Electric Vehicles Will Drive Automotive Cable Demand
by Chenfei Wang
Electric vehicles (EVs) are set to increase in prominence in upcoming years, moving from an 8.6% market share for light-duty vehicles in 2020, to capturing 66.2% of the market in 2040. Moreover, they can have more than double the cable requirements of an internal combustion engine (ICE) vehicle, supporting cable demand. In fact, if all car sales in 2040 were to be ICE vehicles, instead of 66.2% EV, automotive cable demand would be almost 40% lower. On the manufacturing side, the overwhelming majority of harness makers have adapted to EV requirements. However, only a few of them will also supply the power cable for the EV charging stations.