Automotive High Voltage Cable Market Report - Size & Share 2030

[Research Report] The automotive high voltage cable market size is expected to reach US$ 6,100.94 million by 2030 from US$ 3,176.29 million in 2022, with an estimated CAGR of 8.5% from 2023 to 2030.

Analyst Perspective

Automotive high voltage cable manufacturers are focusing on introducing innovative features and advancements to meet the evolving needs of EV users, including obtaining safety and quality certification, developing extension cables to enhance convenience, and incorporating technologies such as liquid cooling for improved efficiency. These trends highlight the industry's commitment to delivering high-performance and durable cables that cater to the demands of the evolving EV market. Governments worldwide are implementing policies and regulations to promote EV adoption and reduce carbon emissions, creating a favorable market environment. Technological advancements in cable design and manufacturing processes further contribute to the automotive high voltage cable market growth.

Automotive High Voltage Cable Market Overview

The automotive high voltage cable market has experienced significant growth and evolution in recent years. In the automotive industry, high voltage cables play a crucial role in enabling the transmission of high voltage power. The growing demand for EVs worldwide propels the need for efficient and reliable automotive high voltage cables to support the electrification of vehicles. Governments and regulatory bodies are also supporting a transition to cleaner transportation, increasing the production and sales of EVs. Significant investments are being made by governments and private entities in manufacturing EVs. As the demand for EVs continues to grow, the requirement for automotive high voltage cables also increases. As the automotive high voltage cable market expands, established players and new entrants invest in research and development, strategic partnerships, and product innovation. The competition among manufacturers is driving advancements in cable technology, resulting in safer and high-performing end products. Due to supportive government initiatives and a rise in emphasis on sustainable transportation and a competitive landscape, the automotive high voltage cable market is expected to witness substantial growth in the future.

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Automotive High Voltage Cable Market: Strategic Insights

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Automotive High Voltage Cable Market Driver

Increasing Production of Electric Vehicles to Drive Automotive High Voltage Cable Market

Electric vehicles (EVs) rely on high-power motors and large-capacity batteries, necessitating the use of high-voltage cables for power transmission. The cables offer benefits such as faster charging, carrying bulk power, improving voltage regulation, reducing voltage drop, and minimizing power losses. Initiatives such as the EVOLVE project have been established to support the growing demand for EVs. In June 2023, the Small Industries Development Bank of India (SIDBI) collaborated with Niti Aayog, the World Bank, the Korea-World Bank Partnership Facility, and the Korean Economic Development Cooperation Fund to provide funds to micro and small & medium enterprises (SMEs) for the production of 50,000 electric vehicles in India. In March 2022, Morocco announced investment deals worth US$ 180 million with five automotive cable suppliers to meet the growing demand for automotive wiring systems from EV manufacturers. High-voltage cables play a vital role in enabling efficient power transmission. The rising transition to EVs propels power usage and its transmission, fueling the demand for automotive high-voltage cables. Therefore, the increasing production of EVs bolsters the automotive high voltage cable market growth.

Automotive High Voltage Cable Market Report Segmentation and Scope

The “Automotive High Voltage Cable Market” is segmented based on vehicle type, conductor type, core type, and geography. Based on vehicle type, the automotive high voltage cable market is bifurcated into Battery Electric Vehicles (BEV), Plugin Hybrid Electric Vehicles (PHEV) and Battery Electric Vehicles (BEV). The automotive high voltage cable market, by conductor type, is segmented into copper and aluminium. Based on core type, the automotive high voltage cable market is bifurcated into multi core and single core. The automated guided vehicles (AGV) market, based on geography, is segmented into North America Europe, Asia Pacific, Middle East & Africa, and South America.

Automotive High Voltage Cable Market Segmental Analysis

By vehicle type, the global automotive high voltage cable market is segmented into battery electric vehicles (BEV), plugin hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). The battery electric vehicles (BEV) segment held the largest market share in 2022. BEVs exclusively rely on battery power to drive the electric motor, making them an eco-friendly alternative to traditional internal combustion engines. As the demand for BEVs continues to grow, there is a corresponding increase in the need for high voltage cables to transmit electrical power from the battery to the motor. The use of high voltage cables in BEVs is crucial. These cables facilitate the efficient transmission of electrical energy, ensuring smooth and reliable vehicle operation. They enable the transfer of high currents and voltages that power the electric motor, providing the required torque and acceleration. BEVs offer zero-emission mobility, significantly reducing greenhouse gas emissions and dependence on fossil fuels. Government regulations and incentives promoting electric mobility, coupled with increasing environmental awareness among consumers, are propelling the demand for BEVs. All these factors are contributing to the automotive high voltage cable market growth for the battery electric vehicles segment.

Automotive High Voltage Cable Market Regional Analysis

The North America automotive high voltage cable size was valued at US$ 430.39 million in 2022 and is projected to reach US$ 775.04 million by 2030; it is expected to register a CAGR of 7.6% during 2023–2030. The North America automotive high voltage cable market is segmented into the US, Canada, and Mexico. The US held the largest share of the North America automotive high voltage cable market in 2022. According to the report of the International Council on Clean Transportation in 2021, the market has grown by over 315,000 vehicles sold annually from 2018 to 2020. In the US, 98% of electric vehicles were sold. The Tesla Model was the highest-selling model, with about 96,000 new sales in 2020, followed by the Tesla Model Y with 75,000 sales, and the Chevrolet Bolt with approximately 21,000 sales. The US electric vehicle assembly amounts to about 2.3 million electric vehicles, compared to 18 million outside the US. As a result, electric vehicles will represent about 10% of global light-duty electric vehicle production in 2025, according to the same report. The high voltage cables are used widely in EVs. Several players are expanding their product offerings. For instance, in 2022, Coroflex partnered with IEWC to expand high-voltage cable product offerings in the US. Therefore, the automotive high voltage cable market is increasing with the increasing demand for EVs.

Automotive High Voltage Cable Market Key Player Analysis

The automotive high voltage cable market consists of players such as 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.

Automotive High Voltage Cable Market Regional Insights

The regional trends and factors influencing the Automotive High Voltage Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive High Voltage Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive High Voltage Cable Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive High Voltage Cable Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive High Voltage Cable Market are:

1. JTFT
2. Acome Co.
3. Huber+Suhner AG
4. Prysmian SpA
5. Leoni AG

Disclaimer: The companies listed above are not ranked in any particular order.

Recent Developments

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the automotive high voltage cable market. A few recent automotive high voltage cable market developments are listed below:

• In April 2023, Leoni AG upgraded its Business Group AM to the Automotive Cable Solutions (ACS) Division, highlighting the significance of the automotive cables business within its cables segment. With a global production network and a diverse product portfolio, ACS is a market leader in standard automotive, special, and charging cables. The division's success can be attributed to its dedicated workforce and focus on automotive industry megatrends. With the increasing demand, ACS continues to expand its production capacity and aims to provide innovative solutions for electric vehicles, high-voltage cables, data cables, and sensor cables, catering to the needs of the growing automotive high voltage cable market.
• In July 2022, ACOME showcased its latest innovations in the automotive industry at the SIA Powertrain & Energy event. It introduced its new range of high voltage power cables, featuring its proprietary E-layer technology, Twinskin, and Datacables. These advancements have positioned ACOME as a key player in the automotive high voltage cable market.
• In November 2021, ACOME unveiled its latest innovations in the automotive industry at the Electric & Hybrid Vehicle Technology Expo in Stuttgart. The company showcased its new ranges of High-Speed Data and E-Layer cables, reinforcing its position as a leading provider in the automotive high voltage cable market.
• In November 2020, HUBER+SUHNER introduced its latest addition to the high voltage cable market with the launch of the RADOX-screened FLEX cable range. These cables combine the proven RADOX technology with a new conductor design, offering increased flexibility and ease of installation for electric vehicle applications. The cables provide resistance against various environmental factors and comply with automotive cable standards. HUBER+SUHNER aims to provide convenience, versatility, and reliability to meet the growing demands of the industry.