The Automotive High Voltage Cable Market size is expected to reach US$ US$ 6100.94 million by 2030 from 3176.29 million in 2022, with an estimated CAGR of 8.5% from 2022 to 2030.
APAC is witnessing significant economic growth due to increasing disposable income among the middle-class population. This rise in income and favorable government initiatives have led to a surge in demand for electric vehicles. Countries such as China, Japan, and South Korea are at the forefront of EV adoption in the region. Governments of various countries in APAC are implementing various measures to promote electric mobility and reduce greenhouse gas emissions. The adoption of EVs creates immense opportunities to reduce air pollution and improve public transport in the region. Hence, the demand for high voltage cables is increasing with the rising adoption of electric vehicles as the cables provide stability and efficient power transmission to the vehicles. In addition, governments of various countries in the region are taking various initiatives to promote electric mobility. In August 2022, the Economic and Social Commission of Asia and Pacific (ESCAP) launched an initiative to promote the growth of electric mobility in public transport to reduce GHG emissions. Thus, such initiatives are propelling the automotive high voltage cable market growth in APAC.
automotive high voltage cable market is segmented by core type into multi core and single core. The multi core segment held the largest share of the automotive high voltage cable market in 2022. The multi-core segment of the automotive high voltage cable market is a crucial part, with a wide range of applications. These cables are designed with multiple conductors or signals combined into a single outer sheath, typically made of PVC or polyethylene jacket. The jacket provides mechanical protection, while an aluminum sheath might be used for electromagnetic shielding. Multi-core cables are used extensively in industrial sectors; they are capable of supplying power to heavy machines and equipment. They are also commonly employed in audio engineering to transmit audio signals between equipment. In the automotive sector, thin-wall multi-core cables are utilized in various electrical components within vehicles.
Automotive high voltage cable market is segmented by vehicle type into Battery Electric Vehicles (BEV), Plugin Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV). High voltage cables are essential in the PHEV segment as they enable electrical power transmission between the battery, electric motor, and other components. These cables facilitate the efficient transfer of high currents and voltages required to power the electric motor and charge the battery. They ensure the reliable and smooth operation of the vehicle's hybrid system. The benefits of high voltage cables in PHEVs include improved energy efficiency, reduced emissions, and the ability to drive in all-electric mode for shorter distances. The use of high voltage cables allows for optimal performance and safety in the transmission of electrical power. The automotive high voltage cable market is increasing the demand for more environmentally friendly transportation options. PHEVs offer a combination of electric and conventional power, providing lower emissions and reduced fuel consumption. Government regulations promoting cleaner transportation and consumer interest in sustainable mobility are driving the adoption of PHEVs, leading to a higher demand for high voltage cables in this segment
JYFT; ACOME Group; HUBER+SUHNER; Prysmian; LEONI AG; Coroplast Fritz M?ller GmbH & CO. KG; Champlain Cable Corporation; Sumitomo Electric Industries, Ltd.; SHANGHAI KMCABLE GROUP CO, Ltd.; and ZMS Cables are among the key Automotive High Voltage Cable Market players that are profiled in this market study.
The overall Automotive High Voltage Cable Market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Automotive High Voltage Cable Market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Automotive High Voltage Cable Market.