Global EV Cables Market Outlook 2023

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28 Aug, 2023, 06:45 ET

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DUBLIN, Aug. 28, 2023 /PRNewswire/ -- The "Global EV Cables Market, Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

In a realm of surging innovation, the global Electric Vehicle (EV) cables market is poised for an impressive ascent. Starting at an estimated value of USD 8.6 billion in 2023, this market is projected to burgeon to a substantial USD 19 billion by 2028, registering a commendable Compound Annual Growth Rate (CAGR) of 17.2%.

Market Dynamics: Steering the Course

A pivotal factor steering this trajectory is the unwavering focus of major vehicle manufacturers on electrifying their fleets. With consumers' appetites for electric vehicles growing, automakers worldwide are embracing this paradigm shift. Simultaneously, a pressing need to counteract mounting pollution levels has driven countries to enact stringent emission norms for passenger cars. This collective drive to transform the automotive landscape is set to propel the growth of both the EV and EV cables markets. However, the high cost of battery-operated vehicles does pose a challenge to this growth trajectory. It's also important to acknowledge that the seismic impact of the COVID-19 pandemic has disrupted the automotive industry and economies across the globe, causing production halts and economic downturns.

Focusing on High Voltage: A Spotlight on Growth

As we dissect the market, the High Voltage segment takes center stage, anticipated to achieve the highest Compound Annual Growth Rate (CAGR) during the forecast period. High voltage cables are the lifelines of electric vehicles, orchestrating the intricate dance of power between the battery, charging port, engine, and other critical components. In a laudable stride, Huber+Suhner introduced the Radox screened Flex high voltage battery cable range in 2020, a testament to the innovation driving this field. This new generation battery cable range, such as the 55A1111-12-9-9, 55A1111-16-9-9, and 55A1111-14-9-9 cables, boasts a voltage rating of 600. These advances underline the role of high voltage cables in ushering electric vehicles into the forefront of transportation, offering a sustainable alternative to traditional fossil fuel-powered vehicles.

Emergence of Silicone Rubber Insulation: A Remarkable Growth Trajectory

Silicone rubber insulation emerges as a star within the EV cables arena, poised for rapid growth. Coveted for its resilient properties, this material stands as a formidable choice for EV cables insulation worldwide. Its remarkable thermal resistance, flexibility, and robust dielectric strength position it as a robust solution. Notably, Leoni AG offers silicone rubber insulation EV cables, spotlighting the material's hot and cold thermal resistance properties. This renders silicone rubber an excellent insulation material for EV battery charging cables, particularly when compared to alternatives like PVC and polyethylene. Impressively, cables enveloped in silicone rubber insulation demonstrate resilience in temperatures ranging from -60°C to 250°C.

Copper: Sustaining Dominance

In the realm of shielding EV cables, copper maintains its eminence. Revered for its tenacity, copper remains a linchpin in these systems. A hallmark of shielding effectiveness across diverse temperatures, copper shines as a durable, flexible, and enduring choice. Its role extends across an EV's ecosystem, from the engine to electronics and battery packs. Notably, companies like Leoni AG, TE Connectivity, and Coroplast stand at the forefront, offering copper shielding EV cables that embrace high cable life, enhanced flexibility, and aptitude for moderate and high-power operations.

A Roadmap for Exploration

The study's comprehensive reach spans diverse segments, encompassing EV type, high voltage type, insulation material, shielding type, voltage, component, EV application, and region. This in-depth analysis yields insights into the market's size and growth potential across these segments. Pioneering players like Leoni AG (Germany), Huber+Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland), and Nexans (France), among others, underscore the competitive landscape. The narrative extends to a profound exploration of company profiles, recent developments, and strategic market approaches, weaving a comprehensive tapestry of the global EV cables market.

Key Attributes

Report Attribute

Details

No. of Pages

216

Forecast Period

2023-2028

Estimated Market Value (USD) in 2023

$8.6 Billion

Forecasted Market Value (USD) by 2028

$19 Billion

Compound Annual Growth Rate

17.2 %

Regions Covered

Global

Premium Insights

Case Study Analysis

Market Dynamics

Companies Profiled

Key Topics Covered

1 Introduction2 Research Methodology3 Executive Summary4 Premium Insights5 Market Overview6 EV Cables Market, by High Voltage Type, by Application7 EV Cables Market, by Voltage8 EV Cables Market, by EV Application9 EV Cables Market, by EV Type10 EV Cables Market, by Component11 EV Cables Market, by Insulation Material12 EV Cables Market, by Shielding Type13 EV Cables Market, by Region14 Competitive Landscape15 Company Profiles16 Analyst's Recommendations17 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/316msl

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SOURCE Research and Markets