According to the new research report on "EV Charging Cables Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 3,551.78 million by 2028, registering a CAGR of 38.0% from 2022 to 2028.
The deployment of EV charging infrastructures in private carports, service stations, rest areas on expressways and freeways, public parking lots, restaurant and retail parking lots, gas stations, and public parking garages is expected to drive the growth of the EV charging cables market. This is due to the increasing sales of electric vehicles and the growing need for EV charging facilities in public places. As the automobile industry in developed and developing economies shifts from IC engines to electric vehicles, many players in the EV charging cables market are investing in R&D to meet the changing demands of customers and reduce carbon emissions. Moreover, the increasing demand for electric vehicles in countries such as India, the UAE, South Korea, Thailand, and Indonesia is driving the need for charging infrastructures, thereby boosting the growth of the EV charging cables market.
The soaring demand for trucks and SUVs, as well as compact sedans, has led to a surge in automobile sales, with Toyota, Hyundai, Nissan, Subaru, and Kia all reporting double-digit increases. In 2020, global vehicle production reached a staggering 78 million units, with China, Japan, and Germany emerging as leading automobile and commercial vehicle manufacturers. With such high levels of vehicle production, the electric vehicle (EV) manufacturing sector is also gaining momentum. Some Original Equipment Manufacturers (OEMs) are even considering reconfiguring their product lines to exclusively produce electric vehicles, which could have an impact on the size of the EV charging cables market. Several major players in the automotive industry have already announced their plans to shift towards electric vehicles. Volvo has pledged to sell only electric cars from 2030, General Motors plans to provide only electric Light-Duty Vehicles (LDVs) by 2035, and Ford intends to sell only electric cars in Europe from 2030. Volkswagen is aiming for 70% electric car sales in Europe and 50% in the US and China by 2030, while Stellantis is targeting 35% electric car sales in the US and 70% in Europe. Furthermore, many truck manufacturers such as MAN, Daimler, Scania, and Renault are also embracing the electric future. All of these developments are expected to drive growth in the EV charging cables market share during the forecast period.
The market for EV charging cables is categorized based on various factors such as application, power type, cable length, charging level, jacket material, shape, charging cable type, and IEC mode. The EV charging cables market is divided into private and public segments based on their application, with the private segment currently dominating the market in 2021. The private segment is expected to maintain its dominance in the foreseeable future as governments take measures to encourage the installation of private EV charging infrastructure. However, the public segment is anticipated to grow at a faster pace during the forecast period due to the increasing demand for EVs worldwide and the consequent reliance on public charging infrastructure, which the government is planning to install in various public locations.
Key Findings of EV Charging Cables Market Study
The global EV charging cables market is segmented into three major regions: North America, Europe, and RoW including APAC, MEA, and SAM. In 2020, about 370 electric car models were available worldwide, i.e., a 40% increase from 2019. Asia has the most comprehensive offering and a less consolidated automotive sector, making it the world's largest EV market destination. However, in 2020, a massive rise in the number of electric vehicle models was witnessed in Europe. The UK, France, Norway, and Sweden witnessed high demand for electric vehicles. Also, the private sector worldwide is demanding zero-emission commercial vehicles, which is compelling OEMs to manufacture EVs. DHL Group, FedEx, Amazon, SF Express, Walmart, Suning, UPS, and many more are creating demand for commercial electric vehicles to contribute toward lowering carbon emission in the environment.
The availability of fast chargers worldwide is another significant factor impacting the size of the EV charging cables market. In Europe, the rate of introduction for fast chargers has been higher than that of slow chargers, with over 38,000 public fast chargers currently in operation as of 2021, representing a 55% increase from the previous year. Germany has about 7,500 fast chargers, France has 4,000, the UK has 6,200, and the Netherlands has 2,000. The US has 17,000 fast chargers, with roughly 60% being Tesla superchargers. In South Korea, there are 9,800 fast chargers. The availability of large quantities of fast chargers is expected to drive an increase in the EV charging cables market share.
The Indian government has implemented various policies to encourage the development of charging infrastructure networks within the country. Additionally, the transition to electric mobility is a critical global strategy for reducing carbon emissions in the transportation sector. India is one of the few countries that supports the global EV30@30 campaign, which aims to ensure that at least 30% of new vehicle sales are electric by 2030. Efforts to promote the sales of electric vehicles will directly impact the demand for the development of charging infrastructure. Moreover, governments worldwide are increasingly offering consumer incentives, tax exemptions, and purchase-price subsidies to encourage EV purchases. This factor is expected to contribute to the proliferation of the EV charging cables market globally.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com