A number of factors, such as the rise in deployment of electric vehicles (EVs), technological advancements, surge in concerns of air pollution, and developments of EV charging infrastructure, are expected to drive the electric vehicle charging cables market in the foreseeable period (2021–2030). According to P&S Intelligence, the market generated revenue of around $250 billion in 2020, and it is expected to witness significant growth in the coming years.
One of the major factors boosting the demand for electric vehicle charging cables is the development of EV charging infrastructure. With the increasing adoption of EVs, the installation of their charging stations is also rising across the world. Thus, the focus of governments on the development of charging stations is surging to promote further adoption of EVs. Heavy investments are required for the installation of charging stations; therefore, the governments are installing them in public places. As per the International Energy Agency (IEA), the number of EV charging points raised by about 44% between 2017 and 2018, across the globe.
Read More: Electric Vehicle Charging Cables Market Analysis and Demand Forecast Report
Moreover, key industry players, such as Leoni AG, Chengdu Khons Technology Co. Ltd., Coroplast Group, Aptiv plc, Dyden Corporation, General Cable Technologies Corporation, AMPLY Power, and TE Connectivity Ltd., have been involved in collaborations and partnerships to improve their position in the market. For example, in November 2019, AMPLY Power collaborated with BYD Co. Ltd. to develop an EV charging station and provide end-to-end services to operators of the EV fleet, including utility interconnections, operational upgrades, optimal charging approaches on the basis of duty cycle and drive cycle, and funding and debt financing, for reducing capital expenses.
The power supply segment of the electric vehicle charging cables market is categorized into alternative current (AC) and direct current (DC). Between the two, the AC category accounted for a larger share in 2020 in the market, and it is expected to dominate the market during the forecast period as well. This can be ascribed to the rising deployment of charging infrastructure in private facilities, such as homes and offices.