After a detailed analysis of the electric three wheeler market, FMI recently published a new report on EV charging cable market. As per the analysis, sales of EV charging cable hold a current valuation of US$ 2,281.63 million in 2024. Going by this pattern, demand could rise and equate to a market valuation of US$ 16,992.56 million, with a CAGR of 22.24% by 2034.

Rising infrastructure development and industrial activities post COVID period has enhanced the growth in the market. Apart from that increasing urbanization has enhanced the deforestation across the globe, which has resulted in increasing demand for EV Charging Cable.

The charging infrastructure has seen an increase in demand for EV Charging Cable. This can be attributed to the growth of the manufacturing industry in various developing regions. Additionally, new production technologies are driving up the EV Charging Cable sales globally.

In the years to come, an increasing number of manufacturers will contribute to market expansion by focusing on research and development related to EV Charging Cables.

Read more: https://www.futuremarketinsights.com/reports/ev-charging-cables-market 

Key Takeaways from EV Charging Cable Market Study

• Private charging segment held around 92% of the volume share of the global market in 2021, owing to the more preferable by electric vehicle users.
• The demand from combination plugs (CCS Plugs) connector type is set to surge at CAGR of approximately 28.2% by the end of forecast period.
• East Asia dominated the global EV charging cable market in 2021 with a demand share of around 49.3%.
• Key manufacturers in the market are focusing on developing and producing EV charging infrastructure globally.

“The EV charging cable demand is expected to boost on the back of increasing investments in EV charging infrastructure development, especially in developing countries. Hence, key players are eyeing the East Asia and South Asia market to capitalize on growing adoption of electric vehicles across Japan, China, and India” says a Future Market Insights analyst.