Global EV Cables Market Holds Good Potential For Growth

The global Electric Vehicle (EV) cables market is poised for substantial growth, projected to escalate from USD 8.6 billion in 2023 to a noteworthy USD 19 billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 17.2%...

According to the latest report titled “Global EV Cables Market 2023-2028” offered by ResearchAndMarkets.com, the global automotive landscape is witnessing a notable shift towards electric vehicles, driven by surging consumer demand and the imperative to address environmental concerns. Concomitantly, numerous countries have enforced stringent emission standards for passenger cars, further propelling the growth of the EV market and subsequently influencing the demand for EV cables. Nonetheless, the high cost associated with battery-operated vehicles acts as a notable impediment to the growth of the EV cables market.

Effect of the COVID-19 pandemic

The onset of the COVID-19 pandemic brought about unprecedented disruptions across the globe, affecting economies and industries, including the automotive sector. Production halts in the automobile industry, spanning regions like the US, China, UK, Germany, France, Italy, Japan, and others, caused ripples throughout economic and financial structures, leading to a downturn in the sector.

The high voltage cables

High Voltage segment is expected to grow at the highest CAGR during the forecast period. High voltage cables in electric vehicles move power to and from the battery and various systems throughout the electric vehicle. The high voltage electric vehicle cable is used for connecting the charging port and the battery, battery inter wiring, the battery, and the engine and other electrical components to carry the electric current power. Charging management mainly consists of a high voltage battery and battery connections. These are connected to each other with high voltage cables.

In 2020, Huber+Suhner launched its new flexible and robust Radox screened Flex high voltage battery cable range for electric vehicles. The company has combined its Radox technology with a new type of semiconductor to develop this new generation battery cable range: 55A1111-12-9-9, 55A1111-16-9-9, 55A1111-14-9-9 cables, which has voltage rating of 600. Electric vehicles will be the future of transport as it is a viable alternative to conventional vehicles that depend directly on the diminishing fossil fuel reserves. Thus, increase in market demand for high voltage cables in critical application in an EV, market for high voltage cables would rise.

The silicon rubber insulation segment

Silicon Rubber Insulation segment is expected to be the fastest growing segment during the forecast period. Silicone rubber insulation is one of the most popular materials used in EV cables insulation across the world. It is considered a high tear-resistant material when processed. It is also flexible, which provides a good amount of dielectric strength to cables. Silicone rubber has high abrasion resistance, good antifriction property, and significant chemical resistance.

Companies like Leoni AG are offering rubber insulation EV cables and claim that the hot, as well as the cold thermal resistance properties of silicone rubber, make it one of the best insulation materials for EV battery charging cables as compared with materials such as PVC and polyethylene. Cables with silicone rubber insulation are capable of withstanding a temperature range from -60C to 250C.

Copper segment is expected to capture the largest market

Copper is one of the most popular materials used in EV cables shielding across the world. It is considered a high tear-resistant material when processed. It comes with excellent shielding effectiveness at both low and high temperatures, moderately high coverage, moderately high flexibility and longer life cycle compared to most shielding types. Pure EV battery can contain more than a mile of copper wiring in their stator windings.

Electricity delivery in an EV is achieved by a series of wiring primarily composed of copper. Im addition to the copper wire in the engine copper wire is used to connect electronics and battery packs. Companies like Leoni AG, TE Connectivity and Coroplast are offering copper shielding EV cables that have high cable life, better flexibility and can be used for moderate and high-power operations.

Leave a Reply