Pune, India, Sept. 15, 2023 (GLOBE NEWSWIRE) -- In the automotive industry, high voltage cables play a crucial role in enabling the transmission of high voltage power. Growing demand for EVs across the world propels the need for efficient and reliable automotive high voltage cables to support the electrification of vehicles. Governments and regulatory bodies are also supporting a transition to cleaner transportation, increasing the production and sales of EVs. Thus, the demand for high-voltage cables is upsurging. Therefore, significant investments are being made by governments and private entities In manufacturing EV. As the demand for EV continues to grow, the demand for automotive high voltage cables also increases. Automotive high voltage cable manufacturers are focusing on introducing innovative features and advancements to meet the evolving needs of EV users, including obtaining safety and quality certification; developing extension cables to enhance convenience; and incorporating technologies such as liquid cooling for improved efficiency. These trends highlight the industry's commitment to deliver high-performance and durable cables that cater to the demands of the evolving EV market.
Automotive High Voltage Cable Market in terms of revenue was estimated to be worth $3.17 billion in 2022 and is poised to reach $6.10 billion by 2030, growing at a CAGR of 8.5% from 2023 to 2030 according to a new report published by The Insight Partners.
The growth of this market is driven by increasing production of electric vehicles and increasing initiatives related to safety requirements & test methods for EV high voltage systems.
Download Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00030004
Browse Comprehensive TOC on "Automotive High Voltage Cable Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Vehicle Type [Battery Electric Vehicles (BEV), Plugin Hybrid Electric Vehicles (PHEV), and Plugin Hybrid Vehicles (PHV)], Conductor Type (Copper and Aluminum), Core Type (Multi Core and Single Core) and Geography”
List of Tables - 67
List of Figures - 54
No. of Pages: 137
Global Automotive High Voltage Cable Market Scope:
| Report Coverage | Details |
| Market Size Value in | $ 3.17 billion in 2022 |
| Market Size Value by | $ 6.10 billion by 2030 |
| Growth rate | CAGR of 8.5% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| Segments covered | Vehicle Type, Conductor Type, Core Type |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Increasing Usage of Advanced Features in Vehicles to Fuel Automotive High Voltage Cable Market Growth During Forecast Period:
Governments, private companies, and industry players have substantially invested in the development of EVs and innovative features of EVs to decrease the dependence on fossil fuel vehicles. To meet the diverse needs of EV users, manufacturers such as WAI, Leoni, and Green Cell have introduced a range of EV charging cables. These cables adhere to different charging standards and specific power transmission requirements, making them compatible with vehicles of Audi, BMW, Tesla, and other well-known brands. Manufacturers have obtained TUV certification for their cables, ensuring safety and quality standard compliance. Extension cables have also been introduced, extending existing charging cables and enhancing convenience for EV owners. These new features introduced in high voltage cables help reduce charging time and minimize power losses during transmission. Additionally, new features such as liquid-cooled solutions and improved durability have increased the performance and reliability of the cables. As the world transitions toward a greener and sustainable future, governments worldwide recognize the importance of promoting EV adoption and reducing emissions. They are investing in expanding alternatives to conventional automotive options. With anticipated technological advancements, policy changes, and market dynamics further shaping the industry. Therefore, there will be a rising demand for high voltage cables with innovative features ensuring safer and higher performance in the coming years.
Automotive High Voltage Cable Market: Industry Overview
The automotive high voltage cable market is segmented based on vehicle type, conductor type, and core type. Based on vehicle type, the automotive high voltage cable market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin hybrid electric vehicles (PHEV). Based on conductor type, the automotive high voltage cable market is bifurcated into copper and aluminum. Based on core type, the automotive high voltage cable market is bifurcated into multi core and single core. By region, the automotive high voltage cable market is segmented into North America, Europe, Asia Pacific, and the Rest of World.
The global automotive high voltage cable market is segmented into four major regions: North America, Europe, APAC, and RoW. In 2022, Asia Pacific led the global automotive high voltage cable market with a substantial revenue share, followed by North America and Europe. APAC is witnessing rapid economic growth and an increase in the disposable incomes of middle-class consumers, which are the prominent factors responsible for the surge in demand for electric vehicles. Several APAC countries, including China, witnessed a rise in EV adoption, while others are in the preliminary stages of the transition. In developing countries, many barriers, such as high acquisition costs, the need for new safety and technical standards, and costs for developing charging infrastructure, are hampering the adoption of EVs. APAC experienced one of the leading global e-mobility revolutions, which created huge opportunities for market players to reduce air pollution and raise the quality of public transport in the region. Governments of various countries in APAC are taking various initiatives on electric mobility. In August 2022, The Economic and Social Commission of Asia and Pacific (ESCAP) launched an initiative on electric mobility to promote the growth of electric mobility in public transport to reduce vehicle emissions and dependence on fossil fuels for transport operations. In addition, the demand for EVs is increasing across the region. High voltage cables are widely used in EVs to transmit electricity. Thus, the growing demand for EVs is propelling the automotive high voltage cable market growth in the region.
Order a Copy of this Report at: https://www.theinsightpartners.com/buy/TIPRE00030004
Global Automotive High Voltage Cable Market: Competitive Landscape
JYFT; ACOME Group; HUBER+SUHNER; Prysmian; LEONI AG; Coroplast Fritz MÜller GmbH & CO. KG; Champlain Cable Corporation; Sumitomo Electric Industries, Ltd.; SHANGHAI KMCABLE GROUP CO, Ltd.; and ZMS Cables are among the leading market players profiled in the automotive high voltage cable market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth.
Automotive High Voltage Cable Market - Key Industry Dynamics:
Drivers:
- Increasing Production of Electric Vehicles.
- Increasing Initiatives Related to Safety Requirements and Test Methods for EV High Voltage Systems
Restraints:
- Availability of Counterfeit Automotive Cables
Opportunities:
- Growing Demand for Premium Vehicles
Future Trends:
Increasing Usage of Advanced Features in Vehicles
Recent Developments:
In April 2023, Leoni AG upgraded its Business Group AM to the Automotive Cable Solutions (ACS) Division, highlighting the significance of the automotive cables business within its cables segment. The division's success can be attributed to its dedicated workforce and focus on automotive industry megatrends. With the increasing demand, ACS continues to expand its production capacity and aims to provide innovative solutions for electric vehicles, high-voltage cables, data cables, and sensor cables, catering to the needs of the growing automotive high voltage cable market.
In July 2022, ACOME showcased its latest innovations in the automotive industry at the SIA Powertrain & Energy event. The company introduced a new range of high voltage power cables featuring its proprietary E-layer technology, Twinskin, and Datacables. These advancements have positioned ACOME as a key player in the automotive high voltage cable market.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Automotive Seats Market - Global Analysis and Forecast to 2030
Automated Guided Vehicle Market - Global Analysis and Forecast to 2030
40-Ft Electric Boat Market - Global Analysis and Forecast to 2030
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/automotive-high-voltage-cable-market
