new public EV charging stations in just one month in May 2022, compared to the number reported in 2021. % increased.

China, South Korea, and Japan are among the major countries generating massive EV demand in the Asia-Pacific region, which are influencing the EV charging cable market. Aside from these three, India and Singapore are likely to see exponential growth in EV sales in the Asia Pacific region over the next few years. In recent years, environmental safety concerns have received significant attention in the region. Therefore, OEMs are focusing on introducing energy efficient technologies to reduce CO2 emissions. Manufacturers in the EV charging cable market are investing in developing products with higher fuel efficiency and specific power output. Government incentives that focus on eliminating reliance on gasoline and diesel and promote EV use are the two main factors boosting EV manufacturing and sales in the Asia Pacific region. EV sales in Asia surged ~75% in 2021, according to a market research study reported by the International Energy Agency (IEA). In 2030, total annual EV sales in Asia will peak at ~10.9 million units, up from more than 1.4 million units expected in 2029. According to the International Energy Agency’s (IEA) Global EV Outlook 2021, China has the largest fleet with 4.5 million electric vehicles in 2020. According to a report published in March 2022, India is expected to witness ~48,000 more EV charging points over the next 3-4 years, owing to an investment of around $150 million (~INR 14,000 crore). According to a report by ICRA, a domestic credit rating agency, charging infrastructure in the Asia Pacific region will further increase in the coming years as EV penetration rates increase in the two-wheeler, three-wheeler and bus sectors. Additionally, electric two-wheelers will account for ~13-15% of total new vehicle sales through FY2025, while electric three-wheelers and electric buses will account for more than 30% and 8-10%, respectively, by FY2025. India currently has fewer than 2,000 public charging stations, most of which are only in a few states and mostly in urban areas. These developments in economically developed regions are contributing to the growth of the EV charging cables market.

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Except for some developed countries including Japan and Singapore, the Asia Pacific region is still considered a developing country. The lack of necessary healthcare infrastructure in developing countries was the main reason for the increase in the number of cases recorded in 2020. According to the Organization for Economic Cooperation and Development (OECD), the COVID-19 pandemic has affected major economies such as India, Australia and Japan. Due to inadequate medical and pharmaceutical facilities, government authorities have had to impose restrictions on the limited number of people on production sites. In China, where the share of EVs was higher than in Europe throughout 2019, sales in the first half of 2020 declined slightly to about 4.2%. The underlying reason may be China’s lower insurance premiums for electric car purchases. The COVID-19 pandemic has negatively impacted China’s green energy sector, including renewable energy sources, battery energy storage, electric vehicles (EVs), and renewable heating and cooling. Besides, decrease in customer demand due to low labor migration will influence the EV charging cable market growth in the coming years. Even Tesla’s gigafactory in Shanghai hinted at possible supply shortages in the US, UK and Australia. Supply constraints also negatively impact the global EV charging cable market with energy storage projects, causing project delays or rising costs.

the coroplast group; Shinbon Electronics Co., Ltd.; TE connectivity; Phoenix Contact; Bessen International Group Ltd.; Dyden Corporation; Teison Energy Technology Co., Ltd.; general cable technology construction; system wire cable; aptiv; Leonie AG; Brug eConnect; Ionity Gmbh; Chengdu Khons Technology Co., Ltd. is one of the companies profiled in the EV charging cables market study. Market players are adopting organic and inorganic growth strategies to maintain a competitive edge. For example, in April 2022, Tata Power signed a MoU with NAREDCO (National Real Estate Development Council) which entails installing 5,000 EV charging stations in Maharashtra, India. The contract covers the installation, maintenance and upgrade of individually installed chargers. These initiatives by major players will contribute to the EV charging cables market growth during the forecast period.

A complete EV charging cable market analysis was derived using both primary and secondary sources. To initiate the research process, a thorough secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the EV charging cables market. This process also aims to obtain an overview and forecast of the EV charging cables market size with respect to all market segments. In addition, several primary interviews were conducted with industry participants and commentators to validate the data and gain more analytic insights. Participants in this process include VPs, Business Development Managers, Market Intelligence Managers, and Country Sales Managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the EV charging cable market.

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