DUBLIN, January 26, 2022--(BUSINESS WIRE)--The "EV Charging Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The EV charging cable market was valued at US$ 377.4 million in 2021 and is projected to reach US$ 3,466.1 million by 2028; it is expected to grow at a CAGR of 37.3% from 2021 to 2028.
With the increasing demand for electric vehicles, the scope of installing charging facilities at residential, commercial, and government buildings is also growing. Charging stations at public destinations and workplaces are assisting in bolstering the acceptance.
A few initiatives taken for the same such as, in November 2021, Indian Oil Corporation (IOC) - the largest state-controlled refiner by capacity in India - announced establishing EV charging facilities at 10,000 fuel outlets in the coming three to five years. IOC and two other public sector oil firms would install 22,000 EV charging stations in the coming years to assist in reaching the nation's target to lower carbon intensity and reach net zero emissions by 2070.
Moreover, In the era of continuous technological developments, the scope of EV charging stations is also getting transformed. Many charging station OEMs are taking steps to overcome the challenges of electric vehicles charging at long routes. For instance, Tesla is developing a Mega charger network at trucking rest stops throughout the US and Europe for Tesla Semi. The company is making efforts to build a separate charging network for the class-8 electric semi-truck of Tesla.
Similarly, in India, the concept of installation of EV charging stations is becoming a reality with a network of around 700 EV charging stations to be distributed alongside each national highway. The National Highways Authority of India (NHAI) has declared plans to add an EV charging station for every 40 to 60 kilometres of national highways.
The government body aims to cover 40,000 kilometres of highways by 2023 with mentioned charging stations. Such projects for deploying EV charging stations at the long route/national highways will positively impact the growth of EV charging cable market.
During the COVID-19 pandemic, the automotive industry faced a critical crisis. The automakers present across Europe and the US, such as Detroit's Big Three (General Motors, Fiat Chrysler Automobiles, and Ford Motor Company), announced temporary closures. Many other auto manufacturers also extended their shutdown beyond their original dates. Due to the pandemic, global car sales experienced an unparallel decline.
As per the Society of Electric Vehicle Manufacturers (SMEV) registration of all electric vehicles during FY21 declined 20 percent to 236,802 units as against 295,683 units sold in FY20. The notable exception was Europe where electric car sales were 55% higher on the back of existing policy support schemes.
The electric car sales in Europe more than doubled over 2019 levels: many of its large markets such as France, Italy, Germany and the United Kingdom actually had significantly higher electric car sales than in 2019 throughout almost each month of 2020. However, after the situation comes to normalcy, the EV charging cable market is expected to grow remarkably all over the world.
Surge in EV Vehicle Production
Increase in EV Charging Facilities
Higher Cost of Charging Stations
Development of Mega chargers to Facilitate Long-Distance Trucking
Emergence of E-Mobility and Advanced Charging Technologies
Key Player Profiles
Besen International Group
EV Charging Cables
General Cable Technologies Corporation
Phoenix Contact E-Mobility
Systems Wire and Cable
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