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EV Charging Cable Market Overview
The public charging sector is set for strong growth during the forecast period.
Factors like increasing EV adoption, demand for fast charging cables, and government efforts to reduce carbon footprints are driving the electric vehicle (EV) charging cable market’s growth. – Allied Market Research
The global EV Charging Cable Market was valued at $0.67 billion in 2021 and is projected to grow to $3.45 billion by 2031, at a rate of 18.1% per year from 2022 to 2031. EVs require charging cables connected to outlets for their rechargeable battery packs. Notable manufacturers are investing in charging infrastructure and developing more efficient charging technologies.
Market Dynamics
As EV adoption increases and governments focus on carbon reduction, demand for fast charging cables is expected to grow. However, high operational costs and the rise of wireless charging may hinder market expansion. Nonetheless, the increasing number of public charging stations and advancements in cable technology will boost growth.
Market Segments
– **Power Type**: The DC charging segment had the largest market share in 2021 but the AC segment is expected to grow at the fastest rate of 19.4% from 2022 to 2031.
– **Application**: The private charging segment led the market in 2021, but public charging is anticipated to grow rapidly due to government initiatives.
– **Cable Length**: Cables between 2-5 meters have the highest growth potential.
– **Shape**: Coiled cables are expected to see significant growth.
– **Charging Level**: Level 2 charging is projected for notable growth.
Regional Insights
Asia-Pacific accounted for the largest market share in 2020 and is projected to maintain this lead, with a growth rate of 19.1% during the forecast period.
Key Players
Major companies in the market include EV Cables UK, Leoni AG, TE Connectivity, Prysmian S.p.A., and several others.
Conclusion
The growing focus on EV adoption and support for charging infrastructure is expected to significantly boost the EV charging cable market.
For more insights, download the sample report.
Contact Information
David Correa
Allied Market Research
+1 800-792-5285
email us here
Legal Disclaimer: This news content is provided “as is” without warranty of any kind. For any complaints related to this article, please contact the author.
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