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Electric Vehicle Busbar Market – By Material (Copper, Aluminum), By Power Rating (Low, Medium, High), Growth Forecast 2024 – 2032
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Electric Vehicle Busbar Market
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Base Year: 2023
Companies covered: 15
Tables & Figures: 240
Countries covered: 19
Pages: 200
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Electric Vehicle Busbar Market Size
The global electric vehicle busbar market was accessed at USD 589.3 million in 2023 and is projected to grow at a CAGR of 21.3% by 2032. Increased investments by major automakers are surging the demand for essential EV components including EV busbar, which ensure efficient power distribution within these vehicles, which in turn is spurring the market growth. As the use of clean energy sources is rising, governments are offering incentives and implementing regulation to encourage the adoption.
For instance, in August 2021, Sertec Group spent USD 1.84 million in UK's first mass production assembly line that will manufacture 40 battery busbar modules every minute. This trend helped promote the UK’s objective of doing away with non-battery vehicles by the year 2030 alongside their pledge toward a green transportation system.
Electric Vehicle Busbar Market Trends
The adoption of EVs combined with support from government policies for adoption of advanced EV charging stations will enhance product demand in the forecast period. The need for high-performance EVs fuels research to develop advanced busbars handling increased power loads at faster charging speeds to ensure better performance and convenience. Additionally, with the focus on range and performance, manufacturers are developing lightweight and compact designs to reduce the weight and saving space. Introduction of advance materials to support the product integrity including the usage of graphene and carbon nanotubes is being explored to further enhance the efficiency and durability.
Electric Vehicle Busbar Market Analysis
Based on material, the copper EV busbar market is expected to exceed USD 2.47 billion by 2032. The product high electrical conductivity, thermal stability, and durability in efficient electricity transmission within EVs is leading to optimal performance, making it the most preferred material. Additionally, copper's excellent ductility and malleability facilitate the design of flexible busbar systems for a variety of electric vehicles.
Based on power rating, the high power rating industry is estimated to grow at a CAGR of over 21.5% through 2032. The interaction of government policies, developing demand for luxury electric vehicles (EVs) and electric sports cars results in growth in high performance EVs which translate into high charging speed as well as power requirements, and these are the key drivers of the growth. High-power busbars enable efficient power transmission and distribution within EVs, ensuring optimal performance and driving range.
The Asia Pacific electric vehicle busbar market is projected to cross over USD 2.02 billion by 2032. Growing EV production, environmental awareness and rapid urbanization are boosting the industry in the regional market. Governments have implemented policies and incentives, including subsidies, tax exemptions, and investments in charging infrastructure, towards the adoption of electric vehicles. For instance, in March 2023, subsidies given to the electric vehicles were extended in order to support the country's global dominion in the EV automobile industry, which in turn will positively impact the EV busbar industry over the forecast timeline.
Electric Vehicle Busbar Market Share
Considering their global reach, vast product portfolio and differentiation approach, Siemens, Mersen AG, EAE Group, Littlefuse, Inc., and Infineon Technologies AG are top players in the market. This companies has also embarked on wide range of activities related to electric mobility such as building charging stations and power distribution systems for electric cars.
Electric Vehicle Busbar Market Companies
Some of the key players operating across the electric vehicle busbar industry are:
Electric Vehicle Busbar Industry News
This electric vehicle busbar market research report includes an in–depth coverage of the industry with estimates & forecast in terms of units and revenue in USD Million from 2019 to 2032, for the following segments:
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Market, By Material
Market, By Power Rating
The above information has been provided for the following regions and countries: