Sustainability focus and rapid charging cables are driving the EV charging cable market to a projected CAGR of 22.24% by 2034, according to Future Market Insights. Their report dives deeper into what’s fueling this growth, along with challenges and opportunities. Gain investment insights and market analysis to make strategic decisions.
/PRNewswire/ — The EV charging cable market is slated to have a valuation of US$ 2,281.63 million in 2024. The blossoming electric vehicle industry is spelling out positive things for the EV charging cable market. As sustainability concerns lead to a greater number of EVs populating streets, the need for EV charging cables is strengthened.
The EV charging cable industry is slated to progress at a CAGR of 22.24% through 2034. The government projects not only giving a boost to electrical vehicles but also to their accessories are set to see demand for EV charging cables skyrocket. As more charging stations get built, the infrastructure for the use of EV charging cables is improving, which is also marked to impact the market positively.
By the time 2034 rolls around, the EV charging cable market’s value is forecasted to hit US$ 16,992.56 million. The manufacture of EV charging cables allowing convenience to users in the form of home charging is envisioned to add considerable value to the market. Various fast charging cables are also slated to help the market’s value cross significant thresholds.
The market players are being helped by governments making the manufacture of EV charging cables easier. Cutting import duties and various other incentives are seeing the production of EVs and EV charging cables amplify.
Key Coverage in the EV Charging Cable Industry Report
- EV Charging Cable Market Size and Share Analysis
- sales of EV charging cables worldwide assessment
- coverage of growth opportunities for EV charging cable manufacturers
- Electric vehicle charging cables industry report
- Demand-side and Supply-side Trends Analysis of EV Charging Cable Industry
- EV charging cord market Investment Feasibility Matrix
- PESTLE and Porter’s Analysis
Download the Sample PDF report to explore key market insights and trends: https://www.futuremarketinsights.com/reports/sample/rep-gb-13262
“Technology like built-cooling systems and temperature sensors are seeing EV charging cables become more popular. With the help of technology and growing eco-consciousness, the EV charging cable market’s progress is being charted,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the EV Charging Cable Market
- The EV charging cable market is expected to be US$ 2,281.63 million in size in 2024.
- AC is the top power supply in the market. AC is expected to account for 92.0% of the market share in 2024.
- Fast 7-22 kW charging cables are the dominant cables when it comes to charging speed. For 2024, fast 7-22 kW charging cables are anticipated to account for 50.2% of the market share.
- India is expected to be a promising country in terms of progress for the market. The country is forecasted to have a CAGR of 35.4% from 2024 to 2034 in the market.
- Japan and Australia are poised to be lucrative countries for the market. For the forecast period, the CAGR for Japan and Australia is predicted to be 29.2% and 26.9% respectively.
- The market is expected to progress at a CAGR of 25.6% in Canada.
Competition Analysis of the EV Charging Cable Market
To keep up with rapid technological developments, a considerable amount of investment is being put into Research and Development. Variety in product offerings is also sought. Some of the prominent companies in the market include OSRAM Licht AG, Phoenix Contact, DYDEN Corporation, and Prysmian S.p.A.
Recent Developments in the EV charging cable Market
- In March 2024, the EZLift cable management system for EVs was launched by FLO.
- In June 2022, Kempower’s S-Series got an upgrade with the introduction of fast-charging liquid-cooled cables.
Purchase now and gain full access to the EV Charging Cable Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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