Automotive Busbar Market Expected to Reach $177.1 Million, Globally, by 2030 | Siemens AG, E.G. Electronics AB, Mersen Corporation Services SAS, Legrand Holding SA, Hitachi Metals, ABB Group

The global automotive busbar market reached a value of $17.4 million in 2020, and it is predicted to progress at a CAGR of 24.6% between 2021 and 2030. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $177.1 million in 2030. The surging deployment of electric vehicles (EVs) in several countries is a key factor driving the expansion of the market.

This is primarily because busbars are extensively used in EVs, as traditional cell connections such as strips, lugs, and welded wires are extremely prone to failure due to the dislocation of the cells because of the vibrations caused by a moving automobile. Moreover, busbars have low thermal and electrical resistance and are thus, used heavily in EV manufacturing processes. Besides these, the soaring usage of plug-in hybrid EVs (PHEVs) is also fueling the worldwide demand for automotive busbars.

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Many automakers such as BMW AG, Tesla Inc., and Hyundai Motor Company are increasingly focusing on manufacturing EVs, thereby positively impacting the market expansion across the world. The other factors fueling the market growth are the operational benefits and lower costs of busbars than cables. Busbars reduce the assembly time, which, in turn, curtails the internal manufacturing and material handling costs. Additionally, they are widely preferred in motor control center applications, due to their ability to provide ease of retrofitting.

Because of the aforementioned factors, automobile manufacturers are increasingly preferring busbars over cables. Depending on conductor, the automotive busbar market is divided into aluminum and copper. Between these, the copper category accounted for majority shares in the market in 2020. This was because of the large-scale usage of copper as a conducting material in busbars, on account of its high electrical conductivity, non-magnetic and easily machinable characteristics, and high corrosion resistance.

When power rating is taken into consideration, the automotive busbar market is classified into high and low. Between these, the low-power category is predicted to demonstrate faster growth in the market in the forthcoming years. This is primarily attributed to the surging adoption of low-power busbars in charging and battery connectors in EVs and EV charging stations around the world. Globally, the market is predicted to exhibit rapid expansion in Asia-Pacific (APAC) in future.

This will be a result of the various projects and initiatives being launched by the governments of the regional countries for promoting the use of EVs to reduce the emission of toxic greenhouse gases (GHG) and build a smart and clean transportation system. The increasing deployment of the associated charging infrastructure and rapid improvements in the EV driving range, due to advancements in battery charging efficiency and management systems, are also fueling the surge in the market in the region.

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Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the growing deployment of EVs and EV charging stations in several countries around the world.

Contact:

Prajneesh Kumar
P&S Intelligence
Contact: +1-347-960-6455
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.