Dublin--(BUSINESS WIRE)--"The global electric vehicle cable market is classified by type (BEV, HEV, PHEV), voltage (low, high), electric vehicle applications (engine and powertrain, battery and charging management), high The "Voltage Application, Insulation, Shielding Type (Copper, Aluminum), Components and Area-Forecast to 2026" report has been added to ResearchAndMarkets.com's products.
The global electric vehicle cable market is expected to grow from USD 3.9 billion in 2021 to USD 13.1 billion in 2026, with a compound annual growth rate of 26.9%.
The world's major automakers are focusing on launching electric vehicles to meet the increasing demands of consumers. In addition, in order to curb the increasingly serious pollution, some countries have implemented strict emission standards for passenger cars. These factors are expected to promote the growth of the electric vehicle market, thereby driving the electric vehicle cable market.
The BEV segment is expected to grow at the highest compound annual growth rate during the forecast period
BEV will have a larger market size and the fastest growth rate, because BEV does not require gasoline engines that require fuel and routine maintenance, thus driving the market growth of EV cables. As countries around the world pay more and more attention to emission reduction, the demand for BEV continues to grow. Earlier, due to the low availability of charging stations and the high cost of electric vehicle batteries, the demand for pure electric vehicles was small. However, due to the rapid and steady decline in the cost of electric vehicle batteries, the increase in the range of electric vehicles and the increase in the number of global electric vehicle charging networks, the demand for pure electric vehicles has been increasing rapidly, thereby expanding the demand for electric vehicle cables. market. Although pure electric vehicles are zero-emissions, a number of technological advancements have also helped increase the sales of pure electric vehicles. Modern electric vehicles need automotive wires and cables that can carry extreme voltages-these cables need to be seamlessly integrated into the automotive assembly line to ensure safety, low weight impact, and cleanliness. Therefore, the electric vehicle cable market is expected to grow in the future. The continuous improvement of the integration of electronic equipment in electric vehicles has had a positive impact on the demand for EV cables in electric vehicles. In addition, the adoption of technologically advanced systems in vehicles, such as infotainment systems and advanced driver assistance systems, is expected to drive demand during the forecast period.
The Asia-Pacific region is expected to become the largest market during the forecast period
Countries such as China, Japan, South Korea, and India are being considered for market analysis in the Asia-Pacific region. The growing demand for electric vehicles in South Korea is also expected to promote the development of the electric vehicle cable market in the region. The region is home to some of the fastest growing economies in the world, such as China and India. The governments of these emerging economies have recognized the growth potential of the electric vehicle market and have taken different measures to attract major original equipment manufacturers to produce electric vehicles in the domestic market, thereby driving the demand for electric vehicle cables. Governments in the Asia-Pacific region are also paying attention to the introduction of commercial electric vehicles. The rapid installation of charging infrastructure is also expected to drive the growth of the electric vehicle cable market in the near future
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