The Global EV Cables Market size is expected to reach $23.1 billion by 2030, rising at a market growth of 15.7% CAGR during the forecast period.
The main driver propelling the growth of the market in the North America region is an increase in EV vehicle production. Consequently, the North America segment will register around 25% share in the market by 2030. Since electric vehicles may be used in place of gasoline and diesel vehicles and are fueled by lithium-ion batteries that provide a hybrid charging facility, the adoption of electric vehicles has increased in the region as a result of rising fuel prices. Some of the factors impacting the market are the rising number of electric vehicles, increasing cost of gasoline and diesel and electric vehicles have a high initial cost.
With the rise in sales of electric vehicles, the market is anticipated to expand. With growth in all three of the world's largest vehicle markets—China, the US, and Europe—EV sales have soared. The global implementation of rigorous emission regulations to reduce the emission of hazardous gases from automobiles is predicted to boost the market. As the use of electric vehicles rises, so does the demand for charging stations. This is anticipated to be a key factor driving the market over the forecast period. The popularity of cars has led to a dramatic rise in the demand for fuels like gasoline and diesel in recent years. The cost of crude oil, which is used to make gasoline and diesel, has lately increased, which has driven up the price of fuel. Crude oil was less expensive during the start of the COVID-19 pandemic as a result of the temporary closure of numerous enterprises and the reduction in energy use. The price of electricity can be further reduced if charging is done with renewable energy sources, such as solar panels installed at bus terminals. As a result, countries all over the world are switching from conventional to electric automobiles. This, in turn, is expanding the growth of the market.
However, the high cost of EV production has been a significant obstacle to their broad acceptance. The cost of electric vehicles is significantly higher than that of ICE automobiles since the electric vehicles require expensive rechargeable lithium-ion batteries. Additionally, the cost of the cathode has a significant impact on the cost of the batteries. This is due to the high price of the components utilized in these batteries, including cobalt, nickel, lithium, and magnesium. Therefore, the initial expense of installing the charging station may cause significant losses for people. All of these elements might prevent this market from expanding.
Based on shielding type, the market is segmented into copper, aluminum and others. In 2022, the aluminum segment witnessed a considerable revenue share in the market. Aluminum foil used for cables is a hybrid product made of both aluminum foil and aluminum foil tape. It can serve as a corrosion shield for the cable and a leakage shield for the signal. Aluminum foil has excellent airtightness and shielding qualities, making cable protection foil an ideal cable protection layer.
Based on application, the market is categorized into engine & powertrain, battery & battery management, charging management, power electronics, and others. The charging management segment witnessed the maximum revenue share in the market in 2022. EV cables play a vital role in charging management applications by providing a seamless and secure connection between charging stations and electric vehicles. Their ability to transmit power, exchange data, and facilitate advanced charging management features contributes to the growth and efficiency of the electric vehicle ecosystem.
On the basis of voltage, the market is divided into low, medium, high, and very high. The low segment garnered a substantial revenue share in the market in 2022. ow voltage cables typically operate at voltages lower than 60 volts in automotive applications. This reduces the risk of electrical hazards, as lower voltages are generally less dangerous to human safety in the event of accidental contact or short circuits. Additionally, lower voltage levels in cables can result in lower electromagnetic interference, which is important for maintaining the performance of sensitive electronic components and communication systems within the vehicle.
By component, the market is fragmented into wires, connectors/terminals, fuse, and others. The wires segment procured the maximum revenue share in the market in 2022. A wire is a single electrical conductor that can transfer current for a variety of purposes. There are typically several wires in an EV cable, including earth, neutral, and live wires. These wires are used in conjunction with an insulation layer and a jacket material to form the EV cable. Typically, they are constructed of metals with strong conductivity, including copper and aluminum. As a result, there will be a rapid rise in the need for EV cables along with the demand for electric automobiles.
By EV type, the market is divided into BEV, HEV, PHEV, and others. The HEV segment procured a significant revenue share in the market in 2022. Due to the rising demand for low- or zero-emission vehicles, demand in this segment is increasing. Additionally, governments in many nations offer tax breaks and rebates for the purchase of hybrid vehicles. Hybrid cars are built with increased power, reduced emissions, and higher fuel economy in mind. These cars use engines and regenerative braking systems to generate electrical energy, among other sources.
On the basis of insulation material, the market is segmented into silicon rubber insulation, fluoro polymers, thermoplastic elastomer, and others. The thermoplastic elastomer segment recorded the largest revenue share in the market in 2022. Rubber and plastic characteristics are combined in thermoplastic elastomers (TPEs). They are adaptable, strong, and resistant to various solvents and chemicals. TPE is a common jacket material for outdoor and demanding interior applications because of its flexibility, strong low-temperature tolerance, and UV protection. Extreme industrial standards for various applications can be met by processing TPE jackets.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 7.4 Billion |
| Market size forecast in 2030 | USD 23.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 15.7% from 2023 to 2030 |
| Number of Pages | 391 |
| Number of Table | 660 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Shielding Type, Voltage, EV Type, Application, Insulation Material, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Norway, Netherlands, China, Japan, India, South Korea, Singapore, Taiwan, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region procured the highest revenue share in the market. The region's growing production of electric vehicles and technological advancements are the major factors driving the market. The demand for electric vehicles has increased as a result of government funding and innovations made by automakers in the Asia-Pacific region. The main reason propelling the growth of the APAC market is the development of megachargers to ease long-distance trucking.
The market research report covers the analysis of key stakeholders 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.
Free Valuable Insights: Global EV Cables Market size to reach USD 23.1 Billion by 2030
By Shielding Type
By Application
By Voltage
By Component
By EV Type
By Insulation Material
By Geography
This Market size is expected to reach $23.1 billion by 2030.
Rising number of electric vehicles are driving the Market in coming years, however, Electric vehicles have a high initial cost restraints the growth of the Market.
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.
The High segment acquired the highest revenue in the Market by Voltage in 2022; thereby, achieving a market value of $9 billion by 2030.
The Copper segment is leading the Market by Shielding Type in 2022; thereby, achieving a market value of $13.0 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.4 billion by 2030.
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