EV Cables Market Research Report Information By EV Type (BEV, HEV, PHEV, and FCEV), By Insulation Material (Silicon Rubber Insulation, Fluoro-polymers, Thermoplastic Elastomer, and Others), By Shielding Type (Copper, Aluminum, and Others), Components (Wires, Connectors/Terminals, Fuses, and Others), By Voltage (Low, Medium, High, and Very High), By EV Application (Engine & Powertrain, Battery & Battery Management, Charging Management, Power Electronics, and Others) And By Region – Market Forecast Till 2032

EV Cables Market Overview:

EV Cables Market Size was valued at USD 8.9 Billion in 2023. The Global EV Cables Market industry is projected to grow from USD 10.4 Billion in 2024 to USD 31.25 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17% during the forecast period (2024 - 2032). The increasing popularity of electric vehicles (EVs), the number of government programs aimed at reducing carbon emissions, and the growing need for fast-charging connections are expected to be significant market drivers for the electric vehicle cable market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Vehicle Cables Market Trends

Increased sales of electric vehicles and growth in the need for high-speed charging infrastructure are driving the market growth.

Market CAGR for EV Cables is being driven by the increased sales of electric vehicles and growth in high-speed charging infrastructure. The adoption of electric cars has accelerated during the last numerous years due to the technology's maturation, falling expenses, elevated aid for easy transportation, accelerated charging possibilities, and increased public consciousness. Additionally, worries about automobile emissions and the depletion of non-renewable energy resources have brought on several governments to spend money on electric automobiles. Even tax credits for getting electric-powered vehicles have recommended consumers buy extra EVs. According to IEA, Increasing income drove the whole range of electric motors on the world's roads to 26 million, up 60% relative to 2021, with BEVs accounting for over 70% of the general annual boom, as in preceding years. As a result, approximately 70% of the worldwide inventory of electric cars in 2022 had been BEVs. Electric car (EV) income in India reached a record of 1.53 million in 2023, a jump of over 50% year-over-year (YoY) towards the million units bought in 2022. EVs accounted for 6.4% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways.

In response to the increasing demand for high-speed charging stations, manufacturers of electric car charging cables are developing complex cables for high-speed charging. Government spending on infrastructure for charging electric cars is expected to increase, driving the global demand for charging cables. Because electric components are manufactured all over the world, it is expected that the market for electric car charging cables will continue to rise significantly.

As a result, it is anticipated that throughout the projection period, demand for the EV cable market will increase due to the increased sales of electric vehicles and growth in the need for high-speed charging infrastructure, thus driving the EV cable market revenue.

Electric Vehicle Cables Market Segment Insights:

Electric Vehicle Cables Market EV type Insights

The global EV Cables Market segmentation, based on EV type, includes BEV, HEV, PHEV, and FCEV. The BEV segment dominated the market, accounting for 58% of market revenue. The main factor propelling the expansion of the BEV sector in the EV cables market is the growing acceptance of BEVs as an environmentally friendly mode of transportation. Customers and governments increasingly favor battery-electric vehicles (BEVs) over conventional internal combustion engine vehicles due to concerns about environmental pollution and the need to cut carbon emissions.

Figure 1: Global EV Cables Market, by EV type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

EV Cables Market Insulation Material Insights

The EV Cables Market segmentation, based on insulation material includes Silicon Rubber Insulation, Fluoro-polymers, Thermoplastic Elastomer, and Others. The thermoplastic elastomer segment dominated the market, accounting for 58% of electric vehicle cable market revenue. Compared to more conventional cable materials like rubber or PVC (polyvinyl chloride), TPEs are lightweight. This lightweight construction is especially useful for EV cables, as it can lead to easier handling and installation, better energy efficiency, and a longer range.

EV Cables Market Shielding Type Insights

The EV Cables Market segmentation, based on shielding type, includes Copper, Aluminum, and Others. The aluminum segment dominated the market, accounting for 60% of electric vehicle charging cable market revenue. Comparing aluminum to more conventional materials like copper, aluminum is significantly lighter. This weight loss is especially crucial for electric cars since a lighter vehicle's total mass can result in a longer range and more energy efficiency. EV manufacturers may offset the weight of large battery packs by employing aluminum cables, which improves driving dynamics and performance.

EV Cables Market Components Insights                            

The EV Cables Market segmentation, based on components, includes Wires, Connectors/Terminals, Fuses, and Others. The wires segment dominated the EV charging cable market, accounting for 60% of market revenue. With characteristics including a high current-carrying capacity, low electrical resistance, and tolerance to thermal stress, the wires used in EV cables are frequently optimized for electric vehicle charging applications. These characteristics reduce energy loss, guarantee effective power transfer while charging, and improve charging efficiency overall.

EV Cables Market Voltage Insights

The EV Cables Market segmentation, based on Voltage, includes Low, Medium, High, and Very high. The low segment dominated the ev charging cable market, accounting for 60% of market revenue. Electric vehicles need low-voltage cables for power distribution, charging, auxiliary, and internal electronics, among other uses. Low voltage cables that are dependable and effective are becoming more and more necessary as electric vehicles get more advanced and equipped with more features.

EV Cables Market EV application Insights

The EV Cables Market segmentation, based on EV application, includes Engine & Powertrain, Battery & Battery Management, Charging Management, Power Electronics, and Others. The charging management segment dominated the electric vehicle charging cable market, accounting for 60% of market revenue. The electrical grid and charging management systems are becoming increasingly integrated to support grid balancing and demand response initiatives. These systems can modify charge rates according to grid conditions, renewable energy supply, and power pricing by utilizing real-time data and communication capabilities. This makes it possible to use renewable energy sources more effectively and reduces the effect that charging electric vehicles has on the stability of the grid.

EV Cables Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the EV Cables market in North America can be attributed to several key factors. This is a result of manufacturers placing more emphasis on developing speedy, efficient, and high-appearing electric motors. In 2022, EV sales in Canada hit a six-month record, with nearly 56,000 gadgets sold. This is a 35% growth in comparison to 2021. In Q1 of 2023, 30,533 new ZEVs (mild and medium-obligation handiest) have been registered across Canada. From that overall wide variety, 23,774 were BEVs, and 6,759 had been PHEVs. The Canadian government has pledged over $1 billion to construct 84,000 EV charging stations over the next 4 years. The growth of modern charging infrastructure and the presence of big EV delivery equipment producers within the place is predicted to drive the local EV charging cable market.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

Figure 2: Global Ev Cables Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's EV Cables Market accounts for the second-largest market share as The demand for electric vehicles has elevated because of government funding and improvements made with the aid of automakers in the Europe region. The essential cause propelling the boom of the Europe market is the development of mega chargers to ease lengthy-distance trucking. Electric vehicle markets are seeing exponential growth as sales exceeded 10 million in 2022. The percentage of electrical motors in total income has more than tripled in three years, from around 4% in 2020 to 14% in 2022. Further, the German EV Cables Market held the largest market share, and the UK EV Cables Market was the fastest-growing market in the European region.

The Asia-Pacific EV Cables Market is expected to grow at the fastest CAGR from 2024 to 2032. Major companies are making massive contributions to the growth of charging networks. Tata Power unveiled a formidable vision to establish 25,000 EV charging factors across India within 5 years, at the same time as Shell announced its intent to deploy over 10,000 charging points by way of 2030. Notably, Ather Energy is predicted to install 2,500 charging stations nationally by the end of 2023, and Static has set a bold goal of putting in 20,000 EV charging stations throughout India within an equal timeframe. In Japan, Type 1 plugs are applied for Level 1 & 2 Charging, and CHAdeMO is the same old for Level 3 Charging. Additionally, the majority of DC fast chargers in the country have imposed electricity limits. Overall, Japan's strategic tasks, partnerships, and favorable guidelines are propelling the growth of the EV charging cable enterprise, positioning the country as a pivotal player within the worldwide EV enterprise. Moreover, China’s EV Cables Market held the largest market share, and the Indian EV Cables Market was the fastest-growing market in the Asia-Pacific region.

Electric Vehicle Cables Electric Vehicle Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the EV Cables market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the EV Cables industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the EV Cables industry to benefit clients and increase the market sector. In recent years, the EV cable industry has offered some of the most significant advantages to the electric vehicle market. Major players in the EV Cables Market, including Leoni AG, Huber +Suhner, Sumitomo Electric Industries., Ltd, Aptiv, Nexans, Te Connectivity, Cables Eland, Acome, Elkem, Coroplast are attempting to increase market demand by investing in research and development operations.

Leoni AG develops, manufactures, and sells wiring systems and cables. It gives cable harnesses, wiring systems, associated additives, wires and strands, optical fibers, general and unique cables, hybrid and optical cables, special motors, and cable systems. It provides products, answers, and offerings for electricity and information control to clients in sectors together with automotive, agriculture, telecommunications, scientific generation, capital goods, power and infrastructure, family, and electrical appliances. The corporation additionally specializes in the development of solutions for independent riding and electromobility. It has operations in North America, Europe, Asia, the Middle East, and Africa. Leoni is centered in Nuremberg, Germany. To underscore the significance of automotive cables within the company's cables segment, Leoni AG announced in April 2023 that it had changed its Business Group AM to the Automotive Cable Solutions (ACS) Division. ACS is a well-known supplier of special, charging, and regular vehicle cables, with ten locations spread across seven countries and around 3,300 workers worldwide.

Huber+Suhner AG (Huber Suhner) provides electrical and optical connectivity merchandise. The organization’s product portfolio contains connectors, coaxial cables, cable assemblies, lightning protectors, adapters, EMP protectors, cable switches, RF additives, adapters, fiber control gadgets, hybrid installation system and containment products, splitters, filters, attenuators, antenna merchandise. The enterprise markets its products to various industries, which include conversation, aerospace, defense, automotive, transportation, and commercial markets. It has business operations spanning Europe, the Middle East, Africa, Asia-Pacific, and the Americas. The enterprise additionally operates manufacturing and assembly plants in Switzerland, China, Costa Rica, Poland, the US, Brazil, Malaysia, Germany, Tunisia, Australia, India, Spain, Singapore, and the United Kingdom. Huber Suhner is headquartered in Herisau, Switzerland.

Key companies in the EV Cables Market include

• Leoni AG


• Huber +Suhner


• Sumitomo Electric Industries., Ltd


• Aptiv


• Nexans


• Te Connectivity


• Cables Eland


• Acome


• Elkem


• Coroplast

EV Cables Industry Developments

May 2023: Sumitomo Electric Industries, Ltd. announced that it will establish the largest electric vehicle wiring harness factory in the world in Egypt, with a building area of 150,000 square meters and an expenditure of USD 100 million.

September 2022: A fully owned subsidiary of Leoni AG, Leoni Cable Solution India Private Limited (LCSI), Pune, has been acquired by Ravicab Cables Private Limited.

Electric Vehicle Cable Market Segmentation:

Electric Vehicle Cable Market EV type Outlook

• BEV


• HEV


• PHEV


• FCEV

Electric Vehicle Cable Market Insulation Material Outlook

• Silicon Rubber Insulation


• Fluoro-polymers


• Thermoplastic Elastomer


• Others

Electric Vehicle Cable Market shielding type Outlook

• Copper


• Aluminum


• Others

Electric Vehicle Cable Market components Outlook

• Wires


• Connectors/Terminals


• Fuses


• Others

Electric Vehicle Cable Market Voltage Outlook

• Low


• Medium


• High


• Very high

Electric Vehicle Cable Market EV application Outlook

• Engine & Powertrain


• Battery & Battery Management


• Charging Management


• Power Electronics


• Others

Electric Vehicle Cable Market Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
    
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
    
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
    
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America