According to a report published by Research Dive, the global electric vehicle charging cable market is expected to grow at a compound annual growth rate of 31.5% from 2020 to 2026.
According to the report, the popularization of electric vehicles and corresponding infrastructure has extensively promoted the electric vehicle charging cable market's rapid growth. On the other hand, high operating costs and the demand for fast charging are expected to bring certain restrictions on the market's development.
According to the shape of electric vehicle charging cables, they are mainly divided into the straight type and coil type. Because of the rapid growth of consumers' preference for installing electric vehicle charging piles, ease of maintenance, and instant shrinkage, it is expected that coiled charging cables will grow at a rate of 33.2% during the forecast period.
The length of electric vehicle charging cables is mainly divided into 2-5 meters, 6-10 meters, and more than 10 meters. It is expected that during the forecast period, the 2-5 meter segment is expected to generate revenue of US$510 million and grow at a compound annual growth rate of 31.7%.
According to the charging level, the market is mainly divided into level 1 (120V), level 2 (240V), and level 3 (300-600V). During the forecast period, the market revenue of level 1 charging was US$55.59 million in 2018 and is expected to exceed US$45,609 million by the end of 2026. As the global demand for fast charging continues to grow, the level 3 market segment is also expected to drive market growth.
Based on sheath materials, the global electric vehicle charging cable market is divided into rubber sheaths, thermoplastic elastomer sheaths, and PVC sheaths. The rubber sheath market size is expected to generate revenue of 532.1 million U.S. dollars, and the compound annual growth rate during the forecast period is 31.2%.
Based on applications, the global industry is divided into private use and public fee-based use. By the end of 2026, market revenue in the public charging field is estimated to exceed $531.5 million, with a compound annual growth rate of 33.3% during the period. It is mainly due to the increase in electric vehicle charging stations' installation in different areas such as highways, government agencies, and airports.
Based on the regional market, the global electric car cable market is segmented into North America, Europe, Asia Pacific, and Latin America. Due to the increasing adoption of electric vehicles in the region, North America is expected to dominate the global market, with a compound annual growth rate of 32.1% during the forecast period.
