From 2021 to 2026, the global electric vehicle cable market will grow at a compound annual rate of 26.9%

According to a research report released by Markets and Markets, an international market research institution, the global electric vehicle cable market will grow at a compound annual growth rate of 26.
9% from 2021 to 2026, and market demand is expected to grow by $9.
2 billion during the period.

The major factors driving the growth of the market are the fluctuating fuel prices increasing the demand for electric vehicles and increasing the pressure
on automakers to comply with emission standards.
In addition, the continued growth in demand for electric vehicles is likely to trigger the growth of the electric vehicle cable market during the
forecast period.

Significant investments in R&D activities by EV cable manufacturers to develop efficient EV cables for automotive applications will also drive the growth
of the market.
In particular, the development of EV charging infrastructure in emerging countries will drive the growth of EVs, which in turn will drive the demand
for EV cables.

By EV type, including BEV, plug-in hybrid, hybrid, and fuel cell EV, fuel cell electric vehicles (hydrogen powered) will be the fastest growing segment of the market during the forecast period
.

Fuel cell electric vehicles are more efficient than conventional internal combustion engine vehicles and produce no tailpipe emissions – they only emit water vapor and warm air
.
Such cars use a propulsion system similar to electric vehicles, in which the energy stored in the form of hydrogen is converted into electricity
through a fuel cell.
The demand for EV cables is directly proportional
to the increase in the production of fuel cell EVs.
Therefore, the rising level of disposable income in advanced economies, especially emerging economies such as India, Brazil, and China, is driving the fuel cell electric vehicle manufacturing industry, which in turn is expected to trigger the growth
of the wiring harness industry in this field.

In terms of cable voltage level, the high-voltage cable market is expected to be the fastest growing segment
of the electric vehicle cable market.
High-voltage cables in electric vehicles transmit power
between the battery and various systems throughout the electric vehicle.
High-voltage cables are used to connect charging ports with batteries, internal wiring of batteries, batteries, engines and other electrical components to carry current power
.
High-voltage cables are mainly used in battery applications
in electric vehicles.
As a result, the market demand for high-voltage cables in critical applications for electric vehicles will increase
.

From a single market perspective, the Indian automotive industry is growing at a CAGR higher than most countries
in the region during the forecast period due to favorable government policies such as 100% government-approved foreign direct investment, leaner manufacturing and import licensing and approval policies, and World Trade Organization (WTO) compliant policies.

Meanwhile, in Asia Pacific, various government initiatives such as faster adoption and manufacturing of (hybrid) electric vehicles (FAME), will boost the adoption of electric vehicles and boost the sales of
electric vehicle cables in India.
The pickup in economic activity and multiple government initiatives are likely to drive the growth of the electric vehicle market in India, thereby driving the growth
of the electric vehicle cable market.