Northbrook, IL 60062 -- (SBWIRE) -- 06/27/2022 -- The global EV Charging Cables Market is projected to grow at a CAGR of 29.8%, to reach USD 2,453 million by 2027 from an estimated USD 665 million in 2022.

The growing installation of charging stations along with rising EV sales is the major reasons for market growth. Moreover, increasing price of petrol is compelling vehicle owers adopt EV, which in turn propelling the market of EV charging cables. Additionally, the EV owerns are demanding to charge their vehicle least possible time has compelled the OEMs and EV charging cable manufacturer to develop advanced EV charging cables.

Countries across the globe are taking various actions to protect environment. One of them is adoption of electric vehicles, which helps in reducing pollution significantly. High investment by automakers in countries like China and the US is being done to cater the rising demand for electric vehicles. Additionally, the countries all around the world is understanding the importance of EV and making emphasizing on adoption of EV through policies. The increasing number of EVs surfaced the need for network for charging stations and created revenue opportunities for EV charging cable manufacturers and suppliers.

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Level 1 segment is projected to be the largest shareholder during the forecast period

Level 1 segment is projected to be the largest shareholder during the forecast period owing to high sales of EVs that support level 1 charging. As level 1 charging cables are easily accessible and cost effective. Additionally, OEMs are provided charging cables along with the EVs, which makes it sales volume significantly higher than other cable types. However, increasing demand for DC fast chargers globally, the Level 3 segment is set to register the fastest growth during the forecast period. DC fast charging uses 480 V direct current plug , which usually takes 30 min to charge an EV to up to 80%. Additionally, to avoid heating issues in EV chargers, which causes loss of product life cycle a self cooling technology is deployed in cables. These type of chargers are also suitable for commercial applications such as taxis.

By Length: 2-5 meter is expected to be the largest segment by length of EV charging cables

2-5 meter variant of EV charging cable is widely suitable for home/personal EV charging systems. Most EV makers and EV charging station vendors offer 2-5-meter-long cables as a standard offering owing to their low cost, easy handling, and less weight. Additionally, most EV component suppliers recommend using shorter cables for easy handling & storage and efficient charging. The 2-5 meters segment is estimated to lead the market during the forecast period. Further, >10 meters segment is expected to register fast growth during the forecast period. These offer significant flexibility for vehicle charging especially in congested areas and public places.

In 2021, Europe accounted for the second largest share of the global EV Charging Cables Market. Countries considered in Europe are Austria, Denmark, France, Germany, the Netherlands, Norway, Spain, Sweden, Italy, and the UK for market analysis. The top five countries account for more than 80% of all chargers, with the remaining being utilized in the rest of the countries. By August 2020, Europe had implemented stringent emission regulation standards to reduce the rising emission levels. Several countries in the region are promoting electric vehicles through significant incentives. The demand for EV charging cables has increased significantly due to the focus on zero- or low-emission vehicles in the region. The high number of charging stations will also fuel the demand for EV charging cables. According to the European Automobile Manufacturers' Association, the region will have approximately 2 million charging stations by 2025.

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