Increasing Usage of Advanced Features in Vehicles to Fuel Automotive High Voltage Cable Market Growth During Forecast Period
Governments, private companies, and industry players have substantially invested in the development of EVs and innovative features of EVs to decrease the dependence on fossil fuel vehicles. To meet the diverse needs of EV users, manufacturers such as WAI, Leoni, and Green Cell have introduced a range of EV charging cables. These cables adhere to different charging standards and specific power transmission requirements, making them compatible with vehicles of Audi, BMW, Tesla, and other well-known brands. Manufacturers have obtained TUV certification for their cables, ensuring safety and quality standard compliance. Extension cables have also been introduced, extending existing charging cables and enhancing convenience for EV owners. These new features introduced in high voltage cables help reduce charging time and minimize power losses during transmission. Additionally, new features such as liquid-cooled solutions and improved durability have increased the performance and reliability of the cables. As the world transitions toward a greener and sustainable future, governments worldwide recognize the importance of promoting EV adoption and reducing emissions. They are investing in expanding alternatives to conventional automotive options. With anticipated technological advancements, policy changes, and market dynamics further shaping the industry. Therefore, there will be a rising demand for high voltage cables with innovative features ensuring safer and higher performance in the coming years.
Automotive High Voltage Cable Market: Industry Overview
The automotive high voltage cable market is segmented based on vehicle type, conductor type, and core type. Based on vehicle type, the automotive high voltage cable market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin hybrid electric vehicles (PHEV). Based on conductor type, the automotive high voltage cable market is bifurcated into copper and aluminum. Based on core type, the automotive high voltage cable market is bifurcated into multi core and single core. By region, the automotive high voltage cable market is segmented into North America, Europe, Asia Pacific, and the Rest of World.
The global automotive high voltage cable market is segmented into four major regions: North America, Europe, APAC, and RoW. In 2022, Asia Pacific led the global automotive high voltage cable market with a substantial revenue share, followed by North America and Europe. APAC is witnessing rapid economic growth and an increase in the disposable incomes of middle-class consumers, which are the prominent factors responsible for the surge in demand for electric vehicles. Several APAC countries, including China, witnessed a rise in EV adoption, while others are in the preliminary stages of the transition. In developing countries, many barriers, such as high acquisition costs, the need for new safety and technical standards, and costs for developing charging infrastructure, are hampering the adoption of EVs. APAC experienced one of the leading global e-mobility revolutions, which created huge opportunities for market players to reduce air pollution and raise the quality of public transport in the region. Governments of various countries in APAC are taking various initiatives on electric mobility. In August 2022, The Economic and Social Commission of Asia and Pacific (ESCAP) launched an initiative on electric mobility to promote the growth of electric mobility in public transport to reduce vehicle emissions and dependence on fossil fuels for transport operations. In addition, the demand for EVs is increasing across the region. High voltage cables are widely used in EVs to transmit electricity. Thus, the growing demand for EVs is propelling the automotive high voltage cable market growth in the region.
Automotive High Voltage Cable Market: Competitive Landscape and Key Developments
JYFT; ACOME Group; HUBER+SUHNER; Prysmian; LEONI AG; Coroplast Fritz MÜller GmbH & CO. KG; Champlain Cable Corporation; Sumitomo Electric Industries, Ltd.; SHANGHAI KMCABLE GROUP CO, Ltd.; and ZMS Cables are among the leading market players profiled in the automotive high voltage cable market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
- In April 2023, Leoni AG upgraded its Business Group AM to the Automotive Cable Solutions (ACS) Division, highlighting the significance of the automotive cables business within its cables segment. The division’s success can be attributed to its dedicated workforce and focus on automotive industry megatrends. With the increasing demand, ACS continues to expand its production capacity and aims to provide innovative solutions for electric vehicles, high-voltage cables, data cables, and sensor cables, catering to the needs of the growing automotive high voltage cable market.
- In July 2022, ACOME showcased its latest innovations in the automotive industry at the SIA Powertrain & Energy event. The company introduced a new range of high voltage power cables featuring its proprietary E-layer technology, Twinskin, and Datacables. These advancements have positioned ACOME as a key player in the automotive high voltage cable market.