EV Cables Market Seen Soaring 17% Growth Reached USD 6.7 Billion in 2022, Projects Univdatos Market Insights
- Vikas Kumar
- November 14, 2023
- AUTOMOTIVE, NEWS
- EV Cables Market Analysis, EV Cables Market Forecast, EV Cables Market Growth, EV Cables Market Outlook, EV Cables Market Share, EV Cables Market Size, EV Cables Market Trends
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According to a new report by Univdatos Market Insights, Global EV Cables Market, reached USD 6.7 Billion in 2022 by growing at a CAGR of 17%. An electric vehicle (EV) charging cable is a connecting cable between a charging station and an EV that provides power to charge electric vehicles such as battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV). These cables consist of three parts: a connector that plugs into the vehicle, a length of wire, and another connector that connects to the power source. It mainly collects AC power from outlets and converts it to DC power. Additionally, these charging cables feature a liquid cooling system that distributes heat evenly and reduces the risk of overheating. Mixtures of water and glycol are currently the most widely used coolants in such cooling systems because they are easy to maintain and environmentally friendly. In addition, there is a controller that monitors temperature and regulates coolant flow.
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The report suggests that the Surge in Electric Vehicle Production is one of the major factors driving the EV cable market during the forthcoming years. The surge in the sales of electric vehicles is one of the key factors driving the demand for the EV cable market during the forecast period.
High Demand: The demand for electric vehicles is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles (EVs). For instance, in 2019, the government of Germany and auto manufacturers agreed to raise cash incentives under the “Environment Bonus” plan for battery-powered cars. The incentives will reach USD 6,680 per vehicle and the auto industry to cover half the cost. Government Initiatives: Additionally, the government plans to implement these incentives by 2025. Similarly, in 2019, the government of India announced its plans to spend USD 1.4 billion to subsidize sales of hybrid and electric vehicles until 2022. The incentives are applicable only on vehicles that cost less than USD 21,177, thereby resulting in increased demand for Evs. Moreover, stringent vehicle emissions regulations have led to a rise in demand for electric vehicles. For instance, the European Union set itself a target of net-zero greenhouse gas emissions by 2050.
Fig1: Electric Vehicle Sales Registrations, 2019-2021
Apart from this, environmental concerns, and the enactment of stringent emission and fuel economy norms, amongst others in EV Cables also positively impact the market’s growth. A wide range of investments have adopted strategic alliances in this area, thus suggesting huge potential in this area. Some of the recent strategic alliances are:
- In Jun 2022, Shell acquired 100% of Cable Energía to expand its EV charging network to Spain and Portugal to offer on-the-go EV charging services to drivers and fleets.
- In September 2023, Hitachi Industrial Products launched a high-capacity multi-port EV Charger to shorten the charging time and eliminate charging congestion by increasing the number of vehicles to be charged simultaneously.
Automotive Sector Gaining Maximum Traction in Market
The automotive sector is the largest segment of the global EV cable market, accounting for a significant portion of the market’s growth. The increasing adoption of electric vehicles (EVs) is driving the demand for EV cables in the automotive sector. EVs require charging infrastructure, and the production of EV cables is essential for the proper functioning of these vehicles.
The automotive sector is also facing challenges in the EV cable market, such as the high cost of rare earth metals used in the production of EV cables and the lack of standardization in the industry. To address these challenges, manufacturers and policymakers are working to develop sustainable and cost-effective solutions for the production and disposal of EV cables. This includes the use of recycled materials and the development of standardized protocols for the production and disposal of EV cables.
In addition to the automotive sector, the market for EV cables is also being driven by the increasing adoption of electric buses and other electric transportation vehicles. The demand for EV cables in these sectors is expected to continue growing in the coming years as governments and policymakers continue to promote the use of EVs and the development of charging infrastructure.
Thus, the automotive sector is gaining maximum traction in the EV cable market due to the increasing adoption of EVs and the need for charging infrastructure. The market is facing challenges, but manufacturers and policymakers are working to develop sustainable and cost-effective solutions to address these challenges.
Click here to view the Report Description & TOC https://univdatos.com/report/ev-cables-market-current/
Conclusion
The global EV cable market has been growing rapidly over the past few years. The market has been driven by increasing awareness of sustainability issues among businesses, investors, and regulators and the growing recognition of the link between sustainability and financial performance. The Global EV Cables market is highly fragmented, with many small and medium-sized players competing for business. Several top-notch companies in the market include TE Connectivity, Coroplast, LEONI AG, and BESEN INTERNATIONAL GROUP CO., LTD, amongst others. The major areas of focus for global EV cable firms include climate change, renewable energy, water management, waste management, and social and governance issues. The demand for sustainability reporting and disclosure services is also increasing, as more companies are adopting ESG reporting frameworks and guidelines. Overall, the Global EV Cables market is expected to continue to grow in the coming years, driven by the increasing focus on sustainability by businesses, investors, and regulators.
