Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global EV Cables Market, Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Electric Vehicle (EV) cables market is poised to undergo a substantial evolution, transitioning from an estimated USD 8.6 billion in 2023 to a promising USD 19 billion by 2028, fostering a noteworthy Compound Annual Growth Rate (CAGR) of 17.2%. Against a backdrop of surging consumer demand, major vehicle manufacturers are diligently cultivating their electric vehicle portfolios. This strategic pivot is in tandem with stringent emission regulations enacted by multiple nations to address escalating pollution levels. Consequently, the growth trajectory of the EV market casts a favorable light on the EV cables market, albeit concerns loom over the comparatively steep cost of battery-operated vehicles.
Key Market Dynamics at Play
As we delve into the market dynamics, the High Voltage segment emerges as the star performer, poised to scale the heights of growth during the forecast period. These high voltage cables act as the lifelines of electric vehicles, orchestrating the intricate dance between the battery, charging port, engine, and other electrical components. In an innovative stride, Huber+Suhner's launch of the Radox screened Flex high voltage battery cable range sets the tone for elevating power transmission standards within electric vehicles.
Innovation Unveiled: Silicone Rubber Insulation
A strikingly innovative segment poised for rapid growth is Silicone Rubber Insulation, heralding a new era of insulation materials for EV cables. Prized for its robust thermal resistance, supple flexibility, and formidable dielectric strength, silicone rubber insulation emerges as a potent candidate for shielding EV battery charging cables. This technology holds its ground against the incumbents like PVC and polyethylene, showcasing thermal resistance spanning -60°C to 250°C, resiliently bracing for the rigors of the electric vehicle environment.
Copper’s Enduring Stature
A stalwart within the shielding realm of EV cables, Copper steadfastly claims its dominance. Revered for its unwavering tenacity, copper adorns the vital wiring systems within electric vehicles, bolstering their resilience. With its remarkable shielding efficacy across diverse temperatures, copper upholds its reputation for adaptability, durability, and enduring performance. An intricate part of an EV's fabric, copper lends its strength to interconnect the engine, electronics, and battery packs. Industry leaders such as Leoni AG, TE Connectivity, and Coroplast endorse copper shielding, attesting to its prowess in enhancing cable life, flexibility, and operational excellence.
Navigating Research Frontiers
The comprehensive study unfurls across the landscape of the EV cables market, meticulously dissecting its facets through various segments. These include EV type, high voltage type, insulation material, shielding type, voltage, component, EV application, and region. The backdrop is further enriched by a robust competitive analysis spotlighting key players like Leoni AG, Huber+Suhner, Sumitomo Electric Industries., Ltd, Aptiv, and Nexans. Their profiles and strategic pursuits come to the forefront, presenting a panoramic view of the market panorama.
Amidst the impending transition to a electrifying future, the stage is set for EV cables to take the center stage, facilitating the seamless transmission of power within electric vehicles. In a concerted commitment to innovation, sustainability, and technological prowess, the EV cables market is poised to galvanize the metamorphosis of the automotive landscape.
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/ll4u8g
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