Skip to main content

Mushrooming Adoption of EVs Driving EV Charging Cable Sales

With increasing environmental concerns, the deployment of electric vehicles (EVs) has surged over the last few years. Moreover, the rapid installation of proper EV charging facilities will further boost the sales of EVs in the coming years, which will subsequently push up the requirement for EV charging cables. According to the International Energy Agency (IEA), the worldwide electric car stock reached 10 million units in 2020, registering an increment of 43% from 2019.

The burgeoning need for EVs is encouraging the governments of several countries to make huge investments in the development of EV charging facilities. As per the IEA, the total number of EV charging points all over the world rose by nearly 44% from 2017 to 2018. The installation of these charging stations is expected to propel the demand for EV charging cables in the coming years, which will drive the global EV charging cables market.


 According to the observations of the market research company, P&S Intelligence, the value of the market rose to $250 million in 2020. Furthermore, many major EV charging cable producers, such as Chengdu Khons Technology Co. Ltd., Leoni AG, General Cable Technologies Corporation, BESEN-Group, Coroplast Group, Aptiv plc, PHOENIX CONTACT GmbH & Co. KG., TE Connectivity Ltd., and Dyden Corporation, are focusing on collaborations and partnerships in order to expand their customer pool and bolster their position in the market.

For example, the AMP+ charging inlet for hybrid commercial and passenger vehicles and EVs was launched by TE Connectivity Ltd. in January 2021. Hence, the demand for EV charging cables will surge in the forthcoming years, primarily because of the growing deployment of EVs all over the world.



Labels:

Comments

Post a Comment

Popular posts from this blog

Edge Data Center Market To Generate $53.1 Billion Revenue by 2030

A number of factors such as the commercialization of 5G, high demand for internet of things (IoT) devices, and dense over-the-top (OTT) and mobile data traffic are expected to drive the edge data center market at a CAGR of 25.4% during the forecast period (2020–2030). The market revenue stood at $5.3 billion in 2019, and it is projected to reach $53.1 billion by 2030.  In recent years, the rising adoption of IoT technology in the healthcare and automotive industries has become a major market trend. The increasing mobile data traffic is a prominent growth driver of the edge data center market across the world. The growing usage of smartphones and IoT devices is resulting in the generation of high volumes of data.  Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/edge-data-center-market-analysis/report-sample To manage the mounting amount of data, umpteen edge data centers are being deployed across the world. The rising penetration of the in...
Post a Comment
Read more

Digital Signature Market To Generate $25,211.3 Million Revenue by 2030

Factors such as the surge in adoption of digital-signature based biometrics in the banking, financial services and insurance (BFSI) sector, requirement for advanced security solutions amidst pandemic lockdowns and remote working environment, government policies regarding digitization and data protection, and rise in usage of digital signature to eliminate paperwork are expected to drive the growth of the digital signature market at a CAGR of 29.2% during the foreseeable period. According to P&S Intelligence, the market size is projected to reach $25,211.3 million by 2030 from $1,858.3 million in 2020. Moreover, the market is witnessing a trend of using digital signatures in the healthcare industry for higher transparency. The surging adoption of digital-signature-based iometrics in the BFSI sector is one of the main factors boosting the digital signature industry growth. Biometrics is one of the most secure ways of authentication and identification, as this technology offers a uniq...
Post a Comment
Read more

Robotic Process Automation Market Drivers, Restraints, Opportunities, and Trends in Coming Years

Robotic process automation solutions allow businesses to create virtual workforce, which can work on routine and mundane tasks with high efficiency, thereby eliminating the requirement for manual intervention. These solutions offer scalability and reduce operational cost by over 50%, as the virtual workforce can work round the clock. As the RPA systems can work continuously, they offer enhanced customer satisfaction. With the growing complexities in operations, enterprises across the world are adopting automated solutions, interaction solutions, and decision support and management solutions to automate repetitive and mundane tasks. Apart from this, RPA software also helps in mechanizing back-end processes because it can run in the background 24*7. This, in turn, allows human employees to concentrate on more important tasks, such as product development or client handling. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/robotic-process-automation-ma...
Post a Comment
Read more