Dublin, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The "Global EV Cables Market by Type (BEV, HEV, PHEV), By Voltage (Low, High), EV Application (Engine & Powertrain, Battery & Charging Management), High Voltage Application, Insulation, Shielding Type (Copper, Aluminium), Component and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global EV cables market is estimated to grow from USD 3.9 billion in 2021 to USD 13.1 billion by 2026, at a CAGR of 26.9%.
Major vehicle manufacturers across the globe are focusing on introducing electric vehicles to cater to the increased demand from consumers. Moreover, to curb rising pollution, several countries have implemented stringent emission norms for passenger cars. These factors are anticipated to push the growth of the EV market, thus driving the EV cable market.
BEV segment is expected to grow at the highest CAGR during the forecast period
BEV will hold a large market size and the fastest growth rate as BEV does not require a gasoline engine that requires fuel and routine maintenance hence fueling the market growth for EV cable. Due to increasing concern for emission reduction by countries around the world, BEVs are growing in demand. Earlier, due to less availability of charging stations and high cost of EV batteries, BEVs were less in demand. However, due to decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and a growing number of EV charging networks around the world, BEV demand has been growing drastically, increasing the market for EV cables. While BEVs are emission-free, several advancements in technology have also helped improve the sales of BEVs. Modern electric vehicles require automotive wiring and cables that can carry extreme voltages - and these cables need to integrate seamlessly into the automotive assembly line for safety, low weight impact and neatness. Hence the market for EV cables is expected to grow in future. Rising integration of electronic devices in battery electric vehicles has positively affected demand for EV cables in electric vehicles. Moreover, employing technologically advanced systems such as infotainment systems and advanced driver assistance systems in vehicles is expected to drive demand over the forecast period.
Asia PACIFIC is expected to be the largest market during the forecast period
Countries such as China, Japan, South Korea, and India are considered under Asia Pacific for market analysis. Increasing demand for electric vehicles in South Korea is also expected to drive the market for EV cables in the region. The region is home to some of the fastest-developing economies of the world such as China and India. The governments of these emerging economies have recognized the growth potential of the electric vehicle market and, hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets driving the demand for EV cables. Governments in the Asia Pacific region are also focusing on the introduction of commercial electric vehicles. Rapid installation of charging infrastructure is also expected to fuel the growth of the EV cables market in the near future
Premium Insights
- EV Cables Market, by EV Type - BEVWould Have Largest Market During Forecast Period (2021-2026)
- EV Cables Market, by Insulation Material - Thermoplastic Estimated to Hold Majority of the Market (2021-2026)
- EV Cables Market, by Shielding Type - Copper Segment Would Have Largest Market Share During Forecast Period (2021-2026)
- EV Cables Market, by Component - Wire Segment Expected to Lead the Market During Forecast Period (2021-2026)
- EV Cables Market, by Voltage -High Voltage Segment Expected to Grow at Highest CAGR During Forecast Period (2021-2026)
- EV Cables Market, by High Voltage Type - Battery & Battery Management Segment Expected to Grow at Highest CAGR During Forecast Period (2021-2026)
- EV Cables Market, by EV Application - Charging Management Will be the Fastest Growing Segment (2021-2026)
Market Dynamics
Drivers
- Increasing Growth of Electric Vehicles
- Increase in Fuel Prices
- Oil Consumption Around the World in Past 10 Years
- Rising Focus of Automakers on Emission-Free Vehicles
Restraints
- High Initial Cost of Electric Vehicles
- Limited Subsidies by Governments and Financial Organizations
Opportunities
- Government Initiatives Pertaining to EV Charging Infrastructure
- Government Programs for Promotion of Electric Vehicle Sales
- Rising Popularity of Hybrid Electric Vehicles
Challenges
- Lack of EV Charging Infrastructure in Developing Economies
- Longer Charging Time Than Other Fuels
Company Profiles
- Acome
- Aptiv
- Besen International Group
- Champlain Cable Corporation
- Coroplast
- Draxlmaier Group
- Dyden Corporation
- Eland Cables
- Elkem
- Fujikura Ltd
- Furukawa Electric Co., Ltd
- General Cable (Prysmian Group)
- Hengfei Cable Co., Ltd
- Huber+Suhner
- Leoni Ag
- Nexans
- Omg EV Cable
- Philatron Wire & Cable
- Riying Electronics Co., Ltd
- Sinbon Electronics
- Sumitomo Electric Industries, Ltd.
- TE Connectivity
- THB Group
- Yazaki Corporation
- Yura Corporation
For more information about this report visit https://www.researchandmarkets.com/r/ep6zi1
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