Across the globe, the sales of EV charging cables were found to be the highest in the Asia-Pacific (APAC) region in the past. This was because of the expansion of the EV industry in regional countries, such as South Korea, China, and Japan. Furthermore, with South Korea and Japan becoming the epicenters of the EV industry, the region will be the fastest-growing region in the EV charging cables market in the upcoming years, as per the estimates of the market research company, PS Intelligence.
Moreover, the governments of these countries are providing financial and regulatory support to the buyers and manufacturers of EVs, which is, in turn, supporting the development of EV charging stations and fueling the demand for EV charging cables. In addition, the governments of several countries are launching multiple projects for augmenting the number of public charging stations, which is also predicted to facilitate the expansion of the EV charging cables market in the region in the years to come.
The huge investments being made by several governments are propelling the deployment of EV charging stations in public places. As per the IEA, the total number of EV charging points all over the world rose by nearly 44% from 2017 to 2018. The development of EV charging infrastructure is predicted to fuel the expansion of the global electric vehicle (EV) charging cables market in the coming years.
Owing to these factors, the market reached a value of $250 million in 2020, and it is predicted to rise significantly between 2021 and 2030 (forecast period). Thus, the sales of EV charging cables will surge all over the world in the forthcoming years, mainly because of the development of EV charging stations, owing to the mushrooming deployment of EVs in several countries.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings