EV Cables Market by Type (BEV, HEV, PHEV), Voltage (Low, High), EV Application (Engine & Powertrain, Battery & Charging Management), High Voltage Application, Insulation, Shielding Type (Copper, Aluminium), Component and Region - Global Forecast to 2028
[221 Pages Report] 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.
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Market Dynamics:
Driver: 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.
Restraint: High initial cost of electric vehicles
The high manufacturing costs of EVs have been a major concern in their widespread adoption. The expected reduction in battery prices and reduced R&D costs are expected to lead to a reduction in the overall cost of purchasing electric hatchbacks, crossovers, or SUVs to reach the levels of ICE vehicles, leading to the rising demand for EVs. The cost of EVs is significantly higher than ICE vehicles due to the high price of rechargeable lithium-ion batteries required for these vehicles. Hence, it restrains the market growth for EV cables. The price of cathode affects the price of the batteries to a large extent. This is because materials such as cobalt, nickel, lithium, and magnesium used in these batteries are high-priced. The cost of production of EVs is also significantly higher than ICE vehicles due to the expensive process involved in developing these vehicles.
Opportunity: 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.
Challenge: Lack of EV charging infrasatructure in developing economies
To facilitate the widespread acceptance of EVs, an adequately developed infrastructure of charging stations is required. Barring a few countries such as the US, Germany, the UK, France, and Japan, the development of this infrastructure is in the initial stage across the world. This affects the market for electric vehicles, thus hampering the market for EV cables. Governments of various countries are offering subsidies and tax exemptions on infrastructure development to reduce the setup cost and promote sales of EVs, which will increase the market for EV cables. For instance, the Japanese government started investing in the development of charging stations across the country in association with electric vehicle manufacturers such as Nissan, Mitsubishi, and Honda. Due to this partnership, Japan today has more charging stations (40,000) than fuel stations (34,000). Although EV cable are extensively used in various aspects of EV charging infrastructure, the total network of EV charging infrastructure has been unable to expand as fast as the expansion on EV vehicles. This is due to lack of standardisation and lack of policy by governments. Hence, this situation pose a challenge to the expansion of EV cables sales.
The Thermoplastic Elastomer segment to be the largest segment during the forecast period
Thermoplastic elastomers (TPEs) are a class of materials that combine the properties of rubber and plastics. They are flexible, durable, and resistant to a variety of chemicals and solvents. TPEs are also recyclable, making them an environmentally friendly option. General Cable offers cables with three standard jacket types: EV All-Rubber Jacket, EVE Thermoplastic Elastomer (TPE) Jacket, and EVT Polyvinylchloride (PVC) Jacket. TPE is flexible and has significant low-temperature resistance and UV resistance, making it one of the most popular jacket materials for outdoor and heavy-duty indoor applications. TPE jackets can be processed to meet extreme industrial standards of various applications. A thermoplastic elastomer is light in weight and hence easier to handle in comparison to other jackets. It is commonly used in applications where conventional elastomers cannot provide the necessary range of physical properties. It can be molecularly bonded to connectors and caps for long-lasting strength, even in rough conditions/applications.
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. As of 2021, Japan has a higher number of charging stations than fuel stations. In June-2022, the Indian government announced to offer subsidy of USD 135/kWh for purchase of electric vehicles. With the implementation of these schemes, the Indian electric vehicle market is expected to grow in the near future. South Korea is also making efforts to quickly develop EV infrastructure across the country. It plans to speed up the EV demand in the country driving the EV cable market trends.
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). These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements. Some instances are provided below.
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Report Metric |
Details |
|
Market size available for years |
2023–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (USD Million/Billion) |
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Segments covered |
BY EV type, by insulation material, by shielding type, by components, by Voltage, by high Voltage, by EV application |
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Geographies covered |
Asia Pacific, Europe and North America |
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Companies covered |
Leoni AG (Germany), Huber + Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland) and Nexans (France) |
This research report categorizes the market based on EV type, insulation material, shielding type, components, Voltage, high Voltage, EV application
Based on EV type:
- BEV
- HEV
- PHEV
- FCEV
Based on insulation material:
- Silicon Rubber Insulation
- Fluoro-polymers
- Thermoplastic Elastomer
- Others
Based on shielding type:
- Copper
- Aluminum
- Others
Based on components
- Wires
- Connectors/Terminals
- Fuses
- Others
Based on Voltage:
- Low
- Medium
- High
- Very high
Based on high voltage type:
- Engine & Powertrain
- Battery & Battery Management
- Charging Management
- Power Electronics
- Others
Based on EV application:
- Engine & Powertrain
- Battery & Battery Management
- Charging Management
- Power Electronics
- Others
Based on region:
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Asia Pacific
- China
- India
- Japan
- South Korea
-
Europe
- France
- Germany
- Norway
- Spain
- UK
-
North America
- US
- Canada
Recent Developments
- In May 2023, Sumitomo Electric Industries, Ltd. announced to establish the world’s largest factory for electric vehicle wiring harnesses in Egypt, with a USD 100 million investment and construction area of 150,000 square meters.
- In May 2023, Huber+Suhner launched Upgraded Radox EV-C High Voltage Flex Cable
- In September 2022, Ravicab Cables Private Limited announces acquisition of Leoni Cable Solution IndiaPrivate Limited(LCSI), Pune, a fully owned subsidiary of Leoni AG
- In July 2021, Nexans announced a cable manufacturing facility in Tianjin, China. The new plant covers a 3,000-meter square to produce a large range of cable products and solutions.
- In November 2020, Huber + Suhner launched its new flexible and robust Radox Screened Flex high voltage battery cable range for electric vehicles by combining Radox technology with a new type of semiconductor.
Frequently Asked Questions (FAQ):
Does this report cover various applications of EV cable?
Yes, EV cable applications such as engine & powertrain, battery & battery management, charging management, power electronics and others as a segment is provided in the report.
Which countries are considered in the Asian region?
The EV cable market report includes Asia Pacific countries such as:
- China
- India
- Japan
- South Korea
We are interested in regional EV cable market for electric vehicle types? Does this report cover electric vehicle types?
Yes, EV cable market for electric vehicle type are covered at global and regional level.
Does this report include impact of recession on EV cables?
Yes, the market includes qualitative insights for recession impact on the EV cables
Does this report provide insights on EV vehicle type?
Yes, EV Vehicle type is covered for BEV, PHEV, FCEV and HEV
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The study involved 4 major activities in estimating the market size for EV cables. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Various secondary sources have been used in the secondary research process to identify and collect information useful for an extensive commercial study of the global market. Secondary sources include company annual reports/presentations, press releases, industry association publications, India Electronics & Semiconductor Association, ARTEMIS Industry Association, European Automotive Research Partners Association (EARPA), European Alternate Fuels Observatory (EAFO), International Organization of Motor Vehicle Manufacturers (OICA), American Association of Motor Vehicle Administrators (AAMVA), Automotive Component Manufacturers Association of India (ACMA), China Association Of Automoblie Manufacturers (CAAM), automotive magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases (Marklines and Factiva).
Primary Research
Extensive primary research has been conducted after acquiring an understanding of the market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand- and supply-side OEMs [(in terms of component supply), country-level government associations, and trade associations] and component manufacturers across 3 major regions, namely, Asia Pacific, Europe and North America. Approximately 23% and 77% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in our report.
After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject-matter expert’s opinions, has led us to the findings as described in the remainder of this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. These methods were also used extensively to estimate the size of various subsegments in the market. The key players in the industry and markets have been identified through extensive secondary research. The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global EV Cable Market Size: Bottom-Up Approach
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The top-down approach has been used to estimate and validate the size of the EV cable market by shielding type, insulation material and component segment in terms of value.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both demand and supply sides.
Market Definition
Modern electric vehicles require automotive wiring and cables that can carry low and high voltages – and these cables need to integrate seamlessly into the automotive assembly line for safety, low weight impact, and neatness. Lower voltage cables are preferably used for battery technology due to lower costs. High voltage cables in electric vehicles move power to and from the battery and various systems throughout the electric vehicle.
Key Stakeholders
- Automobile OEMs
- Battery Distributors
- Battery Manufacturers
- Charging Infrastructure Providers
- Charging Services Providers
- Component Manufacturers
- Environmental Protection Agency (EPA)
- EV Charging Poles Manufacturers
- EV Charging Station Service Providers
- EV Components Manufacturers
- EV Cable Distributors and Retailers
- EV Cable Manufacturers
- EV Cable System/Component Suppliers
- EV Cable Technology Integrators
- Regulatory Authorities
- Raw Material Suppliers
Report Objectives
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To analyze the EV cables market and forecast (2023–2028) its size in terms of value
(USD million). - To provide detailed information regarding major factors influencing the growth of the market (drivers, restraintsa, opportunities, and industry challenges)
- To analyze the regional markets for growth trends, prospects, and their contribution to the overall market
- To segment the market and forecast its size, by value, based on region (Asia Pacific, Europe, and North America)
- To segment and forecast the market size, by value, based on EV type (BEV, PHEV, FCEV, and HEV)
- To segment the market for EV cable and forecast the market size, by value, based on insulation materials (thermoplastic elastomer, fluoro-polymers, silicon rubber insulation, and others)
- To segment the market for EV cable and forecast the market size, by value, based on shielding type (copper, aluminum, and others)
- To segment the market for EV cable and forecast the market size, by value, based on components (wires, connectors/ terminals, fuses, and others)
- To segment the market for EV cable and forecast the market size, by value, based on Voltage (low, medium, high, and very high)
- To segment and forecast the market size, by value, based on high voltage application type (engine & powertrain, battery & battery management, charging management, power electronics, and others)
-
To segment and forecast the market size, by value, based on EV application
(engine & powertrain, battery & battery management, charging management, power electronics, and others) - To showcase technological developments impacting the EV cables market
- To analyze opportunities for stakeholders and the competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as, new product launches, deals, and other activities undertaken by the key industry participants
Available Customizations
With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.
- EV cables market, By component at the regional level
Company Information
- Profiling of Additional Market Players (Up to 3)
- Additional countries for ME Region (Up to 3)
Generating Response ...
Growth opportunities and latent adjacency in EV Cables Market