PUBLISHER: The Business Research Company | PRODUCT CODE: 1695944
PUBLISHER: The Business Research Company | PRODUCT CODE: 1695944
Electric vehicle (EV) high voltage cables are specialized electrical components designed to transmit high levels of electrical energy within electric vehicles. These cables are essential for the operation of EVs, as they facilitate the transfer of power between critical systems such as the battery, powertrain, charging systems and other electronic components. They are specifically engineered to handle high voltage and current loads while ensuring safety, efficiency and durability in demanding automotive environments.
The EV high voltage cable market consists of sales, by entities (organizations, sole traders and partnerships) that are a critical part of the electrical and electronic architecture of electric vehicles, enabling efficient energy transfer and supporting advanced vehicle functionalities. These cables are designed to withstand high temperatures, resist electromagnetic interference and maintain safety in various operating conditions.
The global EV high voltage cable market was valued at $891.54 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 14.00%.
Expansion Of EV Charging Infrastructure
During the historic period, the expansion of EV charging infrastructure supported the growth of the EV high voltage cable market. High voltage cables are essential components in the construction of these charging stations, enabling fast and efficient power delivery. The expansion of charging networks, particularly high-speed and ultra-fast chargers, requires cables capable of handling higher voltages and current loads. This infrastructure growth stimulates demand for advanced high voltage cables, encouraging manufacturers to innovate and scale production. For instance, according to the Bureau of Transportation Statistics (BTS) of the U.S. Department of Transportation (DOT), a US-based government department, between January 2021 and April 2023, about 19,000 EV (electric Vehicle) charging stations opened in the USA, increasing the number of electric vehicles charging stations in the country by nearly 50% in just over two years. Therefore, the expansion of EV charging infrastructure contributed to the growth of the EV high voltage cable market during the historic period.
Innovative EV Charging Cables With Dual Thermistors For Enhanced Safety And Performance
Leading companies in the EV high-voltage cable market are prioritizing the development of innovative charging cables and plugs equipped with dual thermistors. These thermistors enhance safety, by monitoring temperature fluctuations, preventing overheating and optimizing performance during high-power charging. This technology ensures that cables and plugs operate within safe temperature ranges, minimizing the risks of damage, fire or electrical faults during the charging process. For example, in January 2024, Volex Group, a UK-based company that designs and manufactures electrical cables and cable assemblies, launched 16A EV charging grid cables, plugs and high-voltage cables for Mode 2 AC charging, compatible with domestic sockets. This compatibility makes it easier for electric vehicle owners to charge their vehicles at home, thereby removing obstacles and encouraging the widespread adoption of electric vehicles. These cables connect to the in-cable control and protection device (IC-CPD) for safe charging of battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicle (PHEVs). The products meet industry standards and regional compliance requirements for broad compatibility.
The global EV high voltage cable market is fragmented, with large number of small players in the market. The top ten competitors in the market made up to 9.95% of the total market in 2023.
EV High Voltage Cable Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global EV high voltage cable market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for EV high voltage cable? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The EV high voltage cable market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider EV high voltage cable market; and compares it with other markets.