Leoni AG introduced a new charging cable concept including a status-indicating light function. This advanced feature illuminates the charging cable, which increases the safety and prevents tripping over the cable in dark areas, which is likely to boost the Electric Vehicle Charging Cables Market across the globe.
Key Drivers of Electric Vehicle Charging Cables Market
Rise in demand for vehicle electrification across the globe, due to enactment of stringent emission norms across the globe to reduce the emission of harmful gases from vehicles, is likely to boost the electric vehicle charging cables market across the globe. Increase in rate of adoption of electric vehicles fuels the demand for charging stations. This is anticipated to be a key factor that is likely to drive the electric vehicle charging cables market during the forecast period.
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Rise in demand for high speed charging stations is prompting electric vehicle charging cable manufacturers to develop advanced cables for high speed charging. Rise in government investment to develop charging infrastructure across the globe is likely to fuel the electric vehicle charging cables market across the globe. Rapid expansion of electric component manufacturing industries across the globe is likely to further fuel the electric vehicle charging cable market.
The coronavirus panic spread extensively across the globe between March and April 2020. Global automobile and related component production, import, and export, have been heavily hit by the pandemic. Companies with a heavy production and sales footprint across the globe already see a direct impact and are expected to presently start a recovery phase. Companies with heavy production and sales footprint in Asia, Western Europe, and North America are currently fighting the situation
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Europe & Asia Pacific to hold significant share of global electric vehicle charging cables market
Europe is projected to hold for a major share of the global electric vehicle charging cables market due to a rise in the demand for electric vehicle across the region. Rapid expansion of electric vehicle component manufacturers across the region also boosts the electric vehicle charging cables market. Europe has presence of major original equipment manufacturers as well as tier-1 suppliers, including Leoni AG and Phoenix Contact who have major facilities that undertake research & development on the electric vehicle charging cable, is likely to propel the electric vehicle charging cables market across the Europe.
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Followed by Europe, Asia Pacific is projected to hold a significant share of the global electric vehicle charging cables market due to an increase in production of electric vehicles across the region. Asia Pacific has major presence of electric vehicle parts manufacturing industries across China, India, and Japan is anticipated to propel the electric vehicle charging cables market across Asia Pacific
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