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[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
Market Size Value in US$ 3,176.29 million in 2022 Market Size Value by US$ 6,100.94 million by 2030 Growth rate CAGR of 8.5% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2022
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Automotive High Voltage Cable Market: Strategic Insights
| Market Size Value in | US$ 3,176.29 million in 2022 |
| Market Size Value by | US$ 6,100.94 million by 2030 |
| Growth rate | CAGR of 8.5% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
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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.
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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.
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Automotive High Voltage Cable Market Regional Analysis
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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.
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Vehicle Type, Conductor Type, and Core Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Increasing production of electric vehicles and increasing initiatives related to safety requirements and test methods for EV high voltage systems are the major factors that propel the automotive high voltage cable market.
The global automotive high voltage cable market was estimated to be US$ 3176.29 million in 2022 and is expected to grow at a CAGR of 8.5 % during the forecast period 2023 - 2030.
The automotive high voltage cable market is expected to reach US$ 6100.94 million by 2030.
Increasing usage of advanced features in vehicles is anticipated to play a significant role in the automotive high voltage cable market in the coming years.
The incremental growth expected to be recorded for automotive high voltage cable market during the forecast period is US$ 2,924.65 million.
The key players, holding majority shares, in automotive high voltage cable market includes LEONI Kabel GmbH, COFICAB Group, Prysmian Group, Coroplast Fritz Müller GmbH & Co. KG and HUBER+SUHNER.
The List of Companies - Automotive High Voltage Cable Market
- JTFT
- Acome Co.
- Huber+Suhner AG
- Prysmian SpA
- Leoni AG
- Coroplast Fritz Muller GmbH & Co KG
- Champlain Cable Corp
- Sumitomo Electric Industries Ltd
- Shanghai KMCable Group Co Ltd
- Gebauer & Griller Kabelwerke GesmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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