At 8.0% CAGR, the Europe Automotive High Voltage Cable Market is projected to be worth US$ 1,365.85 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe automotive high voltage cable market was valued at US$ 737.22 million in 2022 and is expected to reach US$ 1,365.85 million by 2030, registering a CAGR of 8.0% from 2022 to 2030. Increasing production of electric vehicles, rising initiatives related to safety requirements and test methods for EV high voltage systems, and growing demand for premium vehicle are among the critical factors attributed to the Europe automotive high voltage cable market expansion.             

Premium vehicles are being launched mostly in the EV segment. These vehicles have new features and high-power requirements. To fulfil the need for high power consumption, high voltage cables are used to minimize charging time and reduce power losses during transmission. Increasing subsidies and initiatives by governments across the world to promote EV adoption and sales propel the manufacturing of premium EVs. The initiative focuses on electrifying public and shared transportation, including e-buses, e-three-wheelers, e-four-wheeler passenger cars, and e-two-wheelers. The scheme creates a favorable environment for the demand for automotive high voltage cables that are essential for the safe and efficient operation of premium vehicles. In January 2023, Tesla reduced the prices of its premium electric cars—Model 3 and Model Y—to match their prices with the costs of gasoline cars. Such reduction in prices can propel the adoption of premium electric cars, which will increase the manufacturing of these cars in the coming years.  Therefore, the need for high-voltage cables for the power transmission and charging systems in premium electric cars will grow exponentially. As a result, automotive high voltage cable manufacturers will seize these opportunities by providing reliable and efficient cables that meet the requirements of government initiatives during the forecast period.

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

Based on vehicle type, the Europe 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 69.5% market share in 2022, amassing US$ 512.39 million. It is projected to garner US$ 974.18 million by 2030 to expand at 8.4% CAGR during 2022–2030.

Based on conductor type, the Europe automotive high voltage cable market is bifurcated into copper and aluminum. The copper segment held 68.8% share of Europe automotive high voltage cable market in 2022, amassing US$ 507.03 million. It is projected to garner US$ 952.78 million by 2030 to expand at 8.2% CAGR during 2022–2030.

Based on core type, the Europe automotive high voltage cable market is segmented into multi core and single core. The multi core segment held 60.5% share of Europe automotive high voltage cable market in 2022, amassing US$ 445.82 million. It is projected to garner US$ 852.10 million by 2030 to expand at 8.4% CAGR during 2022–2030.

Based on country, the Europe automotive high voltage cable market has been categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 33.1% share of Europe automotive high voltage cable market in 2022. It was assessed at US$ 243.80  million in 2022 and is likely to hit US$ 489.92 million by 2030, exhibiting a CAGR of 9.1% CAGR during 2022–2030.            

Key players operating in the Europe automotive high voltage cable market are ACOME Co, Coroplast Fritz Muller GmbH & Co KG, Gebauer & Griller Ka­bel­w­erke GesmbH, Huber+Suhner AG, 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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