Electric Vehicle (EV) Charging Cable Market Expected to Reach $ 1,277.7 million by 2026Download Sample Reports Overview
According to a study conducted by Research Dive, the global EV Charging cable market forecast size is expected to reach $ 1,277.7 million by the end of 2026, registering 31.5% CAGR over the forecast period.
The EV charging cables market is divided into alternate current charging and direct current charging. The alternate current charging cable market is anticipated to lead the market by 2026. Alternate current charging is majorly used in semi commercial and residential. AC type charging provides a low power output and the installation cost associated with this is also very low. Floor mounted EV systems are being preferred more when compared to wall-mounted EV across the globe due to the cost-effective underground wiring. Alternate current charging is anticipated to reach $ 543.0 million by 2026, growing at a CAGR of 33.2% during the projected period.
Coiled cables, also known as spiral cables, are projected to drive the market growth in the near future; this is majorly due to the ease of maintenance as they do not extend over the ground unlike straight cables, which avoids tripping hazard. Therefore, coiled cables are long-lasting when compared to straight cables. Moreover, these cables require less storage space over straight cables. The coiled cables segment is expected to upsurge the market growth accounting for $ 531.5 million in 2026 raising from $ 54.3 million in 2018, growing at a CAGR of 33.0%.
On the basis of charging level the market is categorized into level 1, level 2, and level 3. The level 3 charger is anticipated to drive the market during the forecasted period; this is majorly due to fast charging capabilities of level 3 charger. The Level 3 charger has the ability to charge a totally exhausted vehicle more than 80% in 15 minutes. Due to the growing demand for rapid charging of vehicles in many countries such as South Korea, China, and Japan, level 3 charging has witnessed a substantial growth.
Private charging stations accounted for the largest market value in 2018 accounting for $ 89.7 million. However, public charging stations is anticipated to drive the market in the coming years. The growth is majorly attributed to the number of charging stations that are being installed across the regions, such as highways, taxi stands, government offices, hotels, parking lots of commercial properties, shopping malls and airports. Public charging stations are being installed with high voltage charging units that have the ability to charge a vehicle in the least possible time.
Asia Pacific accounted for the major market share in 2018 valued at 31.70% accounting for $ 45.3 million and is expected to reach $ 396.1 million by 2026, growing at a CAGR of 31.1%. This growth is majorly attributed to the initiatives taken by various government bodies across this region, such as the governing bodies of India and China have identified the future prospective of the electric vehicles and hence adopted some initiatives to grab the attention of major electric vehicles manufacturers globally. The North American EV charging cables market is anticipated to experience the fastest growth, after Europe and Asia Pacific regions. Number of projects are being initiated by the U.S. and Canada governments to upsurge the number of public charging stations which is anticipated to boost the growth for EV charging cables market in North America region.
The key players in EV Charging cable market are General Cable Technologies Corporation., EV TEISON, SINBON Electronics Co., Ltd., TE Connectivity, PHOENIX CONTACT, BRUGG GROUP AG, Leoni AG, Aptiv, BASEN- Group, DYDEN CORPORATION and IONITY GmbH among many others. These key players are majorly concentrating on merger & acquisitions, partnerships, and new product development among others, to strengthen their presence across the globe. In September 2017, IONITY GmbH announced about the latest high power 350 kW DC electric vehicle charging stations that will provide compatible electric vehicles with a 350 km drive range charge in just 10 minutes.