The global EV cables market size is projected to grow at a CAGR of 17.2% during the forecast period, to reach USD 19.0 billion by 2028 from an estimated USD 8.6 billion in 2023. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have resulted in automotive OEMs to make fuel-efficient and environment-friendly vehicles which is driving the EV cable market.
In recent years, the EV cables market has witnessed significant developments. One notable trend is the increasing adoption of high-power charging systems. With advancements in battery technology and the push for faster charging times, EV manufacturers and charging infrastructure providers are investing in cables capable of handling higher power levels. This development has led to the emergence of ultra-fast charging cables, enabling EVs to recharge at astonishing speeds, reducing charging times significantly. Moreover, collaborations between automakers and cable manufacturers have become prevalent, aiming to develop standardized charging cables that are compatible with various electric vehicle models. This strategic approach streamlines the charging process and enhances interoperability, easing the transition to electric mobility for consumers and fostering the growth of the EV market as a whole.
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Based on Component: The wire segment to be the largest market 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.
Based on EV Type: The FCEV segment to be the fastest growing market during the forecast period. It is a type of electric vehicle that uses a fuel cell to convert hydrogen into electricity to power the vehicle. FCEVs are considered to be zero-emission vehicles, as they only emit water vapor and heat. Fuel cell electric vehicles (FCEVs) are still in the early stages of implementation. There are a number of factors that have contributed to this, including the high cost of FCEVs, the limited availability of hydrogen refueling infrastructure, and the lack of public awareness of FCEVs. 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.
Based on EV Application: Charging Management segment to be the fastest growing market during the forecast period. The market of electric vehicles is increasing and will continue to do so in the future. This is good for the environment and in terms of sustainability – but presents new challenges for operators of a charging infrastructure for electric vehicles. With a charging management system both vehicle fleets and communal garages and car parks can optimize the distribution of the output across all electrical vehicles being charged. Not only can high investments cost associated with expanding grid connection be avoided but peak loads can also be reduced or prevented entirely. . Aptiv offers EV charging cables with SAE J1772/ IEC 62196 Type I, IEC62196 Type II, and GB/T 20234 compliant connections. These cables provide 16A to 40A current capacity with a 120 V to 480 V voltage range. Aptiv offers high voltage cables that offers more range and faster charging to electric vehicles, meets high voltage requirements.
By Region: Asia Pacific is estimated to have a noticeable share in the global EV cable market in 2023. 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. Sumitomo Electric Industries., Ltd and Sinbon Electronics are one of the key manufacturers of EV cables in the Asia Pacific region. Both companies produce high voltage EV cables.
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