DUBLIN, Aug. 28, 2023 /PRNewswire/ — The “Global EV Cables Market, Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
In a realm of surging innovation, the global Electric Vehicle (EV) cables market is poised for an impressive ascent. Starting at an estimated value of USD 8.6 billion in 2023, this market is projected to burgeon to a substantial USD 19 billion by 2028, registering a commendable Compound Annual Growth Rate (CAGR) of 17.2%.
Market Dynamics: Steering the Course
A pivotal factor steering this trajectory is the unwavering focus of major vehicle manufacturers on electrifying their fleets. With consumers’ appetites for electric vehicles growing, automakers worldwide are embracing this paradigm shift. Simultaneously, a pressing need to counteract mounting pollution levels has driven countries to enact stringent emission norms for passenger cars. This collective drive to transform the automotive landscape is set to propel the growth of both the EV and EV cables markets. However, the high cost of battery-operated vehicles does pose a challenge to this growth trajectory. It’s also important to acknowledge that the seismic impact of the COVID-19 pandemic has disrupted the automotive industry and economies across the globe, causing production halts and economic downturns.
Focusing on High Voltage: A Spotlight on Growth
As we dissect the market, the High Voltage segment takes center stage, anticipated to achieve the highest Compound Annual Growth Rate (CAGR) during the forecast period. High voltage cables are the lifelines of electric vehicles, orchestrating the intricate dance of power between the battery, charging port, engine, and other critical components. In a laudable stride, Huber+Suhner introduced the Radox screened Flex high voltage battery cable range in 2020, a testament to the innovation driving this field. This new generation battery cable range, such as the 55A1111-12-9-9, 55A1111-16-9-9, and 55A1111-14-9-9 cables, boasts a voltage rating of 600. These advances underline the role of high voltage cables in ushering electric vehicles into the forefront of transportation, offering a sustainable alternative to traditional fossil fuel-powered vehicles.
Emergence of Silicone Rubber Insulation: A Remarkable Growth Trajectory
Silicone rubber insulation emerges as a star within the EV cables arena, poised for rapid growth. Coveted for its resilient properties, this material stands as a formidable choice for EV cables insulation worldwide. Its remarkable thermal resistance, flexibility, and robust dielectric strength position it as a robust solution. Notably, Leoni AG offers silicone rubber insulation EV cables, spotlighting the material’s hot and cold thermal resistance properties. This renders silicone rubber an excellent insulation material for EV battery charging cables, particularly when compared to alternatives like PVC and polyethylene. Impressively, cables enveloped in silicone rubber insulation demonstrate resilience in temperatures ranging from -60°C to 250°C.
Copper: Sustaining Dominance
In the realm of shielding EV cables, copper maintains its eminence. Revered for its tenacity, copper remains a linchpin in these systems. A hallmark of shielding effectiveness across diverse temperatures, copper shines as a durable, flexible, and enduring choice. Its role extends across an EV’s ecosystem, from the engine to electronics and battery packs. Notably, companies like Leoni AG, TE Connectivity, and Coroplast stand at the forefront, offering copper shielding EV cables that embrace high cable life, enhanced flexibility, and aptitude for moderate and high-power operations.
A Roadmap for Exploration
The study’s comprehensive reach spans diverse segments, encompassing EV type, high voltage type, insulation material, shielding type, voltage, component, EV application, and region. This in-depth analysis yields insights into the market’s size and growth potential across these segments. Pioneering players like Leoni AG (Germany), Huber+Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland), and Nexans (France), among others, underscore the competitive landscape. The narrative extends to a profound exploration of company profiles, recent developments, and strategic market approaches, weaving a comprehensive tapestry of the global EV cables market.
Key Attributes
|
Report Attribute |
Details |
|
No. of Pages |
216 |
|
Forecast Period |
2023-2028 |
|
Estimated Market Value (USD) in 2023 |
$8.6 Billion |
|
Forecasted Market Value (USD) by 2028 |
$19 Billion |
|
Compound Annual Growth Rate |
17.2 % |
|
Regions Covered |
Global |
Premium Insights
Increasing Demand for EVs to Drive Market
Asia-Pacific to Account for Largest Market Share in 2023
BEV to Have Largest Market During Forecast Period (USD Million)
Thermoplastic Elastomer to Hold Majority Market Share (2023-2028) (USD Million)
Copper Segment to Dominate Market During Forecast Period
Wire Segment to Lead Market During Forecast Period
High Voltage Segment to Grow at Highest CAGR During Forecast Period
Battery & Battery Management to Grow at Highest CAGR During Forecast Period
Charging Management to be Fastest-Growing Segment During Forecast Period
Case Study Analysis
Fuel Case Study on Electrical Connection for Aluminum Conductors in Automotive Applications
Testing Chargepoint Cable Pavement Gullies in Oxfordshire
Market Dynamics
Drivers
Growth of EVs
Increase in Fuel Prices
Rising Focus of Automakers on Emission-Free Vehicles
Restraints
High Initial Cost of EVs
Limited Subsidies by Governments and Financial Organizations
Opportunities
Government Initiatives Pertaining to EV Charging Infrastructure
Rising Popularity of HEVs
Challenges
Lack of EV Charging Infrastructure in Emerging Economies
Longer Charging Time Than Other Fuels
Companies Profiled
Key Players
Leoni AG
Huber+Suhner
Sumitomo Electric Industries, Ltd.
Aptiv
Nexans
TE Connectivity
Eland Cables
Acome
Elkem
Coroplast
Champlain Cable Corporation
Sinbon Electronics
Philatron Wire & Cable
Other Key Players
Furukawa Electric Co. Ltd.
Hengfei Cable Co. Ltd.
Dyden Corporation
Riying Electronics Co. Ltd.
THB Group
Yura Corporation
Yazaki Corporation
Fujikura Ltd.
OMG EV Cable
Draxlmaier Group
Besen International Group
General Cable (Prysmian Group)
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 EV Cables Market, by High Voltage Type, by Application
7 EV Cables Market, by Voltage
8 EV Cables Market, by EV Application
9 EV Cables Market, by EV Type
10 EV Cables Market, by Component
11 EV Cables Market, by Insulation Material
12 EV Cables Market, by Shielding Type
13 EV Cables Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Analyst’s Recommendations
17 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/316msl
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