“The Electric Vehicles (EV) Wires & Cables market is likely to grow at a robust CAGR of 14.1% in the long run to reach US$ 62.1 Billion in 2030”.
Market Dynamics
Electric Vehicle (EV) cables encompass a range of automotive cables necessary for both electric and traditional petrol & diesel vehicles. These include standard wall FL auto and reduced wall FLR auto cables for low-tension electrical wiring used in starting, charging, lighting, signaling, and instrument panel circuits, along with FLRYY cables for trucks (ADR approved) and FHL2G and FHLR2GCB2G cables for powertrain units. Additionally, specific cables adhere to the standards of major manufacturers such as Fiat and BMW.
The rapidly growing EV market heavily relies on a network of cables to support various charging needs. The importance of cables in transmitting power and data throughout electric and hybrid vehicles over extended periods cannot be overstated. Before specifying cable requirements, it is crucial to consider the mechanical stresses, temperature requirements, chemical tolerances, EMI levels, and other factors they will encounter. Based on the vehicle's operational profile and the specific cable requirements, various design simulations and testing techniques might be conducted. These procedures are essential to certify the cables' key performance characteristics, ensuring they meet UL and NEC standards for charging, and SAE and ISO standards for internal cables.
Recent Market JVs and Acquisitions: Some of the strategic alliances including M&As, JVs, etc. have been performed over the past few years:
- In June 2023, Aurrigo acquired UK-based GB Wiring Systems Limited to enhance capabilities in the core automotive area of wiring harness and electrical components.
- In June 2023, Delta Electronics, Inc. acquired 100% shareholding of HY&T Investments Holdings B.V. and its subsidiaries, including TB&C Group which is a leading provider of automotive high voltage hybrid components, to strengthen its EV business.
Recent Product Development: Advancements in automotive technology include the development of next-generation cables for high-current applications with smaller diameters. Leoni has introduced new AC charging cables using LEONI EcoSense Nxt and LEONI EcoSense technologies. The LEONI EcoSense Nxt+ product line is power-optimized to carry the highest available current level for each application, reducing the conductor cross-section and achieving a 6% weight reduction for Nxt and 20% for Nxt+. The Nxt cables have a 4% smaller diameter, while Nxt+ cables are 9% smaller than the previous generation. These next-generation cables meet IEC, EN, and GBT standards, enabling EV charging in 167 countries, with specific cables for Japan (PSE) and North America (UL). Both product lines offer cables ranging from 3×1.5 mm²+X to 5×10 mm²+X.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Powertrain-Type Analysis
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BEV and Hybrid
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BEV is expected to remain the biggest demand generator in the years to come.
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Voltage-Type Analysis
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Low-Voltage Products and High-Voltage Products
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Low-voltage products dominate the market; however, high-voltage products are witnessing faster growth.
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Vehicle-Type Analysis
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Light Vehicles and Commercial Vehicles
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Light Vehicle continues generating a huge demand for wires & cables in the years to come.
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Product-Type Analysis
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Copper Core, Aluminum Core, and Others
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Copper core is anticipated to contribute the largest share of the market, whereas Aluminum core is likely to be the fastest-growing product type.
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Regional Analysis
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North America, Europe, Asia-Pacific, and RoW
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Asia-Pacific is expected to maintain its reign over the forecast period.
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By Powertrain Type
“BEV is expected to remain dominant as well as the fastest-growing vehicle type in the market during the forecast period”.
The electric vehicle wires & cables market is broadly segmented into BEV (Battery Electric Vehicles) and Hybrid vehicles. BEVs are expected to remain the attractive segment in the market during the forecast period. Advances in battery technology have significantly increased the range and decreased the cost of BEVs, making them more attractive to consumers. Additionally, the expanding infrastructure for charging stations is addressing one of the primary concerns about BEV practicality. Consumer awareness and the increasing availability of BEV models from various automakers are also contributing to the rapid growth of this segment.
By Product Type
“Copper core is expected to remain the dominant product type, whereas aluminum core to depict the fastest growth in the market during the forecast period”.
The market is segmented based on product type into copper core, aluminum core, and others. Tin copper is commonly used for braiding due to its excellent corrosion resistance. However, aluminum is gaining popularity because of its lighter weight compared to other metals. Despite its advantages, aluminum poses challenges and higher costs in processing due to its tendency to oxidize readily in air, complicating the formation of reliable connections.
Copper is typically preferred for wires & cables due to its excellent conductivity. Electric vehicles (EVs) contain significantly more copper compared to conventional cars. Internal combustion engine (ICE) vehicles use about 19 to 48 lbs of copper, whereas battery electric vehicles (BEVs) use approximately 183 lbs of copper. This higher copper content increases both, the cost and weight of EVs. To address these issues, the industry is increasingly turning to aluminum, which is much more cost-effective and offers over 50% weight savings compared to copper. Although aluminum has lower conductivity, this can be compensated by using larger diameter conductors, reducing resistance to levels comparable to copper.
Regional Analysis
“Asia-Pacific is likely to remain the largest as well as the fastest growing market during the forecast period”.
In terms of regions, Asia-Pacific is expected to remain the largest market for automotive wires & cables during the forecast period. The region’s electric vehicle (EV) market is experiencing rapid growth driven by supportive government policies and incentives, rising environmental awareness, and significant investments in charging infrastructure. Technological advancements, particularly in battery technology, are enhancing vehicle performance and reducing costs, making EVs more affordable. Major automotive manufacturers are increasingly focusing on EV production, supported by collaborations and investments in EV technology. These factors, along with efforts to reduce greenhouse gas emissions and urban pollution, are collectively propelling the region's EV market forward.
As per IEA, in 2023, China saw a remarkable increase in new electric car registrations, reaching 8.1 million, a 35% rise from 2022. This surge occurred despite the cessation of national subsidies for EV purchases, which had supported market growth for over a decade. Tax exemptions and non-financial support for EV purchases were extended, recognizing the automotive industry's role in driving economic growth. Provincial support and investment also continue to play a crucial role. As the market matures, it is experiencing increased price competition and industry consolidation. Additionally, China became the world's largest auto exporter in 2023, exporting over 4 million cars, including 1.2 million EVs, marking a 65% increase in total car exports and an 80% increase in EV exports from the previous year.
Key Players
The market is highly consolidated with the presence of over 100 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the Electric Vehicle Wires & Cables Market. Some of the major players are providing a complete range of services including wires, cables, and related electronic components.
- Sumitomo Electric Industries, Inc.
- Yazaki Corporation
- Leoni AG
- Aptiv plc
- Fukura Electric
- Lear Corporation
- Dräxlmaier
- TE Connectivity
- Coficab
- Coroplast Fritz Müller GmbH & Co. KG-
- Kyungshin Corporation
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global EV Wires & Cables market is segmented into the following categories.
Electric Vehicle Wires & Cables Market, by Vehicle Type
- Light Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Commercial Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Electric Vehicle Wires & Cables Market, by Powertrain Type
- BEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Hybrid Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Electric Vehicle Wires & Cables Market, by Voltage Type
- Low-Voltage Products
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Application-Type Analysis: Main Harness, Auxiliaries, Cockpit, ICE Harness, and E-Motor)
- High-Voltage Products
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Application-Type Analysis: AC/DC Wiring, Auxiliaries, Traction, and Others)
Electric Vehicle Wires & Cables Market, by Product Type
- Copper Core (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aluminum Core (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Electric Vehicle Wires & Cables Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Electric Vehicle Wires & Cables Market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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- Detailed profiling of additional market players (up to three players)
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