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
Rising fuel prices and the resulting desire for electric vehicles are the main drivers propelling the EV cable market’s expansion. Additionally, the market for EV cables is anticipated to rise as a result of the manufacturers’ intensive R&D efforts to create EV cables for cars. The expansion of electric vehicles is anticipated to be fueled by the development of EV charging infrastructure in developing nations, increasing the need for EV cables.
During the projection period, FCEV is the EV cables market segment with the quickest rate of growth.
An electric vehicle that employs a fuel cell to turn hydrogen into electricity to run an electric motor is known as a fuel cell electric vehicle (FCEV). The fact that FCEVs don’t emit any pollution from their tailpipes makes them comparable to battery electric cars (BEVs). Like traditional gasoline-powered cars, FCEVs can be refueled in a matter of minutes and offer a greater driving range than BEVs. Some of the best FCEVs in the world are the Geely Geometry C, Hyundai Nexo, and Toyota Mirai. Toyota Motor Corporation introduced the FCEV Mirai in India in March 2022. Similar to electric vehicles, FCEVs are propelled by a fuel cell that transforms hydrogen energy into electrical power. The rise in fuel cell electric car production is directly correlated with the demand for EV cables.
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The market for high voltage cables is anticipated to develop at the quickest rate among EV cable segments.
With the increasing demand for electric vehicles in the global market, the high voltage cable market is anticipated to expand quickly. In electric vehicles, power is transferred from the battery to the electric motor using high voltage connections. Usually composed of copper or aluminum, the high voltage cables are insulated with a substance that can withstand high temperatures. High currents may be carried by the cables without overheating thanks to their design.
The UK is expected to have the fastest-growing EV cable market in Europe.
The demand for electric vehicles in the UK is being driven by the government’s subsidies and incentives. The market for EV cables will therefore expand. By 2035, the firm plans to switch entirely to electric vehicles. The charging infrastructure in the UK is constantly being improved, which makes it simpler for owners of electric vehicles to locate charging stations. The market for EV cables is being driven by the UK’s expanding electric vehicle battery industry. The UK is home to Eland Cables’ headquarters. The EV cables from Eland Cables are made to the exacting specifications needed for electric car use.
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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