New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- The latest report published by Research Dive states that the global EV charging cable market is predicted to garner a revenue of $1,277.7 million by 2026 increasing from $142.9 million in 2018 at a stable CAGR of 31.5% from 2019-2026.
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Market Dynamics
Growth: The use of electric vehicles has surged over the years which has led to changes in the way EV chargers function. Due to their extensive use, most individuals require cables that are capable of charging the vehicle at a faster pace. This requirement has led to the global EV charging cable market growing rapidly.
Restraints: On the contrary, the production charge of these cables is comparatively high as the cables absorb the required charge straight from the source that is the power grid. This has resulted in a hindrance in the growth of the market in the analysis period.
Segmental Analysis
The report has categorized the market into multiple segments based on power supply type, cable length, shape, charging level, jacket material, and application.
Direct Charging Sub- Segment Set to Dominate the Market
By power supply type, the direct charging sub-segment is predicted to dominate the market with a rise in revenue from $61.6% in 2018 to over$88.0 million by 2026 at a CAGR of 30.4% in the analysis period. The segment also held a significant share in the market of 61.6% thus adding to the growth of the segment.
2 to 5 Meters Sub-Segment To Gain Highest Marker Share
By cable length, the 2 to 5 meters sub-segment is predicted to witness an increase in revenue of $511.1 million by 2026 and is further set to rise at a CAGR of 31.7% in the analysis period. Several places around the world have been observing the establishment of private EV charging stations which are set to add to the growth of the segment.
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Coiled Cables Sub-Segment Expected to Gain Momentum in the Market
By shape, the coiled cables sub-segment is predicted to gain significant revenue in the analysis period. Coiled cables are easier to maintain due to which they last longer and can be used repeatedly. The coils also do not require plenty of storage as they can contract easily. These factors are predicted to add to the growth of the segment.
Level 3 Charging Expected to Gain the Highest Revenue
By charging level, the level 3 charging sub-segment is anticipated to garner a revenue of $3990.9 million further rising at a CAGR of 32.6% from 2019-2026. These chargers can recharge a fully drained battery to over 80% in 20 minutes which is one of the primary reasons for a rise in demand for fast chargers. This has led to the rapid growth of the segment.
Rubber Jacket Sub-Segment Predicted to Dominate the Market
By jacket material, the rubber jacket sub-segment is set to witness a tremendous surge in revenue from $59.30 million in 2018 to over $521.31 million by 2026 at a healthy CAGR of 31.2% in the analysis period.
Public Charging Sub-Segment Anticipated to Experience Rapid Growth
By application, the public charging sub-segment is predicted to grow at a faster pace in the market. With public charging stations being set up at multiple locations such as hotels, highways, airports, and shopping malls, people are able to charge their vehicles in a shorter duration. These factors are set to add to the growth of the segment.
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Regional Analysis
The Asia-Pacific region garnered a revenue of $45.3 million in 2018 and is predicted to add to the growth of the market with a rise in revenue at a steady CAGR of 31.1% in the forecast period.
Key Market Players
The report contains a list of notable market players of the global sulfamic acid market who have been ensuring the constant growth of the market. They are as listed below:
- EV Teison
- SINCON Electronics Co, Ltd
- TE Connectivity
- BASEN Group
- Aptiv
- Dyden Corporation
- General Cable Technologies Corporation
- Phoenix Contact
- Brugg Group AG
- Leoni AG
- Ionity GmbH
These players are currently focusing on R&D activities, mergers &acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market. For instance, in January 2020, IONITY, a joint venture involving pioneers of the automobile industry such as Ford Motor Company and BMW Group, was approached by ABB to provide over 324 new 350 kW electric vehicle chargers. These chargers are set to be transported to over 24 different nations and are a part of the organizations expansion into the second phase.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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