EV High Voltage Cable Market Projected to Reach $67.55 billion by 2030 - Exclusive Report by 360iResearch
Mar 26, 2024
PUNE, India, March 26, 2024 /PRNewswire/ -- The report titled "EV High Voltage Cable Market by Cable Type (AC Cables, DC Cables), Material (Aluminum, Copper, Insulation Material), Voltage Range, Application, Vehicle Type - Global Forecast 2024-2030" is now available on 360iResearch.com's offering, presents an analysis indicating that the market projected to grow from a size of $17.98 billion in 2023 to reach $67.55 billion by 2030, at a CAGR of 20.80% over the forecast period. "Expanding Horizons: The Global Surge in Electric Vehicle High Voltage Cable Market" In a world increasingly leaning toward sustainability, the electric vehicle (EV) high voltage cable market is experiencing pronounced growth, driven by the escalating adoption of electric vehicles. These specialized cables, fundamental to connecting critical components such as battery management systems, electric motors, and onboard charging systems, are becoming indispensable as they adapt to the demand for higher efficiency, reduced energy loss, and the capability to manage surging power needs. Amid growing environmental concerns and stringent emission standards worldwide, innovations in cable technology are ushering in cables that not only promise superior performance and durability but also align with safety standards. Although the market faces challenges such as high production costs, the global shift toward electric mobility, particularly in the Americas with the U.S. and Canada at the forefront, EMEA (Europe, the Middle East, and Africa) with notable advancements in Germany, the UK, and Norway, and the APAC region led by countries such as China, South Korea, and Japan, is fostering new opportunities. These regions are witnessing a renaissance in EV infrastructure development, underscored by government incentives and a collective push for electrification, fueling the high-voltage cable market's upward trajectory. Download Sample ...Full story available on Benzinga.com
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