A new report released recently by international market research firm Markets and Markets reveals that the global electric vehicle charging cable market will grow at a CAGR of 39.5% during the period 2021-2027. The popularity of electric vehicles, the rapid development of electric vehicle supply equipment and the growing demand for fast charging cables will drive the growth of the market.
Currently, public charging stations are commonly installed in taxi stands, motorways, petrol stations, commercial property car parks, hotels, airports and shopping centres. These charging stations have high voltages and can charge vehicles in the shortest possible time. In order to increase the popularity of electric vehicles, leading OEMs have partnered with governments to install public charging stations. In addition, the growing demand from electric vehicle owners to reduce the charging time of their electric vehicles 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 out over the entire surface as linear cables are. As a result, coiled cables are more durable than straight cables and require less storage space. Further technological developments are expected to reduce the price of coiled cables as they become available, which in turn will increase the demand for these cables.
Asia Pacific is expected to be the largest market for electric vehicle charging cables during the forecast period, particularly in China and Japan, where the popularity of electric vehicles is expected to drive demand growth. 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 undertaken by OEMs such as Tesla and Ford to develop charging stations in the region.
Grasen charging stations adopt famous brand Pheonix cable to ensure high quality and long service life. Grasen has been the pioneer for ev charging station and has provided charging solutions for electric buses for over years.
If you are interested in working with us, welcome to visit our website and send us inquiry to sales@grasen.com for more information..
-- Marcus Groll，A Charging Station Owner in UKRAINE
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