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DUBLIN--(BUSINESS WIRE)--Oct 4, 2022--
The "Electric Vehicle Charging Cable Market By Power Type, By Application, By Cable Length, By Shape, By Charging Level: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the electric vehicle charging cable market was valued at $0.67 billion in 2021, and is projected to reach $3.45 billion by 2031, growing at a CAGR of 18.1% from 2022 to 2031.
Electric vehicle (EV) charging cable is kind of high-voltage cable that is used in infrastructure to charge electric vehicles. It can deliver high charging power up to 500 KW. It offers characteristics such as media-resistant, abrasion-resistant, hydrolyze-resistant, bending cycles-resistant, thermal stress-resistant, Halogen-free and flame-resistant.
Therefore, it is easy to handle at the charging station. It is also equipped with the controller, which is responsible for monitoring the temperature and regulating the coolant flow. The increase in the adoption of electric vehicles has led to an increase in demand for charging infrastructure in public as well as private charging stations.
Moreover, the development of fast charging technology including home charging options, proactive government initiatives, and expanding electric bus market surged the demand of the electric vehicle charging cables market over the forecast period.
For instance, in April 2019, Leoni AG launched & illustrated wide variety of its cables as well as solutions at the Electric & Hybrid Technology Expo, Stuttgart especially for fast charging technology, power supply with high-voltage cables as well as its LEONiQ digital cable technology. The new technology is equipped with liquid-cooled charging systems that contributes to ensure the temperatures in the cable and connector.
Factors such as the increasing adoption of EVs have amplified the EV charging cables market. Additionally, government concerns over reducing carbon footprints are driving the market of EV charging cables. Besides, the demand for fast charging cables would proliferate the market growth.
However, high operational costs of EV charging cables and adoption of wireless EV charging technology would hamper the market growth. Further, rocketing infrastructural developments of public EV charging station and advancements in EV charging cable technology will propel EV charging cable market growth.
Key Benefits For Stakeholders
Key Market Segments
By Cable Length
By Shape
By Charging Level
By Power Type
By Application
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/bfyu7g
View source version on businesswire.com:https://www.businesswire.com/news/home/20221004005618/en/
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KEYWORD:
INDUSTRY KEYWORD: EV/ELECTRIC VEHICLES AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/04/2022 05:34 AM/DISC: 10/04/2022 05:34 AM
http://www.businesswire.com/news/home/20221004005618/en