360iResearch presented a report highlighting that the high voltage cables for electric vehicles market will reach USD 67.55 billion by 2030.
The report titled “High Voltage Cables for Electric Vehicles Market by Cable Type (AC Cables, DC Cables), Material (Aluminum, Copper, Insulation Material), Voltage Range, Application, Vehicle Type – Global Forecast 2024-2030”, presents an analysis indicating that the market is expected to grow from a size of $17.98 billion in 2023 to $67.55 billion over the next decade.
High-voltage electric vehicle (EV) cables are specialized cables that transmit electrical power within electric vehicles.
The growth of the EV high voltage cables market is influenced by a variety of factors, including increasing adoption of electric vehicles, innovations in cable technology offering performance, among others.
However, the high cost associated with advanced cable technologies hinders the market growth.
In addition, the continuous shift towards electric mobility in major economies across the globe is creating new opportunities wherein the development of cables with higher efficiency, lower energy loss, and the ability to handle higher power demands is further driving the market.
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Wire Types
AC cables charge electric vehicles using alternating current, mainly from public and home charging stations.
They are preferred for everyday charging using existing electrical infrastructure, making them more accessible to electric vehicle owners.
AC charging is generally slower than DC charging, making them suitable for overnight or workplace use. DC cables facilitate faster charging by supplying direct current directly to the vehicle’s battery, bypassing the integrated charger.
They are mainly used in high power charging stations (HPC). DC charging is mainly used for fast highway charging and is vital for long-distance travel, as it significantly reduces charging time compared to AC charging.
In the Americas, especially in the U.S. and Canada, the market for high voltage cables for electric vehicles is experiencing substantial growth due to increasing sales of electric vehicles and the strong push by governments towards electrification.
