DUBLIN--(BUSINESS WIRE)--The "Global EV Cables Market 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global Electric Vehicle (EV) cables market is poised for substantial growth, projected to escalate from USD 8.6 billion in 2023 to a noteworthy USD 19 billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 17.2%.
This comprehensive study encapsulates the market's diverse facets, seeking to estimate its dimensions and forecast future growth potential across a range of segments, including EV type, high voltage type, insulation material, shielding type, voltage, component, EV application, and region. An integral component of the study is an intricate competitive analysis of pivotal industry players. Their corporate profiles, notable product and business offerings, recent progressions, and strategic market approaches are meticulously examined.
Among the prominent participants in this market are industry giants like Leoni AG (Germany), Huber+ Suhner (Switzerland), Sumitomo Electric Industries, Ltd (Japan), Aptiv (Ireland), and Nexans (France), among others. A detailed competitive analysis of these key players within the market, featuring their company profiles, recent advancements, and key strategies, constitutes a significant aspect of this study.
The global automotive landscape is witnessing a notable shift towards electric vehicles, driven by surging consumer demand and the imperative to address environmental concerns. Concomitantly, numerous countries have enforced stringent emission standards for passenger cars, further propelling the growth of the EV market and subsequently influencing the demand for EV cables. Nonetheless, the high cost associated with battery-operated vehicles acts as a notable impediment to the growth of the EV cables market.
The onset of the COVID-19 pandemic brought about unprecedented disruptions across the globe, affecting economies and industries, including the automotive sector. Production halts in the automobile industry, spanning regions like the US, China, UK, Germany, France, Italy, Japan, and others, caused ripples throughout economic and financial structures, leading to a downturn in the sector.
High Voltage segment is expected to grow at the highest CAGR during the forecast period.
High voltage cables in electric vehicles move power to and from the battery and various systems throughout the electric vehicle. The high voltage electric vehicle cable is used for connecting the charging port and the battery, battery inter wiring, the battery, and the engine and other electrical components to carry the electric current power. Charging management mainly consists of a high voltage battery and battery connections. These are connected to each other with high voltage cables.
In 2020, Huber+Suhner launched its new flexible and robust Radox screened Flex high voltage battery cable range for electric vehicles. The company has combined its Radox technology with a new type of semiconductor to develop this new generation battery cable range. 55A1111-12-9-9, 55A1111-16-9-9, 55A1111-14-9-9 cables which has voltage rating of 600. Electric vehicles will be the future of transport as it is a viable alternative to conventional vehicles that depend directly on the diminishing fossil fuel reserves. Thus, increase in market demand for high voltage cables in critical application in an EV, market for high voltage cables would rise.
Silicon Rubber Insulation segment is expected to be the fastest growing segment during the forecast period
Silicone rubber insulation is one of the most popular materials used in EV cables insulation across the world. It is considered a high tear-resistant material when processed. It is also flexible, which provides a good amount of dielectric strength to cables. Silicone rubber has high abrasion resistance, good antifriction property, and significant chemical resistance.
Companies like Leoni AG are offering rubber insulation EV cables and claim that the hot, as well as the cold thermal resistance properties of silicone rubber, make it one of the best insulation materials for EV battery charging cables as compared with materials such as PVC and polyethylene. Cables with silicone rubber insulation are capable of withstanding a temperature range from -60C to 250C.
Copper segment is expected to be the largest market during the forecast period
Copper is one of the most popular materials used in EV cables shielding across the world. It is considered a high tear-resistant material when processed. It comes with excellent shielding effectiveness at both low and high temperatures, moderately high coverage, moderately high flexibility and longer life cycle compared to most shielding types. Pure EV battery can contain more than a mile of copper wiring in their stator windings.
Electricity delivery in an EV is achieved by a series of wiring primarily composed of copper. IN addition to the copper wire in the engine copper wire is used to connect electronics and battery packs. Companies like Leoni AG, TE Connectivity and Coroplast are offering copper shielding EV cables that have high cable life, better flexibility and can be used for moderate and high-power operations.
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
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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
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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
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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/1fu8we
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