Asia Pacific Electric Vehicle Busbar Market Size - By Material (Copper, Aluminum), By Power Rating (Low, Medium, High), Country Outlook & Forecast, 2024 – 2032

Asia Pacific Electric Vehicle Busbar Market Size

Asia Pacific Electric Vehicle Busbar Market was valued at USD 355.5 million in 2023 and is predicted to showcase about 19.6% CAGR between 2024 and 2032, fuelled by increasing demand for electric vehicles across the region.
 

Governments are enforcing regulations and offering incentives to promote electric vehicles (EVs) in the fight against greenhouse gas emissions and air pollution. This has increased demand for electric vehicle, which require efficient electrical systems to power propulsion and onboard accessories. With advancements in busbar technology and strategic alliances between market players, this industry is expected to grow more rapidly.
 

Asia Pacific Electric Vehicle Busbar Market Trends

Asia Pacific electric vehicle busbar industry is witnessing a significant rise in demand for high-power charging solutions owing to the increasing adoption of electric vehicles. This shift has led to the development of advanced busbars capable of managing higher current loads. Additionally, the emphasis on enhancing vehicle range and performance has driven the adoption of lightweight materials, such as aluminium, for busbars. Government driven initiatives are also increasing the demand in the market. Furthermore, the integration of smart technologies is becoming more common, enabling real-time monitoring and control of energy flow within EV power systems.
 

Asia Pacific Electric Vehicle Busbar Market Analysis

Based on material, the copper segment holds the largest market share and is expected to exceed USD 1.3 billion by 2032. Copper offers lower resistivity, thereby efficiently carry higher currents with minimal power loss. Additionally, copper has excellent thermal conductivity, allowing it to dissipate heat effectively, which is crucial for maintaining the stability and performance of busbars in electric vehicles. While copper remains a preferred material, aluminium is emerging as a viable alternative, offering lightweight characteristics that will potentially influence market shares in the future.
 

Based on power rating, the high power EV busbars rating segment is anticpiated to grow at a CAGR of over 20% through 2032, driven by the increasing demand for fast-charging capabilities in electric vehicles. High power ratings enable rapid energy transfer and significantly reduce charging times, making them crucial for supporting the growing network of fast-charging stations. Additionally, advances in materials science, manufacturing, and design enable the production of efficient and cost-effective high power rating busbars, making them more accessible for EV manufacturers and contributing to their widespread adoption in electric vehicles.
 

China electric vehicle busbar market revenue to cross USD 1.8 billion by 2032, propelled by robust EV industry, supportive government policies, and extensive investments in deploying EV charging stations. The country’s robust manufacturing infrastructure and supply chain ecosystem along with rigorous public & private investments will enable efficient production and distribution of busbars to meet the growing demand. For instance, in September 2023, BYD and Shell together installed over 250 EV charging stations in China catering to the increasing adoption of electric vehicles in the country. As a result, substantial demand for electric vehicles has risen the demand for EV components, including busbars.
 

Asia Pacific Electric Vehicle Busbar Market Share

Siemens, TE Connectivity, EAE Group, Infineon Technologies AG, among others leads the Asia Pacific EV Busbar market due to its strong presence in the region. As major EV manufacturers focusing on electric buses, these companies have capitalized on the region aggressive EV adoption targets, secured significant domestic orders, and implemented a vertical integration strategy. These factors, along with continuous technological advancements, have solidified these company dominant position in the market.
 

Asia Pacific Electric Vehicle Busbar Market Companies

Some of the major key players operating across the APAC electric vehicle busbar industry are -

• Amphenol Corporation
• Brar Elettromeccanica SpA
• EMS Group
• EG Electronics
• EAE Group
• Infineon Technologies AG
• Littelfuse, Inc.
• Legrand
• Mitsubishi Electric Corporation
• Mersen SA
• Rogers Corporation
• Siemens
• Schneider Electric
• TE Connectivity
• Weidmüller Interface GmbH & Co. KG
   

Asia Pacific Electric Vehicle Busbar Industry News

• In March 2024, Xiaomi has launched its first electric vehicle in China. The entrance of new players in the market will further increase demand for electric vehicles in the country, thereby significantly contributing to the adoption of efficient busbar solutions.
   
• In December 2023, Suzuki Motor has joined Japan's Advanced SoC Research for Automotive (ASRA), collaborating with other major Japanese automakers and suppliers to develop next-generation semiconductors for electric and autonomous vehicles, which in turn will add to the overall growth of EV busbar market.
   

This Asia Pacific electric vehicle busbar market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Million’ from 2019 to 2032, for the following segments:

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Market, By Material

• Copper
• Aluminium

Market, By Power Rating

• Low
• Medium
• High

The above information has been provided for the following countries:

• China
• India
• Japan
• South Korea
• Australia