EV Charging Cables Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is set to dominate majority revenue share of 60% by 2035, The market growth in this region is set to be dominated by the growing government efforts to inspire key players to develop electric vehicle charging infrastructure. Additionally, the Asia Pacific region consists of countries with the highest production and sales of electric vehicles. More than 35 % of the new cars sold in China were electric vehicles in 2023.
Additionally, the market in China for EV charging cables is also projected to rise, with the highest revenue compared to other regions, owing to the rising construction of EV power stations. Moreover, at least 1 in 3 new car registrations in 2023 was electric in China.
Furthermore, the India market is to observe a surge by 2035 due to the growing manufacturing of EVs in the country, followed by the increase in number of EV manufacturers. For instance, there were more than 350 EV manufacturers in India, till 31 July 2021.
Additionally, the Japan market is also set to experience growth on account of growing spending by authorities on EV research & development. Additionally, the increasing sale of EVs in Japan is expected to boost the market growth. In the FY 2022, the sale of foreign electric passenger cars soared by nearly 60%.
North America Market Insights
The North America EV charging cables market is set to experience remarkable growth over the coming years. The major factor driving market expansion in this region is the presence of key electric vehicle equipment supply manufacturers with strong commitments toward the environment. According to the TE’s annual corporate responsibility report, announced on June 12, 2023, the business has increased its target to cut emissions that are directly created by Scope 1 or Scope 2, by 70% by 2030, as compared to 2020.
Furthermore, in this region, the U.S. market for EV charging cables is predicted to be dominated by growing demand for electric bikes. Hence, EV charging cables can charge e-bikes at a public or public place.
Moreover, the deployment of electric buses has grown in Canada, which is additionally set to boost the market expansion for EV charging cables in this nation.
