2021-27 Global Electric Vehicle Charging Cable Market Grows at a CAGR of 39.5%

The latest report released by Markets and Markets, an international market research institution, revealed that from 2021 to 2027, the global electric vehicle charging cable market will grow at a compound annual growth rate of 39.
5%.

The popularity of electric vehicles, rapid development of electric vehicle supply equipment, and growing demand for fast charging cables will drive the growth of the market
.

Currently, public charging stations are commonly installed in taxi stands, highways, gas stations, commercial property parking lots, hotels, airports and shopping malls
.
These charging stations have a high voltage and can charge
the vehicle in the shortest possible time.
To increase the penetration of electric vehicles, leading OEMs have partnered with governments to install public charging stations
.
In addition, the growing demand from EV owners to reduce EV charging time will further drive the market growth
of public charging stations.

Coiled cables, also known as spiral cables, are easy to maintain because they are not spread over the entire surface
like straight cables.
As a result, coiled cables are more durable than straight cables and require less storage space
.
It is expected that the price of coiled cables will be reduced as the further development of the technology will increase, which in turn will increase the demand for
these cables.

Asia Pacific is expected to be the largest market for EV charging cables during the forecast period, especially in China and Japan, where the adoption of EVs will drive the demand growth
of this market.
On the other hand, North America is expected to be the fastest growing market
during the forecast period.
The growth of the North American market can be attributed to the increasing
number of projects carried out by OEMs such as Tesla and Ford to develop charging stations in the region.