North America EV Charging Cables Market
Market Introduction
The EV charging cable market in North America is segmented into the US, Canada, and Mexico. The rising adoption of electric vehicles has gained traction in the regions due to increasing fuel prices as electric vehicles act as a substitute for petrol and diesel vehicles and are powered by lithium-ion batteries that offer a hybrid charging facility. According to the International Energy Agency (IEA), nearly 1.8 million EVs were registered in the US as of 2020, more than three times as many as in 2016. Moreover, favorable government initiatives, subsidies, and tax rebate programs to promote EV adoption would drive the EV charging cable market growth. For instance, in the US after April 23, 2021, qualified applicants would be provided a rebate from the State of California under the Clean Vehicle Rebate Project (CVRP. After meeting the eligibility requirements, the applicants would be eligible to receive cashback on a new electric vehicle based on the selected type. The applicant will receive a cashback of US$ 2,000 on the purchase of a new battery electric vehicle and US$ 1,000 on the purchase of a new plug-in hybrid electric vehicle. Increase in EV vehicle production is the major factor driving the growth of the North America EV charging cable market.
North America is one of the most prominent regions with respect to the adoption of EV charging cables. Demand for EV charging cables is relatively high in countries such as the United States, Canada and Mexico. But the COVID-19 pandemic negatively impacted the North America EVs market growth in 2020. According to the data published by Electric Mobility Canada (EMC), the electric vehicle sales in Canada witnessed a decline in the second quarter of 2020, with only over 8,000 units sold between April and June. The results represent a drop of over 50% from the units sold during the same period in 2019. However, the overall sales of electric passenger cars and light trucks in Canada remained the same in 2020 compared to 2019. This decline in sales of EV has negatively impacted the growth of the EV charging cable market. Moreover, low demand for oil—and bottomed-out oil prices—make ICE vehicles cheaper than EVs to operate in the United States, since gasoline taxes are relatively low compared with those of most other countries. Recent regulatory changes are also stymieing the large-scale adoption of EVs in the United States. The US federal government plans to decrease the fuel-economy standard to 40.4 miles per gallon by 2026 and is relaxing CO2-emission targets. Although some states have adopted a stricter low-emission standard, such as the one in California, the current regulatory environment will provide fewer incentives for purchasing or manufacturing EVs.
Strategic insights for the North America EV Charging Cables provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the North America EV Charging Cables refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Get more information on this report North America EV Charging Cables Strategic Insights
Get more information on this report North America EV Charging Cables Report Scope
Report Attribute
Details
Market size in 2021
US$ 59.40 Million
Market Size by 2028
US$ 705.46 Million
Global CAGR (2021 - 2028)
42.4%
Historical Data
2019-2020
Forecast period
2022-2028
Segments Covered
By Type
By Power Supply Type
By Cable Length
By Charging Level
By Jacket Material
Regions and Countries Covered
North America
Market leaders and key company profiles
Get more information on this report North America EV Charging Cables Regional Insights
Get more information on this report
Market Overview and Dynamics
The EV charging cables market in North America is expected to grow from US$ 59.40 million in 2021 to US$ 705.46 million by 2028; it is estimated to grow at a CAGR of 42.4% from 2021 to 2028. In the era of continuous technological developments, the scope of EV charging stations is also getting transformed. Many charging station OEMs are taking steps to overcome the challenges of electric vehicles charging at long routes. The new Marg charger network will be constructed at specific pre-identified stops that long-haul drivers utilize as their resting points. The company is working for it’s first-ever Mega charger installed at the Frito-Lay delivery center in Modesto, California. Such projects for deploying EV charging stations at the long route/national highways will positively impact the market growth.
Key Market Segments
The North America 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 North America 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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on EV charging cables market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Aptiv PLC; Coroplast Group; General Cable Technologies Corporation; Phoenix Contact E-Mobility; SINBON Electronics Co., Ltd.; System Wire and Cable; and TE Connectivity Corporation are among others.
Reasons to buy report
North America EV Charging Cables Market Segmentation
North America EV Charging Cables Market –By
Type
North America EV Charging Cables Market –By Power Supply Type
North America EV Charging Cables Market –By Cable Length
North America EV Charging Cables Market –By Charging Level
North America EV Charging Cables Market –By Jacket Material
North America EV Charging Cables Market -By Country
North America EV Charging Cables Market -
Company Profiles
The North America EV Charging Cables Market is valued at US$ 59.40 Million in 2021, it is projected to reach US$ 705.46 Million by 2028.
As per our report North America EV Charging Cables Market, the market size is valued at US$ 59.40 Million in 2021, projecting it to reach US$ 705.46 Million by 2028. This translates to a CAGR of approximately 42.4% during the forecast period.
The North America EV Charging Cables Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America EV Charging Cables Market report:
The North America EV Charging Cables Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America EV Charging Cables Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America EV Charging Cables Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
UK+442030260021, US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America EV Charging Cables Market
