Fort Collins, Colorado, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The EV Cables Market size was valued at USD 9.6 Billion in 2023 and is anticipated to reach USD 43.1 Billion by 2032 at a CAGR of 18.1%.
Electric and hybrid vehicles rely on EV cables to transmit power and data to various components, including the lighting, air conditioning unit, traction motor, and sensors. The growing popularity of EVs worldwide significantly contributes to the market's expansion.
The increasing need for eco-friendly transportation is a crucial factor driving the growth of the electric vehicle (EV) market. Battery-powered automobiles are the future of electric mobility, reducing our dependence on fossil fuels and helping us decarbonize transportation. Governments around the world are encouraging the adoption of EVs through regulations like the European Union's standards for automakers or subsidies such as the U.S. Federal Tax Credit for EV purchases. As a result, sales of EVs are soaring, leading to a surge in demand for their components, including cables. According to the International Energy Agency (IEA), global EV sales surpassed 10 million units in 2022.
In addition, the automotive industry's increasing adoption of electric vehicles drives growth in the EV cable market. Vehicle electrification is replacing powertrain and auxiliary systems, including on-board and off-board charging systems, which directly leads to a surge in demand for EV cables.
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Segmentation Overview:
The global EV cables market has been segmented into EV type, insulation, shielding type, components, voltage, application, and regional markets. The BEV segment had the largest electric vehicle market share in 2022. Around 70% of all electric cars sold in 2022 were BEVs. In BEVs, the electric drivetrain comprises a high-voltage battery, inverters, and motors connected via high-voltage wiring harnesses and power cables. The growing number of sensors in BEVs is also leading to more connections on the vehicle's cable harness. Copper shielding dominated the market in 2023, accounting for most sales. Shielding is crucial for cables in EVs as it prevents signals from one cable from interfering with signals from other wires or electronic devices. Since EVs function with high-voltage electric components, they generate electromagnetic interference (EMI). Copper is a very reliable metal for EMI shielding, thanks to its effectiveness in attenuating magnetic and electrical waves.
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EV Cables Market Report Highlights:
- The global EV cables market growth is anticipated to have a CAGR of 18.1% by 2032.
- The EV cable market is expanding due to the growing popularity of eco-friendly transportation like electric and hybrid vehicles. These vehicles rely on EV cables to transmit power and data to various components. Government regulations and subsidies are encouraging the adoption of EVs, leading to a surge in demand for their components, including cables. Global EV sales have already surpassed 10 million units in 2022. The increasing adoption of electric vehicles and advanced features like sensors increases cable requirements.
- The Asia Pacific region is expected to hold a significant share of the electric vehicle (EV) market in the coming years. This can be attributed to the region's high production and demand for EVs. Countries like China, Japan, South Korea, and India are leading the way in EV adoption.
- Some prominent players in the EV cables market report include Leoni AG, Huber + Suhner, Sumitomo Electric Industries., Ltd, Aptiv and Nexans, Prysmian Group S.p.A.
Industry Trends and Insights:
- We are pleased to announce that Ravicab Cables Private Ltd has recently acquired HUBER+SUHNER, reinforcing our position in the electronic connectivity sector. As a responsible industry member, we are proud to introduce an eco-friendly solution for our radio frequency (RF) SMA connectors, now available for order through our distributor network. We appreciate your continued support and look forward to sustainably serving your needs.
- Ravicab Cables Private Ltd has acquired Pune-based Elegar Kepen, previously known as Leoni Cable Solutions India Private Ltd (LCSI). The acquisition includes a 100 percent equity stake. LCSI is a 100-year-old cable brand in India and was formerly a Leoni AG, Germany subsidiary. Following the divestiture by Leoni AG Group in 2022, LCSI has been renamed Elegar Kerpen Kabel India.
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EV Cables Market Segmentation:
By EV Type: BEV, HEV, PHEV and FCEV
By Insulation: Silicon Rubber Insulation, Fluoro-polymers, Thermoplastic Elastomer, and Others
By Shielding Type: Copper, Aluminum, and Others
By Components: Wires, Connectors/Terminals, and Others
By Voltage: Low, Medium, High, and Very high
By Application: Engine & Powertrain, Battery & Battery Management, Charging Management, Power Electronics and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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