North America Automotive High Voltage Cable Market

The North America automotive high voltage cable market was valued at US$ 430.39 million in 2022 and is expected to reach US$ 775.04 million by 2030; it is estimated to grow at a CAGR of 7.6% from 2022 to 2030.

Increasing Production of Electric Vehicles Fuels the North America Automotive High Voltage Cable Market

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. High-voltage cables play a vital role in enabling efficient power transmission. 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 North America automotive high-voltage cables market growth.

North America Automotive High Voltage Cable Market Overview

North America's automotive high voltage cable market is sub-segmented into the US, Canada, and Mexico. Despite the unprecedented global economic downturn caused by the COVID-19 pandemic, the global transition to electric vehicles maintained its momentum in 2020. According to the International Council on Clean Transportation report in 2021, with nearly 330,000 new sales in 2020, the US is the third largest electric vehicle market. Governments of North American countries are taking significant initiatives to produce or develop the electric vehicle industry. Automotive manufacturers are also focusing on investing in manufacturing electric vehicles (EVs) in North America, which is expanding faster. As per the data published by the International Energy Agency (IEA), the demand for battery electric vehicles (BEV) in the US increased from 231 thousand units in 2020 to 466 thousand units in 2021, and plug-in hybrid electric vehicles (PHEV) increased from 64 thousand units in 2020 to 165 thousand units. Thus, such growth prospects in the EV industry are augmenting the demand for deploying high voltage cables. High voltage cables can transmit electricity to longer distances. By using these cables, almost negligible current loss takes place due to leakage as it is highly insulated. High vehicle cable is used in the EVs to enhance the safety and comfort features that help drive the market growth over the projected timeframe.

North America Automotive High Voltage Cable Market Revenue and Forecast to 2030 (US$ Mn)

North America Automotive High Voltage Cable Market Segmentation

The North America automotive high voltage cable market is segmented into vehicle type, conductor type, core type, and country.

Based on vehicle type, the North America 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 the largest market share in 2022.

Based on conductor type, the North America automotive high voltage cable market is bifurcated into copper and aluminum. The copper segment held a larger market share in 2022.

Based on core type, the North America automotive high voltage cable market is segmented into multi core and single core. The multi core segment held a larger market share in 2022.

Based on country, the North America automotive high voltage cable market is segmented into the US, Canada, and Mexico. The US dominated the North America automotive high voltage cable market in 2022.

Champlain Cable Corp, 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 are some of the leading companies operating in the North America automotive high voltage cable market.   

North America Automotive High Voltage Cable Strategic Insights

Strategic insights for the North America 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.

North America Automotive High Voltage Cable Report Scope

North America Automotive High Voltage Cable Regional Insights

The geographic scope of the North America 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.