Optical Fiber Cable Show 2024 Update: Positive Outlook for Electric Vehicle Charging Cable Market with CCS1 Connectors
The global trend towards eco-friendly transportation continues to evolve, driving demand for innovative electric vehicle (EV) charging solutions. Government incentives and investments in clean energy infrastructure are also laying the groundwork for the adoption of electric vehicles. Optical Fiber Cable Show 2024 has learned that the global market for EV charging cables is projected to grow from USD 1.3 billion in 2023 to USD 3.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 16.7%.
Breakthroughs in technologies such as wireless charging and rapid charging are reshaping the industry, making electric vehicles more convenient for consumers. In this transformative landscape, the EV charging cable market is well-positioned for sustained and robust growth.
Currently, the EV charging cable market is dominated by established companies, including Leoni AG (Germany), Aptiv (Ireland), TE Connectivity (Switzerland), BESEN International Group (China), and Dyden Corporation (Japan). These industry leaders operate globally and have established strategic partnerships.
Optical Fiber Cable Show 2024 has also noted that during the forecast period, due to the strong influence of CCS1 in the USA and Canada, ensuring smooth compatibility and interoperability, these factors help make it the fastest-growing category in the EV charging connector market. The demand for CCS1 connectors will be influenced by the gradual phase-out of CHAdeMO connectors.
The CCS1 connector, also known as the CCS Combo 1 or SAE J1772 Combo connector, represents a significant advancement in EV charging technology. As the standard for DC fast charging in North America and South Korea, the CCS1 can handle up to 500 amps and 1000 volts DC, enabling an impressive maximum power output of 360 kW.
The CCS1 plug has become the standard configuration for most electric vehicles in North America, with Japanese manufacturers like Nissan transitioning from CHAdeMO to CCS1 in new models in the region. Due to the continued widespread adoption of electric vehicles and the charging network in operation across North America, CCS1 is expected to rapidly expand.
Optical Fiber Cable Show 2024 reposted this article with the purpose of sharing industry information, which does not mean that our company supports the views stated in the article, nor are we responsible for the truthfulness of the entire article. If any infringement occurs, please contact us promptly to delete it.
