How Is Electric Vehicle Adoption Propelling Charging Cables Sales?

 

According to the International Energy Agency (IEA), over 3.1 million electric vehicles (EVs) were sold in 2020, globally. Governments across the world are offering financial benefits, in the form of subsidies, tax exemptions, and incentives, to fuel the production and adoption of EVs. For instance, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India)-II scheme was approved by the government of India in 2019 with an outlay of INR 10,000 crore. Around 86% of the fund has been allocated for demand incentives, to make EVs affordable in India.


The increasing preference for EVs can also be attributed to the rising concerns regarding air pollution. Due to the high EV sales, the EV charging cables market generated revenue of $250 million in 2020. Vehicular emissions are one of the leading causes of air pollution as it is caused due to the combustion of fossil fuels. The burning of non-renewable fuels, including diesel and gasoline, emits greenhouse gases (GHGs) in abundance. The adoption of EVs helps in curtailing air pollution as they can entirely remove tailpipe emissions.



The burgeoning number of EVs requires a strong charging infrastructure. As a result, governments are focusing on the installation of EV charging stations to promote the adoption of EVs, making huge investments for the same. Additionally, automobile companies are also installing EV chargers in private and public settings. According to the IEA, as of 2019, there were around 264,000 publicly accessible fast chargers across the world.


The power supply segment of the EV charging cables market is bifurcated into alternate current (AC) and direct current (DC). Of these, the AC category held the larger market share in 2020, and it is expected to continue its dominance throughout the forecast period (2021–2030). This can be ascribed to the escalating installation of EV charging stations in private settings, such as homes and offices. AC chargers are the more-common systems for charging as they can convert the power from AC to DC and then transfer it to the EV battery at a reasonable cost.


AC and DC chargers use straight and coiled cables for charging purposes. Of the two, straight cables were sold in a larger quantity than coiled cables in the past because of their lower maintenance requirement and costs and ease of installation. These cables are available in various lengths — up to 5 meters, 6 meters–10 meters, and above 10 meters. These cables are produced by Leoni AG, Chengdu Khons Technology Co. Ltd., BESEN-Group, General Cable Technologies Corporation, TE Connectivity Ltd., Dyden Corporation, PHOENIX CONTACT GmbH & Co. KG, Coroplast Group, and Aptiv plc.


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