Report : Asia Pacific 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)
2 -5 metres Segment to Dominate APAC EV Charging Cables Market during 2021–2028
According to a new market research study on “APAC 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$ 1,725.15 million by 2028 from US$ 207.18 million in 2021. The market is estimated to grow at a CAGR of 35.4% from 2021 to 2028. The report provides trends prevailing in the APAC EV charging cables market along with the drivers and restraints pertaining to the market growth. Development of megachargers to facilitate long-distance trucking is the major factor driving the growth of the APAC EV charging cables market. However, issues associated with the higher cost of charging stations hinder the growth of APAC EV charging cables market.
The APAC 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 APAC 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 China, Japan, South Korea, India, and Rest of APAC.
Except few developed countries like Japan and Singapore, Asia Pacific region is still considered to be in developing state. The developing countries do not have required health infrastructure and this was the main reason that led to the increase in the count of recorded cases in 2020. As per the Organization for Economic Co-operation and Development (OECD), the pandemic has affected significant economies such as India, Australia and Japan to some extent. Due to inadequate health and medicine facilities, government authorities had to impose restrictions of limited workforce at production sites. In China, where the electric vehicle share was higher than in Europe throughout 2019, sales have slightly decreased to around 4.2% during the first half of 2020. An underlying reason might be the reduction in purchase premiums for electric vehicles in China. As in China COVID-19 have negatively impacted on the green energy sector, including renewable energy sources, battery energy storage, electric vehicles (EVs), and renewable heating and cooling. Moreover, falling costumer demands due to low labour movement will affect the market growth. Even Tesla’s Gigafactory in Shanghai has hinted of possible supply shortages for the US, UK and Australia. And this supply constraint also has an negative impact on the global EV Charging cable markets along with energy storage projects, causing project delays or rises in cost.
Aptiv PLC; BESEN INTERNATIONAL GROUP; Coroplast Group; DYDEN CORPORATION; EV TEISON; General Cable Technologies Corporation; Phoenix Contact E-Mobility; SINBON Electronics Co., Ltd.; and TE Connectivity Corporation are among the leading companies in the APAC 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, SINBON Electronics Co., Ltd. was named one of the top ten high-tech electric vehicle (EV) solution firms in Asia-Pacific by the automotive journal "Autotech Outlook" for two consecutive years. Since 2012, the company has been committed to expanding the EV sector and has already established itself as a significant provider of wiring harnesses for charging systems for electric vehicles
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