Rising sales of battery electric cars as well as plug-in electric vehicles are expected to drive market expansion shortly at a CAGR of 17% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “EV Cables Market” that contains information from 2019 to 2032. The EV Cables Market is estimated to register a CAGR of 17.00% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global EV Cables Market— Leoni AG, Huber +Suhner, Sumitomo Electric Industries., Ltd, Aptiv, Nexans, Te Connectivity, Cables Eland, Acome, Elkem, Coroplast.

EV Cables Highlights

The global EV Cables Market is accounted to register a CAGR of 17.00% during the forecast period and is estimated to reach USD 31.25 billion by 2032.

EV cables are used by electric and hybrid cars to send data and power to a variety of parts, such as the traction motor, air conditioner, lights, and sensors. Global EV popularity is rising, which is a major factor in the market's growth. One important reason propelling the growth of the electric vehicle (EV) market is the growing demand for environmentally friendly transportation. Furthermore, the market for EV cables is expanding due to the automobile industry's growing acceptance of electric vehicles. There is a clear correlation between the electrification of vehicles and the replacement of powertrain and auxiliary systems, such as on-board and off-board charging systems, and an increase in demand for EV cables.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of EV Cables Market

Segment Analysis

The global EV Cables Market has been segmented based on EV type, insulation material, shielding type, components, Voltage, and EV application

Based on the EV type, the market is segmented into BEV, HEV, PHEV, and FCEV. The BEV segment was attributed to holding the largest market share in 2023.  One of the most basic types of electric vehicles on the market is battery electric vehicles or BEVs. These vehicles, in the evaluation of different kinds of EVs, are powered best through rechargeable batteries in preference to inner combustion engines. Since BEVs emit no emissions, they may be a very good preference for those who are worried about air pollutants and are attractive to customers who care about the environment.

Based on the insulation material, the EV Cables Market has been segmented into Silicon Rubber Insulation, Fluoro-polymers, Thermoplastic Elastomer, and Others. The Thermoplastic Elastomer segment was expected to hold the largest market share in 2023. Rubber and plastic traits are mixed in a class of materials known as thermoplastic elastomers, or TPEs. They are resilient to many chemicals and solvents, bendy, and long-lasting. TPEs are an environmentally favorable choice because they are recyclable as well. EV All-Rubber Jacket, EVE Thermoplastic Elastomer (TPE) Jacket, and EVT Polyvinylchloride (PVC) Jacket are the 3 foremost jacket types that General Cable gives for its cables. TPE is a fairly favored fabric for jackets in both outside and heavy-obligation indoor applications due to its flexibility, resilience to low temperatures, and UV protection.

Based on the shielding type, the EV Cables Market has been segmented into Copper, Aluminum, and Others. The Aluminum segment was expected to hold the largest market share in 2023. A hybrid product consisting of aluminum foil and aluminum foil tape, aluminum foil is used for wires. A hybrid product such as aluminum foil and aluminum foil tape, aluminum foil is used for wires. It can protect the cable from corrosion and act as a sign leakage shield. Due to its advanced airtightness and protecting properties, aluminum foil is the perfect material for cable safety foil.

Based on the components, the EV Cables Market has been segmented into Wires, Connectors/Terminals, Fuses, and Others. The Wires segment was expected to hold the largest market share in 2023. A single electrical conductor with several uses for current transfer is called a wire. An EV cable normally consists of multiple wires, such as earth, neutral, and live wires. To form the EV cable, these wires are combined with an insulating layer and a jacket material. Usually, strongly conductive metals like copper and aluminum are used for constructing them. Consequently, as demand for electric vehicles increases, so does the requirement for EV cables.

Based on the Voltage, the EV cable market has been segmented into Low, Medium, High, and Very high. The Low segment was expected to hold the largest market share in 2023. In automotive applications, low-voltage cables usually function at voltages lower than 60 volts. Because lower voltages often provide less of a risk to human safety in the event of accidental contact or short circuits, this reduces the risk of electrical hazards. Furthermore, lower cable voltage levels may lead to less electromagnetic interference, which is crucial for maintaining the functionality of sensitive electrical components and communication systems in the vehicle.

Based on the EV application, the EV Cables Market has been segmented into Engine & Powertrain, Battery & Battery Management, Charging Management, Power Electronics, and Others. The Charging Management segment was expected to hold the largest market share in 2023. Because they enable a secure and efficient connection between electric vehicles and charging stations, EV cables are crucial to charging management systems. The environment surrounding electric-powered automobiles is made more efficient and grows because of its capacity to transfer electricity, communicate data, and permit advanced charge control capabilities.

Regional Analysis

The global EV Cables Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The European EV Cables Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The EV Cables Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World EV Cables Market comprises of Middle East, Africa, and Latin America.

The largest market share for the EV Cables Market was maintained by the North American regional sector. North American place is expected to be considered one of the most important markets for electric-powered vehicle charging cables because of the excessive adoption charge of electrical cars and the favorable government regulations and incentives. In the US, electric vehicle sales accelerated 55% in 2022 relative to 2021, led by BEVs. US EV income reached 1,119,251 in 2023, up from 760,329 in 2022, 462,247 in 2021, 245,586 in 2020, and 230,761 in 2019. US EV income reached 303,111 in the 4th quarter of 2023, up from 253,133 inside the 4th zone of 2022, 136,410 inside the 4th region of 2021, and 95,203 inside the 4th sector of 2020. Particularly in the United States, there's an enormous marketplace for electric motors and the infrastructure necessary to aid cars.

Moreover, the Europe market has been persistently growing over the forecast period. The growing investment in electric-powered vehicle charging infrastructure and the presence of foremost car producers make contributions to the place's robust increase potential in the EV cables marketplace. In 2022, the quantity of battery-only electric passenger cars within the EU international locations almost reached 3.0 million, which is a +55% increase compared with 2021 (1.9 million).  The maximum annual price increase in battery-most effective electric-powered passenger motors within the length of 2013-2022 become referred to among 2019 and 2020 (+85%), accompanied by the growth in 2021 as compared with 2020 (+78%). The proportion of battery-most effective electric-powered passenger vehicles inside the general number of passenger vehicles grew from 0.02% in 2013 to 1.19% in 2022. In 2022, around 56,500 electric-powered vans were sold in the EU-27, representing 5.5% of the marketplace share and a boom of around 2.0 percentage factors from 2020.

According to data by the China Electric Vehicle Charging Infrastructure Promotion Alliance, from January to March period 2023, a total of 632,000 charging piles were brought in China. The increasing improvement of charging stations will, in flip, increase the demand for EV charging cables. Most of the general public charging stations in China install instantly-shaped EV charging cables as those are easy to manufacture and exert much less force as compared to coiled-formed EV charging cables. 6.3 million EVs—along with battery electric powered vehicles and plug-in hybrid electric motors—will be sold in China in 2022, representing 26% of China’s general automobile income and 59% of EV income globally. The Indian government has proven a sturdy dedication to enhancing the EV charging infrastructure by using asserting plans to install 137 EV charging stations alongside National Highways. This initiative, sponsored with the aid of allotted funds, underscores the nation's willpower to sell sustainable transportation solutions.

Furthermore, the rest of the world's EV cable market is divided into the Middle East, Africa, and Latin America. Governments in these areas are an increasing number of promoting using EVs via incentives, subsidies, and infrastructure development, which includes charging stations. As the number of electrical vehicles on the roads increases, the demand for EV cables also grows. An overall of 118,191 hybrid and electric-powered vehicles had been registered in 2021 in Latin America, more than 100% in comparison to 2020, when 57,078 devices have been registered, according to data from the National Association of Sustainable Mobility of Colombia.

Key Findings of the Study

• The global EV Cables Market is expected to reach USD 31.25 billion by 2032, at a CAGR of 17.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because of the manufacturers' increased focus on creating electric cars with excellent performance, greater efficiency, and quicker speeds.


• Based on EV type, the BEV segment was attributed to holding the largest market in 2023.


• Leoni AG, Huber +Suhner, Sumitomo Electric Industries., Ltd, Aptiv, Nexans, Te Connectivity, Cables Eland, Acome, Elkem, Coroplast, and others.