At 8.9% CAGR, the Asia Pacific Automotive High Voltage Cable Market is projected to be worth US$ 3,850.53 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific automotive high voltage cable market was valued at US$ 1,941.67 million in 2022 and is expected to reach US$ 3,850.53 million by 2030, registering a CAGR of 8.9% from 2022 to 2030. Increasing production of electric vehicles and rising initiatives related to safety requirements and test methods for EV high voltage systems are the critical factors attributed to the Asia Pacific automotive high voltage cable market expansion.             

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. Rising transition to EVs propels power usage and its transmission, fueling the demand for automotive high-voltage cables. Thus, effective cables are being launched by the key market players. Therefore, increasing production of EVs bolsters the Asia Pacific automotive high-voltage cables market growth.

On the contrary, availability of counterfeit automotive cables hampers on the growth of Asia Pacific automotive high voltage cable market. 

Based on vehicle type, the Asia Pacific automotive high voltage cable market is segmented into battery electric vehicles (BEV), plugin hybrid electric vehicles (PHEV), plugin hybrid vehicles (PHV). The battery electric vehicles (BEV) segment held 74.6% market share in 2022, amassing US$  1,448.01 million. It is projected to garner US$ 2,929.01 million by 2030 to expand at 9.2% CAGR during 2022–2030.

Based on conductor type, the Asia Pacific automotive high voltage cable market is bifurcated into copper and aluminum. The copper segment held 66.2% share of Asia Pacific automotive high voltage cable market in 2022, amassing US$ 1,286.23 million. It is projected to garner US$ 2,591.47 million by 2030 to expand at 9.2% CAGR during 2022–2030.

Based on core type, the Asia Pacific automotive high voltage cable market is segmented into multi core and single core. The multi core segment held 58.3% share of Asia Pacific automotive high voltage cable market in 2022, amassing US$ 1,132.89 million. It is projected to garner US$ 2,309.35 million by 2030 to expand at 9.3% CAGR during 2022–2030.

Based on country, the Asia Pacific automotive high voltage cable market has been categorized into China, Japan, South Korea, India, and the Rest of Asia Pacific. Our regional analysis states that China captured 60.2% share of Asia Pacific automotive high voltage cable market in 2022. It was assessed at US$ 1,167.91 million in 2022 and is likely to hit US$ 2,393.21 million by 2030, exhibiting a CAGR of 9.4% CAGR during 2022–2030.            

Key players operating in the Asia Pacific automotive high voltage cable market are ACOME Co, Coroplast Fritz Muller GmbH & Co KG, Huber+Suhner AG, JYFT, LEONI AG, Prysmian SpA, Shanghai KMCable Group Co Ltd, and Sumitomo Electric Industries Ltd, among others.

• In 2022, ACOME presented its new ranges at High voltage power cables with our E-layer technology, Twinskin, Datacables, developed and patented by ACOME to build the spine of the powernet architecture inside electric and hybrid vehicles.

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