PUNE, India, March 18, 2020 /PRNewswire/ -- According to Research Dive, the global EV charging cable market will reach 1,277.7 million by 2026, increasing at 31.5% CAGR from $142.9 million in 2018.
The key factors for the market growth are rising adoption of electric vehicles, substantial growth of electric supply for equipment and growing demand for fast charging cables across the globe. Additionally, various initiatives taken by the governments to encourage the adoption of electric vehicles is another key growth factor for the EV charging cables market.
The global market is analyzed on the basis of power supply type into alternated charging, and direct charging. Among these, the alternate charging market is expected to drive the EV charging cables market growth due to the rapid growth in the usage of electric vehicles across the globe and rising demand for electric charging stations for private charging.
On the basis of shape, the global market is analyzed into straight cable and coiled cable. Among these, the market for straight cable held the largest market share in 2018 valued at 62.0%, accounting for $ 88.6 million. Coiled cable is anticipated to drive the EV charging cable market growth in the recent years; this is majorly due to the various properties that are possessed by these cables such as, longer life span, and less space occupancy when compared to wired cables. Coiled cables segment is anticipated to account for $ 531.5 million by 2026, growing at a CAGR of 33.0% during the projected period.
The global market is analyzed on the basis of charging level, into level 1, level 2, and level 3. Among these, level 1 charging has generated the largest market size in 2018. The level 3 EV charging cables is accounted for fastest growing market size and is anticipated to grow with highest CAGR of 32.6% during the projected time period.
The market is categorized on the basis of jacket material into rubber jacket, thermoplastic elastomer jacket and polyvinyl chloride jacket. Among these, the rubber jacket has accounted for highest EV charging cable market size in the 2018 and is anticipated to continue its growth with reasonable rate of 31.2% CAGR during the forecast timeframe. Thermoplastic elastomer jacket will experience a noteworthy growth in the projected period and is estimated to account for $ 497.04 million by the end of 2026, growing at a rate of 32.5%.
Based on end use, the global market is bifurcated into private charging and public charging. Among these, the private charging application held the majority of the EV charging cable market share in 2018, which was 62.8%. This growth is attributed to wide usage of these electrical vehicle charging stations for private charging. Along with private charging, the market for public charging will experience a significant growth in the coming years and is anticipated to account for $ 531.5 million by the end of 2026.
The global EV charging cable market has been classified into North America, Europe, Asia-Pacific, and LAMEA. The Asia-pacific region led the global EV charging cable market size with over $45.3 million in 2018 and is projected to continue its dominance with a growth rate of 31.1% CAGR during the forecast period. This dominance is majorly owing to rapid growth in the adoption rate of electric vehicles in this region. The market for North America region is projected to experience a notable growth, with a CAGR of 32.1% and is estimated to register a revenue of $303.5 million by the 2026.
Top gaining participants of global EV charging cable market are SINBON Electronics Co., Ltd., EV TEISON, PHOENIX CONTACT, TE Connectivity, BRUGG GROUP AG, BASEN- Group, Leoni AG, Aptiv, IONITY GmbH, General Cable Technologies Corporation., and DYDEN CORPORATION among many others. These key participants are concentrating on product improvements, mergers & acquisitions, collaborations and new product launches to gain majority of the market share in the overall EV charging cable industry.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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