Report : North America EV Charging Cables Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type ( Private and Public ), Power Supply Type ( Alternate Charging and Direct Charging ), Cable Length ( 2 Meters to 5 Meters, 6 Meters to 10 Meters, and Above 10 Meters ), Charging Level ( Level 1, Level 2, and Level 3 ), and Jacket Material ( All-Rubber Jacket, Thermoplastic Elastomer (TPE) Jacket, and Polyvinyl Chloride (PVC) Jacket)
Private Charging Segment to Dominate North America EV Charging Cables Market during 2021–2028
According to a new market research study on “North America EV Charging Cables Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Power Supply Type, Cable Length, Charging Level, and Jacket Material” is expected to reach US$ 705.46 million by 2028 from US$ 59.40 million in 2021. The market is estimated to grow at a CAGR of 42.4% from 2021 to 2028. The report provides trends prevailing in the North America EV charging cables market along with the drivers and restraints pertaining to the market growth. Increase in EV vehicle production is the major factor driving the growth of the North America EV charging cables market. However, issues associated with the higher cost of charging stations hinder the growth of North America EV charging cables market.
The North America EV charging cables market has been segmented based on type, power supply type, cable length, charging level, jacket material, and country. Based on type, the North America EV charging cables market is segmented into private charging and public charging. The private segment dominated the market in 2020 and public segment is expected to be the fastest growing during the forecast period. Based on power supply type, the market is segmented into alternate charging and direct charging. The alternate charging segment dominated the market in 2020 and direct charging segment is expected to be the fastest growing during the forecast period. Based on cable length, the market is segmented into 2 metres to 5 metres, 6 metres to 10 metres, and above 10 metres. The 2 metres to 5 metres segment dominated the market in 2020 and 6 metres to 10 metres is expected to be the fastest growing during the forecast period. Based on charging level, the EV charging cables market is segmented into level 1, level 2, and level 3. The level 2 dominated the market in 2020 and level 3 segment is expected to be the fastest growing during the forecast period. In terms of jacket material, the EV charging cables market is segmented into all-rubber jacket, thermoplastic elastomer jacket, polyvinyl chloride jacket. All rubber segment dominated the market in 2020 and segment is expected to be the fastest growing during the forecast period. Based on country, the EV charging cables market is classified into US, Canada, and Mexico.
North America is one of the most prominent regions with respect to the adoption of EV charging cables. Demand for EV charging cables is relatively high in countries such as the United States, Canada and Mexico. But the COVID-19 pandemic negatively impacted the North America EVs market growth in 2020. According to the data published by Electric Mobility Canada (EMC), the electric vehicle sales in Canada witnessed a decline in the second quarter of 2020, with only over 8,000 units sold between April and June. The results represent a drop of over 50% from the units sold during the same period in 2019. However, the overall sales of electric passenger cars and light trucks in Canada remained the same in 2020 compared to 2019. This decline in sales of EV has negatively impacted the growth of the EV charging cable market. Moreover, low demand for oil—and bottomed-out oil prices—make ICE vehicles cheaper than EVs to operate in the United States, since gasoline taxes are relatively low compared with those of most other countries. Recent regulatory changes are also stymieing the large-scale adoption of EVs in the United States. The US federal government plans to decrease the fuel-economy standard to 40.4 miles per gallon by 2026 and is relaxing CO2-emission targets. Although some states have adopted a stricter low-emission standard, such as the one in California, the current regulatory environment will provide fewer incentives for purchasing or manufacturing EVs.
Aptiv PLC; Coroplast Group; General Cable Technologies Corporation; Phoenix Contact E-Mobility; SINBON Electronics Co., Ltd.; System Wire and Cable; and TE Connectivity Corporation are among the leading companies in the North America EV charging cables market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, The market research institute Statista and the business magazine Capital recognized Coroplast Fritz Müller GmbH & Co. KG the top employers in 25 German metropolitan regions.
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