EV Cables Market To Reach USD 43.1 Billion By 2032 Report By DataHorizzon Research [Yahoo! Finance]
SUMITOMO ELEC INDUS ADR (SMTOY)
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Source: Yahoo! Finance
Fort Collins, Colorado, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The EV Cables Market size was valued at USD 9.6 Billion in 2023 and is anticipated to reach USD 43.1 Billion by 2032 at a CAGR of 18.1%. Electric and hybrid vehicles rely on EV cables to transmit power and data to various components, including the lighting, air conditioning unit, traction motor, and sensors. The growing popularity of EVs worldwide significantly contributes to the market's expansion. The increasing need for eco-friendly transportation is a crucial factor driving the growth of the electric vehicle (EV) market. Battery-powered automobiles are the future of electric mobility, reducing our dependence on fossil fuels and helping us decarbonize transportation. Governments around the world are encouraging the adoption of EVs through regulations like the European Union's standards for automakers or subsidies such as the U.S. Federal Tax Credit for EV purchases. As a result, sales of EVs are soaring, leading to a su
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