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; it is estimated to grow at a CAGR of 8.0% from 2022 to 2030.
Get a sample PDF of the report – https://www.businessmarketinsights.com/sample/BMIRE00029225?utm_source=Blog&utm_medium=10640
The Europe automotive high voltage cable market is significantly propelled by increasing initiatives related to safety requirements and test methods for Electric Vehicle (EV) high voltage systems. These initiatives are crucial for ensuring the reliable and safe operation of EVs, protecting occupants, and minimizing environmental risks.
Key Drivers:
Ensuring Safety and Reliability: Properly functioning high-voltage cables are paramount for EV safety. Malfunctions can lead to severe hazards like short circuits or issues with critical systems such as self-driving vehicle cameras. To counter these risks, robust standards are being established.
Standardization and Guidelines: Standards like IEC 62955 provide comprehensive guidelines for the design and testing of EV high-voltage cables. These guidelines cover critical aspects such as electrical performance, mechanical robustness, and environmental resistance, ensuring manufacturers produce safe and reliable products.
Government Policies and Regulations: Governments across Europe are introducing new policies and regulations that specifically address protection against electric shock, electrical isolation, and environmental resistance for EV high voltage systems. This regulatory framework fosters the adoption of secure and dependable EV high voltage systems, directly increasing the demand for high-quality cables that comply with these stringent safety mandates.
Promoting EV Adoption through Standards: Various initiatives are emerging to standardize and promote EV high voltage systems while ensuring safety compliance. For example, the SAE J1772 standard sets guidelines for charging connectors and communication protocols in EV charging infrastructure, which inherently includes high voltage cables. These initiatives provide a clear roadmap for manufacturers to develop cables that meet the necessary safety and performance benchmarks.
Evolving Safety Landscape: As safety regulations and test methods for EV high voltage systems continue to evolve and become more stringent, the demand for high-quality automotive high voltage cables also grows. Manufacturers who prioritize safety and consistently adhere to these evolving requirements are strategically positioned to capitalize on this increasing market demand.
In essence, the collective emphasis on safety requirements and rigorous test methods for EV high voltage systems acts as a strong catalyst, driving the expansion of the Europe automotive high voltage cable market.
Get Full Report: https://www.businessmarketinsights.com/reports/europe-automotive-high-voltage-cable-market
Europe Automotive High Voltage Cable Market Overview
The Europe automotive high voltage cable market is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. The European automotive industry is experiencing rapid growth due to the increasing production of vehicles in countries such as France, Germany, and Italy. According to European Commission, the automotive industry provides direct and indirect jobs to 13.8 million Europeans, representing 15.1% of total European employment. Europe’s EV sector saw significantly more growth than other regions in 2019.
According to statistics cited by the European Federation for Transport and Environment, the United Kingdom committed to a net zero emissions target by 2050 and proposed a ban on selling all polluting vehicles by 2035. Several players are launching new EVs in Europe. For instance, in July 2023, E-commerce giant Amazon will deploy its first European vans from Us electric vehicle (EV) maker Rivian in Germany over the coming weeks as part of long-term plans to electrify its transportation network. Near 300 electric vans will hit the roads in the Munich, Berlin, and Dusseldorf regions as part of a 100,000 vehicle order it made in 2019 from Rivian. Additionally, in Sep 2022, MG4 launched the new innovative electric car in Europe.
The demand for electric vehicles is increasing in Europe. Several companies in Europe are investing in many projects for high voltage cables. High voltage cables are highly used in EVs. For example, in Jan 2023, Collins announced to coordinate development of new high-voltage distribution technologies with EU industry partners under Clean Aviation HECATE projects. Thus, with the increasing demand for EVs the Europe automotive high voltage cable market is increasing significantly.
The Europe automotive high voltage cable market is categorized by vehicle type, conductor type, core type, and country.
Segmentation Breakdown: Europe Automotive High Voltage Cable Market
Vehicle Type: Europe Automotive High Voltage Cable Market
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Plug-in Hybrid Vehicles (PHV)
- In 2022, the Battery Electric Vehicles (BEV) segment accounted for the largest market share.
Conductor Type: Europe Automotive High Voltage Cable Market
- Copper
- Aluminum
- The copper segment held a larger market share in 2022.
Core Type: Europe Automotive High Voltage Cable Market
- Multi-core
- Single-core
- The multi-core segment dominated the market share in 2022.
Country: Europe Automotive High Voltage Cable Market
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- Germany was the leading country in the Europe automotive high voltage cable market in 2022.
Key Market Players: Europe Automotive High Voltage Cable Market
- ACOME Co
- Coroplast Fritz Muller GmbH & Co KG
- Gebauer & Griller Kabelwerke GesmbH
- Huber+Suhner AG
- LEONI AG
- Prysmian SpA
- Shanghai KMCable Group Co Ltd
- Sumitomo Electric Industries Ltd
Europe Automotive High Voltage Cable Strategic Insights
Strategic insights for the Europe Automotive High Voltage Cable provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Europe Automotive High Voltage Cable Regional Insights
The geographic scope of the Europe Automotive High Voltage Cable refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
