The global EV cable market size was valued at USD 8.6 billion in 2023 and is expected to reach USD 19.0 billion by 2028 at a CAGR of 17.2% during the forecast period 2023–2028. EV cables perform different functions in electric vehicles as they aid in signal transmission and powering up of different electronic and electrical devices. EV cables have been the central function of transmitting electricity to power various devices equipped on a vehicle such as lighting, air conditioning units, steering servos, sensors, etc. LS Cable & System automobile cables consist of irradiation cables, general cables, battery cables, sensor cables, and others. They are assembled inside a rubber or plastic covering for insulation. They play a key role in transmitting information about the operation of the vehicle, sending & receiving sensor signals, and supplying power. The rise of advanced electronics in electric cars is a major factor driving the growth of the EV cable market forecast. These advanced electronics are used in a variety of ways to improve the performance, efficiency, and safety of electric cars.
Increasing growth of electric vehicles
The market for EV cables is expected to grow with the increase in sales of electric vehicles. EV sales have surged with growth in all three top auto markets: China, the US, and Europe. Growing demand for zero emission commuting and governments subsidies and tax rebates have compelled automobile manufacturers to provide electric vehicles around the world. Electric passenger car is the fastest-growing segment in the EV market and will witness significant growth during the forecast period. Hence, the EV cable market will grow. Leading automotive markets for electric vehicles such as China, the US, and Germany are investing significantly in R & D activities for electric vehicles. Countries across North America, Asia Pacific and Europe, have adopted measures to reduce emissions in the coming years and replace their vehicle fleets for lower emissions by varying amounts by year 2050. This will increase the market for electric vehicles and hence EV cables market will increase.
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Rising popularity of hybrid electric vehicles
A plug-in hybrid electric vehicle (PHEV) is a type of electric vehicle where the battery can be recharged by plugging a charging cable into an external electric power source along with its onboard ICE-powered generator. PHEVs are witnessing high penetration into the passenger car segment, thus creating a market for EV cables. The growth of this segment is expected to offer lucrative opportunities for the growth of the EV cables market. China and the US have the highest sales of PHEVs. Major players such as Mitsubishi, BMW, Volkswagen, Toyota, and Daimler have launched several PHEVs that have had a successful run in the market. The growth in demand for PHEVs is also expected to increase the demand for EV cables that are required for power transmission systems in EVs. The sales of HEVs improved post-June 2022 as lockdown lifted in most countries has increased as manufacturers launched new models to attract customers. Major factors driving the growth of the market are growing environmental concerns, enactment of stringent emission and fuel economy norms, increasing government initiatives (in terms of subsidies, tax rebates, and benefits), and an increase in R&D efforts by major companies in HEVs, thus increasing the market for EV cables.
The Asia Pacific is projected to be the fastest market by 2028
The region is home to some of the fastest-developing economies of the world such as China and India. Furthermore, several European and American automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz Group AG (Germany), and General Motors (US), have shifted their production plants to emerging economies. Necessary measures such as increasing subsidies for EV buyers are also undertaken in Japan to increase its share of EVs and plug-in hybrids from 20% to 30% by 2030. All the measures taken by the government to promote sales of electric vehicles will boost the demand for EV cables. In 2021, the Japanese government announced to invest USD 911 million to build EV Charger stations and stimulate the development of the electric vehicle market.
Key Market Players
The major automotive EV cable market pump market players include Leoni AG (Germany), Huber +Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland), Nexans (France).
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