Global EV Charging Cable Market to Foresee Substantial Growth and Create Growth Opportunities in the Near Future

Electric vehicles (EV) are becoming increasing popular across the globe and are rightly considered the transport of the future. EVs are more environmentally friendly than gasoline and diesel cars. The only fundamental problem of EVs is the low density of energy stored in the battery, i.e. insufficient capacity and heavy battery weight. Therefore, the EV charging cable are introduced in the market with new and improved housing design.

The EV charging cable is used to connect the EV charging device and the charging infrastructure, so as to transmit power to the electric vehicle. The EV charging cable is equipped with a certain number of control lines, signal lines, and power supply auxiliary lines to ensure safe operation and exact control of the entire charging process. EV charging cables are generally used in areas such as hotels, charging stations, communities, garage, and parking lots.

Capabilities of EV Charging Cables

The EV charging cable provide supreme performance with superior flex life, and maximum functionality & reliability for every movement. They are simple to use. The EV charging cables are easier to fit security enclosures with its ergonomically smaller handle. It prevents corrosion of the crimping zone and prevents moisture inside the connector body. The EV charging cable assemblies are capable of high mating cycle requirements. Many leading companies in the global EV charging cable market are introducing enhanced products that meets the customers’ needs. With the support of relevant experts and many scientific researches, the EV charging cables product quality has reached the domestic advanced level.

Application Areas of EV Charging Cables

According to Research Dive , all the EV charging cables attach to a public charging connections or standard Type 2 charging outlets. The public charging stations have a Type 2 socket for accepting the plugs of charging cable into the vehicle. Public charging is usually marked in the available power output of the socket. The most common power levels are 3.6Kw and 7.2Kw. An EV Charging cable rated at 32 Amp is thicker and heavier than a comparable 16 Amp cable. The EV charging assemblies of TE Connectivity’s (TE) for Type 1 have an improved housing design with a handle that is ergonomically designed.
A standard private charging power supply are the regular house hold plugs that are limited to 13 Amps. Hence, it takes longer time to full charge the electric vehicle as compared to the public charging power supply. It usually takes 8 hours to fill the electric vehicle.

Additionally, the fast charging cables are in high demand in the global market for EV charging cable. This type of charging is generally referred as Level 3 charging. In this case, the device is a size of a petrol pump and the charging cable is always attached to the pump. These types of charging are usually found on service stations of motor way. For instance, Tesla for high-speed recharging has its own Supercharger Network. Most drivers use the Level 3 EV charging cables only when going on a long journey.

Forecast Analysis of EV Charging Cable Market

Global market for EV charging cable market is anticipated to witness a positive growth during the period of forecast from 2019 to 2026. A rapid growth in the development of EV charger’s equipment, increasing demand of electric vehicle owners to reduce the charging time of electric vehicle are some of the factors driving the demand for EV charging cable market growth.

The high operative costs coupled with fast power charging is a major restraint for the growth of global EV charging cable market. Rapid charging cables require huge power from the power grid, which is associated with the high production cost, installation, and equipment’s in a charging station. Limited availability of public charging infrastructure for electric vehicles has limited the adoption in the past. However, the substantial investments and government initiatives has significantly accelerated the development of public charging for electric vehicles.

Increasing adoption of electric vehicles, and growing demand for fast EV charging cables is giving substantial raise to the growth of the global market in the coming years. As per the Research Dive report statistics, the global EV charging cable market  is expected to grow at 31.5% CAGR and will surpass $1,277.7 million by the end of 2026. The report highlights top gaining players operating in the global market. Some of them are EV TEISON, General Cable Technologies Corporation., SINBON Electronics Co., Ltd., Phoenix Contact, TE Connectivity, BRUGG GROUP AG, BASEN- Group, Leoni AG, Aptiv, IONITY GmbH and Dyden Corporation. These players are focusing more on advances in technology, and adopting several strategies such as collaborations, product development to stand strong in the global market.