A report analysing the global EV charging cables market estimated its CAGR to be 38. 0% from 2022 to 2028. The report titled “EV Charging Cables Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Application, Power Type, Cable Length, Charging Level, Jacket Material, Shape, Charging Cable Type, and IEC Mode” was released by Reportlinker recently. Consisting of many developing nations, the Asia Pacific is leading in terms of automobile manufacturing. It is the fastest growing region of all due to the presence of a massive consumer base and key manufacturing facilities in China, India, and Japan, along with the operations of key automotive players there.
It must be noted that China being the largest market for EVs in the Asia Pacific, has the predominance of EV production capacities and technological advancements. And it is mainly driving the EV charging cables market in the region. Also, given the increasing climate concern across geographies, there has been a louder call for green tech across domains. It is causing OEMs to focus more on reducing CO2 emissions by bringing energy-efficient technologies on board.
The market research study as reported by International Energy Agency (IEA), observes that in 2021 alone, EV sales in Asia have seen a 75% increase. India, which presently has around 2,000 EV charging stations available in most urban areas, is fast moving towards enhanced infrastructure and penetration in other areas. Given the investment of around US$ 150 million, a May 2022 report estimates that India is set to witness ~48,000 more EV charging points over the next 3–4 years. Such advancements are contributing to the growth of the EV charging cables market in this part of the world.
