Global EV Cables Market Research Report: Information Based on 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, Aluminium, Others), Based on Components Type (Wires, Connectors/Terminals, Fuses, Others), Based on Voltage (Low, Medium, High, Very high), Based on EV Application (Engine & Powertrain, Battery & Battery Management, Charging Management, Power Electronics, Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
Global EV Cables Market is predicted to reach approximately USD 21.47 billion by 2031, at a CAGR of 18.05% from 2023 to 2031. The EV cable market refers to the segment that encompasses cables specifically designed for electric vehicles, serving crucial functions in signal transmission and powering various electronic and electrical devices. LS Cable & System offers a range of automobile cables, including irradiation cables, general cables, battery cables, sensor cables, and others, encapsulated in rubber or plastic for insulation. These cables play a vital role in transmitting vehicle operation data, facilitating sensor signal communication, and supplying power. The market's growth is driven by the increasing adoption of advanced electronics in electric cars, which enhances their performance, efficiency, and safety.
Global EV Cables Market REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
8.4 billion |
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Projected Market Value (2031) |
21.47 billion |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on Based on EV Type, Based on Insulation Material, Based on Shielding Type, Based on Components Type, Based on Voltage, Based on EV Application & Region. |
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Segments Covered |
Based on EV Type, Based on Insulation Material, Based on Shielding Type, Based on Components Type, Based on Voltage, Based on EV Application & Region. |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global EV Cables Market Dynamics
The EV cables market is driven by several factors. The increasing adoption of electric vehicles worldwide is a key driver, leading to a higher demand for EV cables. Additionally, advancements in EV technology and the rise of high-performance electric vehicles are boosting the market's growth. However, the market faces some restraints, such as the high manufacturing costs of EVs and the expensive price of rechargeable lithium-ion batteries, which impact the overall cost of EV cables. Despite challenges, the market presents opportunities, like the growing demand for private charging terminals and the development of fast-charging infrastructure. The market is competitive, with various players offering a wide range of EV cable solutions to meet the evolving needs of the industry.
Global EV Cables Market Drivers
The growth of the EV cables market is primarily driven by the increasing adoption and sales of electric vehicles worldwide. As the demand for zero-emission commuting rises, governments around the globe offer subsidies and tax rebates, compelling automobile manufacturers to produce more electric vehicles. The electric passenger car segment is witnessing rapid expansion and is expected to continue growing during the forecast period. Leading automotive markets are heavily investing in research and development activities for electric vehicles. Moreover, many countries have committed to reducing emissions and transitioning to lower-emission vehicle fleets, further fuelling the market for electric vehicles and subsequently boosting the demand for EV cables.
The high manufacturing costs of electric vehicles (EVs) pose a significant restraint to their widespread adoption. While there is an expectation of reduction in battery prices and research and development (R&D) costs, currently, the high price of rechargeable lithium-ion batteries remains a key factor contributing to the overall higher cost of purchasing EVs compared to internal combustion engine (ICE) vehicles. The cost of cathode materials such as cobalt, nickel, lithium, and magnesium used in these batteries further contributes to the expense. Additionally, the production process of EVs is also more expensive than ICE vehicles, which limits their market growth and subsequently impacts the demand for EV cables
The increasing penetration of plug-in hybrid electric vehicles (PHEVs) in the passenger car segment presents significant opportunities for EV cables. PHEVs offer the advantage of recharging their batteries by plugging into an external electric power source, in addition to using their onboard internal combustion engine (ICE)-powered generator. This dual functionality has led to their high adoption in the automotive industry. As the demand for PHEVs continues to grow, there will be a corresponding increase in the demand for EV cables to support the charging and power transmission needs of these vehicles, creating lucrative opportunities for the EV cables market.
Based on EV type,
The market for EV cables is segmented based on Electric Vehicle (EV) type, including Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicles (PHEV), and Fuel Cell Electric Vehicles (FCEV). BEVs run solely on electric power and require robust charging cables for efficient charging. HEVs combine an internal combustion engine with an electric motor, utilizing EV cables for power transmission. PHEVs can be charged externally and also rely on internal combustion engines, necessitating versatile EV cables. FCEVs use fuel cells to generate electricity, requiring specialized EV cables for their unique power distribution needs.
Based on Insulation Material,
The EV cables market is segmented based on the insulation material used, including Silicon Rubber Insulation, Fluoro-polymers, Thermoplastic Elastomer, and others. Silicon Rubber Insulation provides excellent electrical and thermal resistance, making it suitable for high-performance EV applications. Fluoro-polymers offer superior chemical resistance and thermal stability, ensuring durability in extreme conditions. Thermoplastic Elastomer offers flexibility and easy processing for efficient cable manufacturing. Other insulation materials cater to specific requirements, offering a diverse range of properties to meet various EV cable needs across different applications and environments.
Based on Shielding Type,
The EV cables market is segmented based on the shielding type used, including copper, aluminum, and others. Copper shielding provides high conductivity and is widely used in EV cables to protect against electromagnetic interference and ensure signal integrity. Aluminum shielding offers lightweight properties and is commonly used in certain EV cable applications. Other types of shielding may include combinations of materials or specialized shielding to meet specific requirements for shielding effectiveness and overall cable performance in electric vehicles. The choice of shielding type depends on factors such as application, performance needs, and cost considerations.
Based on Components Type,
The EV cables market is segmented based on components, including wires, connectors/terminals, fuses, and others. Wires form the core of EV cables, responsible for transmitting electric power and signals within the vehicle. Connectors and terminals play a crucial role in establishing secure and efficient electrical connections in the EV system. Fuses are essential safety components that protect the vehicle's electrical circuit from overcurrent and short-circuit situations. Other components include insulating materials, protective jackets, and special connectors designed for specific EV applications. The choice of components depends on the design, performance requirements, and safety standards for electric vehicles.
Based on Voltage,
The EV cables market is segmented based on voltage into four categories: low, medium, high, and very high. Low voltage cables are typically used for transmitting power and signals within various vehicle systems. Medium voltage cables are employed in more power-demanding applications, such as electric drivetrains and energy storage systems. High voltage cables are utilized for connecting electric vehicle batteries and high-power components. Very high voltage cables are designed for specialized applications requiring extremely high power transmission, like fast-charging stations and electric buses. Each voltage category serves different purposes in the electric vehicle ecosystem, catering to specific power and performance needs.
Based on EV Application,
The EV cables market is segmented based on EV application into five categories: engine & powertrain, battery & battery management, charging management, power electronics, and others. Cables used in engine & powertrain systems are responsible for transmitting power from the electric motor to the wheels. Battery & battery management cables connect the electric vehicle's battery pack to the management system, ensuring efficient power flow and monitoring. Charging Management cables facilitate the transfer of electricity from charging stations to the electric vehicle's battery. Power electronics cables are employed in various components like inverters and converters for power conversion.
Global EV Cables Market Overview by Region.
The North America region is poised to experience robust growth in the EV cables market. With the increasing adoption of electric vehicles and the rise of advanced technologies, the demand for EV cables is expected to surge. Government incentives and initiatives promoting electric vehicle adoption, coupled with the presence of key automotive players and infrastructure development, further contribute to the market's expansion. Additionally, the region's focus on sustainability and environmental concerns fuels the demand for electric vehicles and, in turn, drives the growth of the EV cables market in North America.
The Asia Pacific region is set to emerge as the fastest-growing market for EV cables. The increasing adoption of electric vehicles, driven by growing environmental awareness and government initiatives promoting sustainable transportation, fuels the demand for EV cables in this region. The rapid urbanization, infrastructure development, and rising disposable income in countries like China, India, and Japan are expected to further boost the market. Additionally, the growing investment in electric vehicle charging infrastructure and the presence of major automotive manufacturers contribute to the region's strong growth potential in the EV cables market.
Global EV Cables Market Competitive Landscape
The competitive landscape of the EV cables market is marked by the presence of numerous players striving to gain a significant market share. These companies are actively engaged in developing innovative and technologically advanced EV cable solutions to meet the increasing demand for electric vehicles. The market's competitiveness is driven by the growing adoption of electric vehicles and the need for efficient charging infrastructure. Players in the market are focused on expanding their product portfolios, strengthening their distribution networks, and forging strategic partnerships to enhance their market position. Moreover, the market's dynamic nature encourages continuous research and development efforts to stay ahead in the competition. The major players in the market are, Leoni AG, Huber + Suhner, Sumitomo Electric Industries., Ltd, Aptiv, and Nexans.
Global EV Cables Market Recent Developments
In March 2023
Leoni AG revealed its plans to invest €100 million in establishing a new EV cable production facility in Morocco. The upcoming facility is projected to generate 1,000 job opportunities and is scheduled to be operational by 2024.
In September 2022,
Ravicab Cables Private Limited announced the acquisition of Leoni Cable Solution IndiaPrivate Limited(LCSI), Pune, a fully owned subsidiary of Leoni AG. This acquisition will strengthen Ravicab's position in the Indian EV cables market and give it access to Leoni's global expertise in cable manufacturing.
Scope of Global EV Cables Market Report
Global EV Cables Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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Based on EV Type |
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Based on Insulation Material |
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Based on Shielding Type |
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Based on Components Type |
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Based on Voltage |
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Based on High Voltage Type |
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Based on EV Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for Global EV Cables Market segmented by technology, component, payment mode, vertical, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of contactless payment between 2023 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for Global EV Cables Market
To find out the factors which are affecting the market of Global EV Cables Market among consumers
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
