EV Charging Cable Market Outlook - 2027

The global electric vehicle market has taken a huge leap forward in the past decade. With rising concern of emission levels in the world, the governments are promoting to increase the use of electrical vehicle. Moreover, EV utilizes energy supplied from rechargeable battery packs. These battery packs are charged with the help of charging cables. Therefore, the charging cables play a vital role in EV. EV charging cable is available in market according type of charging current supplied, i.e., Alternate current (AC) or Direct current (DC). As AC charging is easily available in residential or semi-commercial charging station, the adoption of AC charging cable has increased.

Market scope and structure analysis:

COVID-19 scenario analysis: 

• The COVID-19 is rapidly changing the dynamics of automotive sector. Additionally, the unpredicted disturbance created by the pandemic would affect the auto-sector.
• Automakers would probably need some kind of support from government to survive during this pandemic.
• Reduced demand for materials and components would likely not only impact OEMs, but also the suppliers' supply chain.
• However, increasing environmental awareness during the coronavirus lockdown period is anticipated to rise the market of electric vehicle. With rise in demand for electric vehicles, the demand for electric vehicle charging cables market is expected to grow.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Increasing adoption of EV has amplified the market of EV Charging Cables. Additionally, government concerns over reducing carbon footprints is driving the market of EV charging cables. Besides, the demand for fast charging cables would proliferate the market growth. Moreover, the decreasing price of batteries is fueling the EV charging cable market. However, high operational costs associated with high power charging and improvement of wireless EV charging would hamper the market growth. Further, the investments made by countries in development of public EV charging station infrastructure will propel EV charging cable market growth.

The EV Charging Cable Market trends are as follows:

Wireless car charging to hold back market growth

In wireless charging, electricity is transferred from one magnetic coil in the charger to a second magnetic coil fitted to the car through an air gap. Accordingly, Plugless company has started selling wireless chargers for the Tesla Model S, BMW i3, Nissan Leaf, and first-generation Chevrolet Volt. In addition, BMW is planning to wireless charging pad for its 530e iPerformance hybrid car. However, wireless charging concept will hamper the EV Charging Cable Market growth. 

Rocketing infrastructural developments

Governments around the world are focusing on infrastructural development for EV landscape and thereby promoting the use of EV. Due to the heavy investment made by governments, public charging stations
are installed at every possible public places. Additionally, few governments like government of China and France, are subsidizing the construction of public charging station further expanding the EV Charging Cable Market.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the EV charging cables industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed EV Charging Cable Market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the EV Charging Cable Market research report:

• What are the leading market players active in the EV Charging Cable Market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?