EV Charging Cables Market Scrutinized in New Research, 2028

According to the new research report by “The Insight Partners” on “The global EV Charging Cables Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,551.78 million by 2028, registering a CAGR of 38.0% from 2022 to 2028.

In 2020, about 370 electric car models were available worldwide, i.e., a 40% increase from 2019. Asia has the most comprehensive offering and a less consolidated automotive sector, making the region the world’s largest EV market destination. However, in 2020, a massive rise in the number of electric vehicle models was witnessed in Europe. The UK, France, Norway, and Sweden witnessed high demand for electric vehicles. Also, the private sector worldwide is demanding zero-emission commercial vehicles, which is compelling OEMs to manufacture EVs. DHL Group, FedEx, Amazon, SF Express, Walmart, Suning, UPS, and many more are creating demand for commercial electric vehicles to contribute toward lowering carbon emission in the environment.

The government of India has instituted different policies to encourage the development of charging infrastructure networks within the country. Also, the transition to electric mobility is a vital global strategy for decarbonizing the transport sector. India is among a handful of countries supporting the global [email protected] campaign, which targets to have a minimum of 30% new vehicle sales be electric by 2030. Steps for promoting sales of electric vehicles will directly impact the demand for building charging infrastructure. Moreover, governments worldwide are looking forward to increase consumer incentives, tax exemptions, and purchase-price subsidies to boost EV purchases. This factor will help in proliferating the growth of the market globally.

Leoni AG, TE Connectivity, BESEN, Aptiv and Coroplast are some of the key market players operating in the global environmental consulting services market. The listing of key players is derived by considering multiple factors such as overall revenue, current environmental consulting services product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities.

Private carports, service stations, rest areas on expressways and freeways, public parking lots, restaurant and retail parking lots, gas stations, and public parking garages are a few key points where EV charging infrastructures are getting deployed, which would penetrate the EV charging cables market growth. Owing to the increasing sales of electric vehicles and crowd rising in public places, the high demand for installing EV charging facilities is projected to propel the EV charging cables market in the coming years. The automobile industry in developed and developing economies is undergoing a transition from IC engines to electric vehicles. Many players in the EV charging cables market are investing considerable resources in the R&D of vehicle development to meet the changing demands of customers while reducing carbon emissions. The increasing demand for electric vehicles from India, the UAE, South Korea, Thailand, Indonesia, and other nations is driving the need for charging infrastructures, which bolsters the EV charging cables market growth.

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Key Findings of EV Charging Cables Market Study

The global EV charging cables market is segmented into three major regions: North America, Europe, and RoW including APAC, MEA, and SAM. In 2020, about 370 electric car models were available worldwide, i.e., a 40% increase from 2019. Asia has the most comprehensive offering and a less consolidated automotive sector, making it the world’s largest EV market destination. However, in 2020, a massive rise in the number of electric vehicle models was witnessed in Europe. The UK, France, Norway, and Sweden witnessed high demand for electric vehicles. Also, the private sector worldwide is demanding zero-emission commercial vehicles, which is compelling OEMs to manufacture EVs. DHL Group, FedEx, Amazon, SF Express, Walmart, Suning, UPS, and many more are creating demand for commercial electric vehicles to contribute toward lowering carbon emission in the environment.

Another factor impacting the EV charging cables market size is the availability of fast chargers worldwide. In Europe, fast chargers were being introduced at a higher rate than slow ones. At present, there are over 38,000 public fast chargers in Europe, increase 55% in 2021. Around 7,500 are present in Germany; 4,000 in France; 6,200 in the UK; and 2,000 in the Netherlands. Similarly, the US accounted for 17,000 fast chargers, out of which approximately 60% are Tesla superchargers. South Korea has 9,800 fast chargers. The availability of fast chargers in huge quantities is increasing the EV charging cables market share.

The government of India has instituted different policies to encourage the development of charging infrastructure networks within the country. Also, the transition to electric mobility is a vital global strategy for decarbonizing the transport sector. India is among a handful of countries supporting the global [email protected] campaign, which targets to have a minimum of 30% new vehicle sales be electric by 2030. Steps for promoting sales of electric vehicles will directly impact the demand for building charging infrastructure. Moreover, governments worldwide are looking forward to increase consumer incentives, tax exemptions, and purchase-price subsidies to boost EV purchases. This factor will help in proliferating the growth of the EV charging cables market globally.

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