Asia Pacific is expected to be the largest and fastest-growing market for EV charging cables with a length of above 10 meters
The global EV charging cables market is projected to grow at a CAGR of 39.5 per cent to reach USD 3,173 million by 2027. This market, as per Research and Markets, was worth an estimated USD 431 million in 2021.
“Factors such as the increasing adoption of electric vehicles, the rapid development of electric vehicle supply equipment, and the increasing demand for fast charging cables would drive the growth of the market. On the other hand, the high operational cost associated with high power charging can negatively impact the market,” read the report.
10 meters expected to be the fastest-growing market
Growing EV sales and the limited number of charging stations will drive the demand for charging cables to charge multiple vehicles at a single charging station and at the same time. Charging cables with a length above 10 meters have a limited application. These cables are installed if there is the distance between the charging station and the vehicle is long.
They can be used in specialized parking lots and for V2G direct operations. Long cables help reduce installation costs and allow the station to be installed closer to the service panel. Asia Pacific is expected to be the largest and fastest-growing market for EV charging cables with a length of above 10 meters due to a rapid increase in the number of electric vehicles
The demand for DC fast charging cables is expected to rise in the future. Thus, key market players have introduced EV charging cables that take less time to charge the vehicle. New and innovative trends such as EV charging cables with visual monitoring have enhanced safety in the charging process.
Leading manufacturers of EV charging cables have introduced high-power charging cables that can carry current up to 500 amperes. These charging cables and connectors are equipped with a liquid-cooling system to dissipate heat and avoid overheating cables and connectors.
In addition, a dedicated controller is used to monitor the temperature and regulate the flow of the coolant. A mixture of water-glycol is widely used as a coolant as it is environment-friendly and easy to maintain.
