NEW YORK, May 11, 2021 /PRNewswire/ -- Due to the growing environmental concerns, governments across the globe are offering strong support for the manufacturing and sales of electric vehicles (EV) and installation of the related charging stations. As a result of such efforts, the global EV charging cable market reached $250 million in 2020, and it is expected to expand massively during 2021-2030, according to P&S Intelligence.
During the COVID-19 pandemic, the lockdowns, social distancing measures, and people's reduced earnings badly impacted the worldwide automotive industry on the demand and supply sides. This effect was clearly visible in the halted production of EVs and people's unwillingness to spend on them. In addition, EV charging station installation activities were also suspended, which had a negative impact on the EV charging cable market, by reducing the demand for these wires.
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AC cables are expected to continue to dominate the EV charging cable market, on the basis of power supply, in the years to come. This is because most of the charging stations are presently installed in private spaces, such as homes and offices, which receive AC supply.
Till now, Asia-Pacific (APAC) has held the largest share in the EV charging cable market because this region, led by Japan, South Korea, and China, is the largest EV manufacturer and user in the world. Besides, the governments here are taking strong initiatives for EV charging station installation, considering the high levels of air pollution.
Browse detailed report with COVID-19 impact analysis on Electric Vehicle (EV) Charging Cables Market Research Report: By Power Supply (AC, DC), Charging Level (Level 1, Level 2, Level 3), Application (Public, Private), Shape (Straight, Coiled), Cable Length (Up to 5 Meters, 6 Meters to 10 Meters, Above 10 Meters) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/electric-vehicle-charging-cables-market
The advent of dynamic load management systems and type-2 connecter plugs, integration of EV charging services with the existing systems of payment, availability of better control on charging and high security, and the ability of the EV to be identified via the powerlines reflect numerous opportunities for EV charging cable market players. This is why cable providers are engaging in partnerships and collaborations to technologically advanced the complete EV charging ecosystem.
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For instance, AMPLY Power and BYD Co. Ltd. began a partnership in November 2019 to develop EV charging stations and offer comprehensive services to fleet owners. The services include utility interconnections, operational upgrades, usage of drive cycle and duty cycle for offering optimal charging strategies, and debt funding and financing, all of which are ultimately aimed at helping customers reduce their operational expenses.
The most-significant companies in the global EV charging cable market are TE Connectivity Ltd., Dyden Corporation, Leoni AG, Chengdu Khons Technology Co. Ltd., General Cable Technologies Corporation, Coroplast Group, Aptiv plc, PHOENIX CONTACT GmbH & Co. KG., and BESEN-Group.
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