North America Automotive High Voltage Cable Market Forecast to 2030 - Regional Analysis - by Vehicle Type, Conductor Type, and Core Type

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.

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