The Europe EV Cables Market would witness market growth of 15.2% CAGR during the forecast period (2023-2030).
In the coming years, the market will have variable growth due to the increased usage of electric vehicles. The market is expected to expand rapidly as a result of increasing government initiatives to hasten the construction of charging stations. Additionally, the market is growing due to increased knowledge of the remarkable endurance of coiled cables.
Furthermore, the primary market factors that will positively affect the market's growth rate are the advancements in technology for EV charging cables and the increase in demand for luxury electric vehicles. Increased gasoline prices and increased charging efficiencies are a couple of the causes boosting demand in the market.
The demand for commercial electric vehicles (EVs) is growing, which is fueling a quick increase in the number of charging stations in homes, businesses, and public locations. Passenger cars are only a small portion of the growing EV demand, which also includes EV chargers, infrastructure for charging stations, and accessories.
In this region, to adjust to the new normal, get through the economic slump, and stabilize the income losses brought on by the COVID-19 pandemic, government organizations are working on electric mobility, or e-mobility, with improved vehicle safety systems. The government's principal strategy for reducing carbon emissions is the shift to electrified transportation. The demand for EVs is rising as government agencies plan to electrify their buses, trains, and other forms of public transportation. Hence, the increasing government support for the development of EV manufacturing sector is also helping in raising the demand for EV cables, thereby advancing the expansion of the market in this region.
The Germany market dominated the Europe EV Cables Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,494.8 million by 2030. The UK market is poised to grow at a CAGR of 14.3% during (2023 - 2030). Additionally, The France market would witness a CAGR of 16.3% during (2023 - 2030).
Based on Shielding Type, the market is segmented into Copper, Aluminium, and Others. Based on Application, the market is segmented into Charging Management, Engine & Powertrain, Battery & Battery Management, Power Electronics, and Others. Based on Voltage, the market is segmented into High, Medium, Low, and Very High. Based on Component, the market is segmented into Wires, Connectors/Terminals, and Fuse & Others. Based on EV Type, the market is segmented into BEV, HEV, and PHEV & Others. Based on Insulation Material, the market is segmented into Thermoplastic Elastomer, Silicon Rubber Insulation, Fluoro Polymers, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Norway, Netherlands, and Rest of Europe.
Free Valuable Insights: The Worldwide EV Cables Market is Projected to reach USD 23.1 Billion by 2030, at a CAGR of 15.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include HUBER+SUHNER AG, TE Connectivity Ltd., Leoni AG, Aptiv PLC, Nexans S.A., Sumitomo Electric Industries, Ltd., Elkem ASA (Bluestar Elkem International Co., Ltd. S.A.), Sinbon Electronics Co., Ltd., Coroplast Fritz Müller GmbH & Co. KG, and Philatron Wire & Cable
By Shielding Type
By Application
By Voltage
By Component
By EV Type
By Insulation Material
By Country
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