The electric vehicle (EV) cables market is expected to grow significantly, with a projected CAGR of 26.9%, reaching USD 13.1 billion by 2026, up from USD 3.9 billion in 2021. The market growth is driven by various factors, including fluctuating fuel prices, which have increased the demand for electric vehicles as an alternative, and the increasing pressure on automakers to comply with emission regulations. Additionally, the consistent growth in the demand for electric vehicles and heavy investments in R&D activities by EV cable manufacturers to develop efficient cables for automotive applications are expected to contribute to the market growth. The development of EV charging infrastructure in emerging countries is also anticipated to drive the demand for EV cables.
The fastest-growing segment in the EV cables market during the forecast period is fuel cell electric vehicles (FCEVs), which are powered by hydrogen and emit no tailpipe emissions. FCEVs are gaining traction, and the demand for EV cables is directly linked to the production of fuel cell electric vehicles. The rise in disposable income in developed and emerging economies, such as India, Brazil, and China, is driving the manufacturing industry of FCEVs, thereby stimulating the growth of the EV cables market.
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The high voltage cable segment is expected to be the fastest-growing segment in the EV cables market. These cables are essential for transferring power to and from the battery and various systems in electric vehicles. They are used for connecting the charging port, battery inter-wiring, and other electrical components. With the increasing demand for electric vehicles globally, the market for high voltage cables used in critical EV applications is set to expand.
In the Asia Pacific region, India is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. The country’s automotive industry is experiencing significant growth due to favorable government policies and initiatives, such as 100% foreign direct investment (FDI) approval, simplified manufacturing and import policies, and support for electric vehicles through programs like Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME). These factors are expected to drive the sales of EV cables in India and propel the overall electric vehicle market growth.
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Key players in the EV cables market include Leoni AG, Huber + Suhner, Sumitomo Electric Industries, Aptiv, and Nexans, among others. These companies play a crucial role in providing EV cable solutions and are actively involved in the industry’s development and growth.
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