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The electric vehicle (EV) charging cable market size is forecast to increase by USD 4.47 billion at a CAGR of 43.61% between 2023 and 2028.
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The electric vehicle (EV) charging cable industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The private EV charging cable market holds the largest market share In the global electric vehicle charging infrastructure. This segment primarily serves residential end-users, including homes, multi-dwelling buildings, and workplaces. Consumers often charge their electric vehicles at night due to longer charging times, taking approximately 8-10 hours for a full charge. Market participants catering to this segment focus on economies of scale to attract new entrants. Innovative charging solutions, such as portable 5 kW units and DC fast charging, enhance user-friendliness. Weathering and temperature fluctuations are critical concerns for charging cable durability. Governments and organizations offer incentives, including subsidies and tax credits, to promote the adoption of EVs and charging infrastructure.
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The private charging segment was valued at USD 220.70 million in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in Asia Pacific is experiencing significant growth due to the increasing adoption of EVs in countries like China, Japan, South Korea, India, Thailand, and Singapore. This expansion is driven by the rising demand for clean-energy transportation systems as governments prioritize reducing greenhouse gas emissions and offering subsidies and incentives for EVs. For instance, India reduced the EV subsidy per unit under the FAME India Scheme Phase-II to 15% of the ex-factory price in February 2024, reflecting the growing penetration of the EV market. Innovative charging solutions, such as DC fast-charging systems and portable 5 kW units, are gaining popularity for their efficiency and user-friendly advancements.
Our electric vehicle (EV) charging cable market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Fuel emission and efficiency regulations driving adoption of EVs and chargers is the key driver of the market.
Increasing EV sales through tax incentives pushing demand for well-built EV charging infrastructure is the upcoming market trend.
Emergence of wireless charging of EVs is a key challenge affecting the industry growth.
The electric vehicle (EV) charging cable market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the electric vehicle (EV) charging cable market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
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Customer Landscape
Companies are implementing various strategies, such as strategic alliances, electric vehicle (EV) charging cable market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Electric vehicles (EVs) have gained significant traction In the global transportation sector due to their environmental benefits and increasing efficiency. The market for EV charging solutions has witnessed substantial growth as a result, with innovative technologies and user-friendly advancements driving demand. Efficiency and convenience are key factors influencing the adoption of EVs and the charging infrastructure that supports them. Charging solutions have evolved to meet the diverse needs of consumers and businesses, with fast-charging systems becoming increasingly popular. These systems enable EVs to be charged to 80% capacity within 30 minutes, making long-distance travel more feasible. Government incentives and subsidies have played a crucial role In the proliferation of EV charging infrastructure.
In addition, these initiatives have encouraged the installation of public charging stations, which have become essential for the widespread adoption of EVs, particularly in urban areas. Private charging solutions have also gained popularity, particularly among logistics fleets seeking to reduce their carbon footprint and save on fuel costs. Weathering and temperature fluctuations pose challenges to the performance and longevity of EV charging infrastructure. Innovative technologies, such as liquid-cooled charging cables and DC fast chargers, have been developed to address these issues and ensure reliable charging in extreme conditions. The EV charging market is segmented into AC and DC charging categories.
Moreover, AC charging, which is the most common type, is typically used for home and workplace charging. DC charging, on the other hand, is used for fast-charging and is becoming increasingly popular for public charging stations. Original equipment manufacturers (OEMs) have also started integrating charging solutions into their EV designs, further expanding the market. Regenerative braking technology and stringent emission norms have accelerated the shift towards clean-energy transportation systems.
In addition, the public transportation system is also adopting EVs and charging infrastructure to reduce its carbon footprint and improve air quality. Clean-energy transportation systems are becoming increasingly important as governments and businesses seek to reduce greenhouse gas (GHG) emissions and transition to more renewable energy sources. EV component manufacturers are investing in research and development to improve the performance and efficiency of charging solutions. These advancements are expected to drive growth In the EV charging market, making EVs an increasingly attractive option for consumers and businesses alike.
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Electric Vehicle (EV) Charging Cable Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 43.61% |
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Market growth 2024-2028 |
USD 4.47 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
31.53 |
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Key countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, market growth and forecasting , Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this electric vehicle (ev) charging cable market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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