EV charging cables market is likely to witness an impressive CAGR of 31.5% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on EV charging cables market
EV charging cables market is likely to witness an impressive CAGR of 31.5% during the forecast period. The prime factor contributing to the demand for EV charging cables is mainly the increasing development in the EV infrastructure in the emerging economies along with the mounting adoption of electric vehicles, and growing requirement for fast charging cables.
Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, South Korea, and India being the major countries with lucrative growth opportunities. The growth of the market is mainly driven by the increasing adoption of electric vehicles in the region. Increased spending to support infrastructure for electric vehicles is expected to further drive the region’s market.
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Report Scope & Market Segmentation
EV Charging Cables Market Share: By Power Supply Type
Based on the power supply type, the market is segmented as AC and DC. The AC segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. AC power supply is majorly used in residential and semi-commercial charging stations with a charging speed of 22 kW depending on vehicle and infrastructure standards. Although compared to DC power supply, AC power supply requires a higher charging duration.
EV Charging Cables Market Share: By Cable Shape Type
Based on the cable shape type, the EV charging cables market is segmented as straight and coiled. The straight EV charging cables segment dominates the market. Most of the public charging stations adopt straight cables because of their ease of installations, reduced costs, and low maintenance over time. Straight EV charging cables are spread on the ground and do not suspend weight on either side of the sockets.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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