Saturday, 27 July 2024
According to our latest study on “Automotive High Voltage Cable Market Forecast to 2030– COVID-19 Impact and Global Analysis – by Vehicle Type, Conductor Type, and Core Type,” the automotive high voltage cable market size is expected to reach US$ 6,100.94 million by 2030 from 3,176.29 million in 2022, with an estimated CAGR of 8.5% from 2023 to 2030.
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Source: The Insight Partners Analysis
Initiatives toward safety requirements and test methods for EV high voltage systems aim to ensure the efficient and reliable operation of EVs while prioritizing the safety of occupants and the surrounding environment. Properly functioning cables are crucial for the safe operation of automobiles, as any malfunction can lead to serious safety hazards such as short circuits or latency in self-driving vehicle cameras. To address safety concerns, standards such as IEC 62955 have been established. This standard provides guidelines for designing and testing EV high-voltage cables, covering aspects such as electrical performance, mechanical robustness, and environmental resistance. By adhering to these standards, automotive high-voltage cable manufacturers can ensure the safety and reliability of their products. Various initiatives are emerging to promote EV high voltage systems and ensure compliance with safety standards. For example, the SAE J1772 standard has established guidelines for charging connectors and communication protocols used in EV charging infrastructure, including high voltage cables. These initiatives provide a roadmap for manufacturers to develop cables that meet the necessary safety and performance standards. As safety regulations and test methods for EV high voltage systems evolve, the demand for automotive high voltage cables also grows. Manufacturers prioritizing safety and adhering to these requirements are well-positioned to meet the increasing market demand. Thus, the increase in initiatives regarding safety requirements and test methods for EV high voltage systems drives the automotive high voltage cable market.
The automotive high voltage cable market is segmented based on vehicle type, conductor type, and core type. Based on vehicle type, the automotive high voltage cable market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plugin hybrid electric vehicles (PHEV). Based on conductor type, the automotive high voltage cable market is bifurcated into copper and aluminum. Based on core type, the automotive high voltage cable market is bifurcated into multi core and single core. By region, the automotive high voltage cable market is segmented into North America, Europe, Asia Pacific, and the Rest of World.
The COVID-19 outbreak considerably impacted the global economy during its peak in Q1 and Q2 of 2020 and hampered business activities in various industries. Governments of various countries imposed stringent regulations on human movement and trade bans. Due to economic uncertainties and reduced purchasing power, consumer demand for electric vehicles declined during the COVID-19 pandemic. This decrease in demand directly impacted the requirement for high voltage cables used in electric vehicles. However, Governments worldwide implemented stringent emission norms and promoted electric mobility through various regulations and incentives. These policies encouraged the adoption of electric vehicles, thereby driving the automotive high voltage cable market.
JYFT; ACOME Group; HUBER+SUHNER; Prysmian; LEONI AG; Coroplast Fritz MÜller GmbH & CO. KG; Champlain Cable Corporation; Sumitomo Electric Industries, Ltd.; SHANGHAI KMCABLE GROUP CO, Ltd.; and ZMS Cables are among the key players operating in the automotive high voltage cable market.
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