The Global EV Cables Market Size is projected to grow at a CAGR of 17.2% from USD 8.6 billion in 2023 to USD 19.0 billion by 2028
The major factors driving the growth of the EV cable market are increasing fuel prices that have increased the demand for electric vehicles. Also, heavy R&D activities by EV cable manufacturers to develop EV cables for automobiles are expected to push the growth of the EV cable market. Development of infrastructure for EV charging in emerging countries is expected to drive the growth of electric vehicles, which would boost the demand for EV cables.
FCEV is the fastest-growing segment of the EV cables market during the forecast period
A fuel cell electric vehicle (FCEV) is an electric vehicle that uses a fuel cell to convert hydrogen into electricity to power an electric motor. FCEVs are similar to battery electric vehicles (BEVs) in that they produce no emissions from the tailpipe. However, FCEVs have a longer driving range than BEVs and can be refueled in minutes, similar to conventional gasoline-powered vehicles. Toyota Mirai, Hyundai Nexo, Geely Geometry C are some of the top FCEVs in the world. In March 2022, Toyota Motor corporation launched FCEV Mirai in India. FCEVs use a propulsion system similar to that of electric vehicles, where energy stored as hydrogen is converted to electricity by the fuel cell. Demand for EV cable is directly proportional to increase in fuel cell electric vehicle production.
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High Voltage Cable market is expected to be the fastest-growing segment in the EV cable market
The high voltage cable market is expected to grow at a fast pace with the growing demand for electric vehicles in the global market. High voltage cables are used in electric vehicles to transmit power from the battery to the electric motor. The high voltage cables are typically made of copper or aluminum and are insulated with a high-temperature resistant material. The cables are designed to carry high currents without overheating.
UK to be the fastest growing market in Europe for EV cables
The UK government offers subsidies and incentives for electric vehicles which is driving the electric vehicle demand in UK. Hence, the EV cable market will grow. The company announced to fully shift to EVs in 2035. The UK’s charging infrastructure is improving all the time, making it easier for electric vehicle owners to find places to charge their cars. The UK’s battery industry for electric vehicle is also growing which is driving the EV cable market. Eland Cables is headquartered in UK. Eland Cables’ EV cables are designed to meet the high standards required for use in electric vehicles.
Key Players
The major market players include Leoni AG (Germany), Huber + Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland), Nexans (France), among others.
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