Global Electric Vehicle Cables Market is projected to grow at a CAGR of 26.9% from USD 3.9 billion in 2021 to USD 13.1 billion by 2026. The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for electric vehicles and increasing pressure on automakers to comply with the emission norms. In addition, the consistent growth in the demand for electric vehicles is likely to trigger the growth of the EV cables market during the forecast period. Also, heavy investments in R&D activities by EV cable manufacturers to develop efficient EV cables for automotive are expected to push the growth of the market. Infrastructural development for EV charging in emerging countries is expected to drive the growth of electric vehicles, which in turn would boost the demand for EV cables.
By EV type: FCEV is the fastest-growing segment of the EV cables market during the forecast period
Fuel cell electric vehicles (FCEVs) are powered by hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no tailpipe emissions—they only emit water vapor and warm air. FCEVs and the hydrogen infrastructure to fuel them are in the early stages of implementation. 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. Thus, increasing levels of disposable income across developed economies, particularly emerging economies such as India, Brazil, and China, are driving the fuel cell electric vehicle manufacturing industry, which, in turn, is expected to trigger the growth of the wiring harness industry.
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By Voltage Type: 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 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. High Voltage cables are mostly used for battery applications in electric vehicles. Thus, increase in market demand for high voltage cables in critical application in an EV, market for high voltage cables would rise.
Asia Pacific: India is expected to grow at the highest CAGR during the forecast period.
Owing to favorable government policies, such as 100% FDI with prior government approval, leaner policies for manufacturing and imports for licensing and approvals, and World Trade Organization (WTO) compliant policies, the automotive industry in the country is growing at a higher CAGR than most countries in the region. Various government initiatives, such as Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME), will foster the popularity of EVs and drive the sales of EV cables in India. The pickup in economic activity and several government initiatives are likely to propel the electric vehicle market growth in India, thus leading to growth in the EV cables market.
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Key Market Players
The major players in EV Cables Market include Leoni AG (Germany), Huber + Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland), Nexans (France), among others.
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