The global EV cable market is expected to register significant growth during the forecast period. It is estimated to grow at a CAGR of 26.9% from USD 3.9 billion in 2021 to USD 13.1 billion by 2026. Market growth can be attributed to the continuously fluctuating oil prices that have increased the demand for fuel-efficient vehicles. Thus, automakers’ focus on introducing electric passenger cars is expected to fuel the growth of the EV cable market. Furthermore, the introduction of stringent emission norms to curb rising pollution is driving the growth of the electric vehicle market hence driving the EV cable market. Growing concerns over environmental pollution have led to the implementation of stringent emission norms and enhanced the demand for fuel-efficient vehicles.
EV cables perform different functions in electric vehicles as they aid in signal transmission and powering up of different electronic and electrical devices. They are also used to set up electrical circuits in electric vehicles and are designed to operate in extreme conditions effectively.
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The Asia Pacific market is estimated to be the largest during the forecast period. The increasing sales of electric vehicles and in the region is expected to drive the growth of the market. China is the largest producer of automobiles in the world. Recent infrastructure developments have boosted the electric vehicle markets in China, thereby pushing the demand for efficient fleet solutions for transport. Furthermore, nearly all major OEMs inclined toward electric vehicles have invested in the Chinese market. Also, concerns over ecological imbalance caused by vehicle emissions have increased in the past decade in countries such as India, China, Malaysia, and Thailand. These concerns have forced major vehicle manufacturers to shift their focus toward fuel efficient vehicles. Hence, Asia Pacific is expected to show incremental growth in the EV cable market during the forecast period.
In Europe, Germany is estimated to be the largest market for EV cables in the European region. Stringent emission regulation standards are implemented in the region to reduce the rising emission levels. Several countries in the region are promoting electric vehicles through significant incentives; hence, the EV cables market will grow. Increasingly severe emission norms governing fuel efficiency and increasing electric vehicle production to control vehicular emissions across the globe are the other major factors helping the EV cable market to grow. The rise in sales of EV cables market is due to growing sales of electric vehicles in Europe and due to the presence of market leaders in the region.
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North America comprises developed countries such as the US and Canada. North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. The North American EV cable market will grow at a fast rate. US will hold the maximum market share for EV cables in the North American market. Electric vehicle infrastructure providers offer various services that have increased the adoption of electric vehicles in the US. The key driver of the EV cables Market in US is the faster adoption electric vehicles. Thus, with rise in sales of electric vehicles in US, the market for EV cables is likely to grow. In addition, electric vehicles to control the CO2 emissions which would be highly adopted for fuel efficient vehicles with stringent emission regulations. BEV will have the largest market in North America. Thus, market for EV cable is likely to grow in region.
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