< Key Hightlight >

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. However, high cost of battery operated vehicles is considered a major restraint for the growth of the EV cables market. Though the outbreak of pandemic COVID-19 all over the world disturbed the economic and financial structures of the whole world. Auto industry noticed a fall due to production halt of vehicles parts and assembly which has collapsed the economies of US, China, UK, Germany, France, Italy,  Japan, and many others countries.  However, In H1 2021, electric vehicle manufacturers around the world have increased level of production due to rise in sales.

“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. 

“Wire segment is expected to be the largest segment during the forecast period.”

A Wire is a single conductor of electricity used to transfer current for various applications. An EV cable usually consists of multiple wires (including Live Wires, Neutral Wires and Earth Wires). Together these wires along with a insulation layer and a jacket material are used as part of the EV cable. They are usually made of good conducting material like Aluminum and Copper. The demand for EV wires increases with rise in sales of EV’s.  Hence this will lead to the fast growing demand of EV cables with increase in demand for electric vehicles. Wires are the base component of EV cables and have a high demand which grows with the demand for EV cables in EV’s. 

“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

In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the market.

• By Company Type: Tier I – 47%, Tier II – 33%, and OEMs – 20% 

• By Designation: C Level – 43%, D Level – 39%, and Others – 18%

• By Region: Europe – 34%, Asia Pacific – 38%, North America – 28% 

The market comprises major manufacturers such as Leoni AG (Germany), Huber+ Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland), Nexans (France) among others. The study includes an in-depth competitive analysis of these key players in the market with their company profiles, recent developments, and key market strategies.

Research Coverage:

The study covers the market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as EV type, high voltage type, by insulation material, by shielding type, by voltage, by component, by EV application and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. 

Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.