Report : Europe 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)
Alternate Charging Segment to Dominate Europe EV Charging Cables Market during 2021–2028
According to a new market research study on “Europe 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$ 963.95 million by 2028 from US$ 106.80 million in 2021. The market is estimated to grow at a CAGR of 36.9% from 2021 to 2028. The report provides trends prevailing in the Europe EV charging cables market along with the drivers and restraints pertaining to the market growth. Increase in EV charging facilities is the major factor driving the growth of the Europe EV charging cables market. However, issues associated with the higher price of charging stations hinder the growth of Europe EV charging cables market.
The Europe 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 Europe 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 Germany, France, UK, Italy, Russia, and Rest of Europe.
In 2020, the impact of COVID-19 differed from nation to nation across the European region. In the region, major countries which were affected by the pandemic of COVID-19 are the United Kingdom, Italy, Russia, France, Germany, and Spain. Due to increasing number of recorded cases, some of these nations had to impose stringent and longer lockdown along with social isolation in 2020. The lockdown affected electric car sales, but there were early signs of electric vehicle market resilience for two main reasons. First, policy support was strong – in particular in Europe as 2020 was an important target year for emissions standards. Purchase incentives increased, notably in Germany. Second, continued declines in battery costs, upgraded original equipment manufacturer (OEM) offers in both model choice and performance, fleet operators initiating their technology transition and the enthusiasm of electric car buyers (often affluent households less affected by the economic downturn) provided fertile ground for continued EV uptake. But somehow due to COVID-19 pandemic across the globe, the Europe electric vehicle market has been negatively affected as the electric vehicle manufacturing units have been shut down due to the imposed lockdown in major countries across the Europe. In addition, the unavailability of skilled labor has further affected the market growth. In Europe electric vehicles have witnessed a growing trend of acceptance in Europe as charging infrastructure is being improved, the production cost falls, and governments take efforts to bring down the carbon emission generated by the transportation sector. According to the International Council on Clean Transportation report, Europe is now the second-largest electric vehicle market in the world by volume, behind China and ahead of the U.S. This tremendous growth in demand for electric vehicles in Europe is expected to drive the growth of the Europe EV charging cable market over the forecast period.
Aptiv PLC; Coroplast Group; General Cable Technologies Corporation; Phoenix Contact E-Mobility; SINBON Electronics Co., Ltd.; and TE Connectivity Corporation are among the leading companies in the Europe 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, The market research institute Statista and the business magazine Capital recognized Coroplast Fritz Müller GmbH & Co. KG the top employers in 25 German metropolitan regions.
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