The global EV cables market is projected to grow at a CAGR of 17.2% during the forecast period, to reach USD 19.0 billion by 2028 from an estimated USD 8.6 billion in 2023. Factors such as increasing focus of automakers to introduce fuel-efficient vehicles and stringent emissions norms would drive the growth of the market. The electric vehicle (EV) industry is experiencing remarkable growth, propelled by advancements in technology and the increasing demand for sustainable transportation solutions. As EVs gain popularity worldwide, the market for EV cables is witnessing a surge in demand. EV cables play a crucial role in charging infrastructure, ensuring efficient power transmission and reliable connectivity between charging stations and electric vehicles.
The major market players include Leoni AG (Germany), Huber+ Suhner (Switzerland), Sumitomo Electric Industries., Ltd (Japan), Aptiv (Ireland), Nexans (France). These players have adopted adopted expansion strategies; and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth EV cables market.
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Leoni AG focuses on enhancing its business by implementing multiple strategies to increase its brand awareness and set up channel partners for sales and distribution. The company has focused on new developments and deals. It makes both standard and special cables and custom-developed wiring systems and related components. The company supplies products and services to the data communication & networks, healthcare, process industry, transportation, energy & infrastructure, factory automation, machinery & sensors, and marine industries.
Huber+Suhner is a fiber optic cable manufacturing company that provides products and services for electrical and optical connectivity needs. It focuses on the industrial, communication, and transportation markets for radio frequency, fiber optics, and low frequency. Its global production network and subsidiaries are in over 80 countries. The company also offers solutions for the automotive, defense, railway, space, aviation, medical, marines, and energy industries.
Sumitomo Electric Industries, Ltd. has a range of EV cables with a specific focus on improving its existing offerings. It continues to invest in developing new EV cables with advanced performance characteristics and new technology for core parts and components of automobile. It is also the leading manufacturer of composite semiconductors widely used in semiconductor lasers, LEDs, and mobile telecommunications devices. The company’s major product portfolio includes wiring harnesses, automotive hoses, car electrical equipment, telecommunication cables and equipment, optical and wireless devices, electronic wire products, flexible printed circuits and others.
Aptiv aims to create value by adopting a strategy which consolidates its leadership position on the EV Cables market. Aptiv manufactures and supplies automotive components and modules to original equipment manufacturers (OEMs) such as GM, Volkswagen Group, Toyota Motor Corporation, Tata Motors Limited, Fiat Chrysler Automobiles N.V., Ford Motor Company, and Mercedes-Benz Group AG as of December 2022. The company operates in US, Other North America, South America, Asia Pacific, Europe, Middle East & Africa as of December 2022.
Nexans is a global company in the cable and optical fiber industry. The company was founded in 2000 and headquartered in Paris, France. operates through six business segments: Distribution (Territories), Usages (Building), Generation & Transmission (high voltage and projects), telecom & data, Industry & Solutions ,and other activities.
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
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