As cited by the research report titled ‘Global Electric Vehicle Charging Cables Market Size study, by Power Supply (Alternate Charging (AC) and Direct Charging (DC)), by Length (Below 5 meters, 6 meters to 10 meters and Above 10 meters), by Charging Level (Level 1, Level 2 and Level 3), by Shape (Straight Cable and Coiled Cable), by Application (Private Charging and Public Charging) and Regional Forecasts 2021-2027’, available with Market Study Report, global electric vehicle charging cables market was worth USD 260 million in 2020 and is projected to grow with a CAGR of 25.4% over 2021-2027 to accumulate USD 1267 million by the end of study duration.
 

Growing demand for fast charging cables, and government initiatives to encourage people to buy electric vehicles are the factors driving the growth of global electric vehicle charging cables market. Additionally, technological development in the field are positively swaying the industry outlook.
 

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As per the 2019 report of India Brand Equity Foundation (IBEF), Government of India will provide added income tax deduction of Rs 1.5 lakh i.e. USD 0.002085 million on the interest paid for a loan taken to buy an e-vehicle. The customers buying e-vehicles will get a benefit of Rs 2.5 lakh i.e. USD 0.003475 million in total over the entire loan period.
 

On the downside, development of wireless electric vehicle charging system is poised to negatively impact the market dynamics over the forecast duration.
 

Based on power supply, worldwide electric vehicle charging cables industry is segmented into alternate charging (AC), and direct charging (DC). Speaking of length, the marketplace is divided into above 10 meters, 6 meters to 10 meters, and below 5 meters. By charging level, the market is classified into level 3, level 2, and level 1. Considering the shape, the industry space is categorized into coiled cable, and straight cable. Moving on to application range, the industry is fragmented into public charging, and private charging.
 

Geographically, Europe, Asia Pacific, North America, and Latin America are major contributors towards worldwide electric vehicle charging cables industry remuneration. Of these, Asia Pacific is likely to be a major growth hub for the market over 2021-2027, owing to countries like Japan, China and South Korea being the largest manufacturers and users of electric vehicles in the world. Parallelly, North America is likely to showcase remunerative growth over the forecast period on account of increasing number of electric vehicles owners.
 

Key players in global electric vehicle charging cables industry space are Aptiv plc, Phoenix Contact, SINBON Electronics, General Cable Technologies Corporation, Chengdu Khons Technology Co. Ltd., Kabelwerke Brugg AG Holding, TE Connectivity, Dyden Corporation, Besen Group LLC, and Leoni AG.