Medium Power Electric Vehicle Busbar Market Size - By Material (Copper, Aluminum), Regional Outlook & Growth Forecast, 2024 – 2032

Medium Power Electric Vehicle Busbar Market Size

Medium Power Electric Vehicle Busbar Market was valued at USD 196.6 million in 2023 and is projected to grow at a CAGR of 21 % between 2024 and 2032. Increasing investments in the EV industry, coupled with a growing consumer inclination towards EVs, are fueling the demand for critical EV components, notably EV busbars, thereby propelling market expansion.
 

Shifting trends towards cleaner energy sources gains momentum, governments worldwide are rolling out incentives and regulations to bolster EV adoption. For instance, in August 2021, when the Sertec Group injected a substantial USD 1.84 million into the UK's inaugural mass production assembly line, geared to churn out 40 battery busbar modules per minute. This strategic move not only bolstered the UK's ambition to phase out non-battery vehicles by 2030 but also underscored its unwavering dedication to sustainable mobility.
 

Medium Power Electric Vehicle Busbar Market Trends

The global push to reduce carbon emissions and reliance on fossil fuels is accelerating the adoption of electric vehicles (EVs). Governments and consumers are embracing EVs for their environmental benefits, leading to significant demand for medium power busbars essential for efficient power distribution in these vehicles. Governments worldwide are offering incentives such as tax rebates, grants, and subsidies to promote EV adoption. Additionally, stringent emissions regulations are compelling automakers to develop more electric models, increasing the demand for efficient and reliable power distribution components like busbars.
 

The exploration of advanced materials, such as graphene and carbon nanotubes, is underway to enhance product integrity and efficiency. For instance, in September 2023, Interplex introduced a customizable motor stator busbar system using cutting-edge materials to improve power distribution and motor performance. This shift towards electric mobility is driving innovations in busbar materials and manufacturing, aiming to enhance performance and reliability.
 

Medium Power Electric Vehicle Busbar Market Analysis

Medium power electric vehicle busbar industry is expected to exceed USD 1.18 billion by 2032. The expansion of EV charging infrastructure, particularly in residential application is becoming essential for reliable and efficient electricity transfer from charging stations to EVs. Additionally, major automotive manufacturers are significantly investing in developing electric vehicles which in turn is surging R&D and EV production directly increases the demand for high-quality busbars, which are critical for the optimal performance of electric drivetrains.
 

Based on material, the medium power copper EV busbar industry is estimated to grow at a CAGR of over 20% through 2032. Copper's high electrical conductivity, thermal stability, and durability not only enhance electricity transmission in EVs but also elevate their performance, establishing copper as the material of choice. Furthermore, its exceptional ductility and malleability allow for the creation of versatile busbar systems, catering to a wide range of electric vehicles.
 

Asia Pacific medium power electric vehicle busbar market is projected to cross over USD 659 million by 2032. Increasing EV production, rising environmental awareness, and rapid urbanization are driving industry growth in regional markets. Governments are promoting electric vehicle adoption through policies and incentives such as subsidies, tax exemptions, and investments in charging infrastructure. Additionally, the growing demand for cleaner transportation solutions is prompting manufacturers to establish EV production facilities, particularly in China.
 

The drive for higher energy efficiency in electric vehicles in the U.S. is increasing the demand for more efficient power distribution solutions. Medium power busbars, which provide lower electrical resistance and better heat dissipation than traditional wiring, are becoming the preferred choice for EV manufacturers.
 

Medium Power Electric Vehicle Busbar Market Share

Siemens, Mersen AG, EAE Group, Littlefuse, Inc., and Infineon Technologies AG lead the market, leveraging their global reach, diverse product offerings, and a focus on innovation and sustainability. Partnerships among busbar manufacturers, automotive OEMs, and tech firms are fostering innovation, enhancing the quality, and boosting the performance of medium power busbars.        
 

Medium Power Electric Vehicle Busbar Market Companies

Major key players operating across the medium power electric vehicle busbar industry are:

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

Medium Power Electric Vehicle Busbar Industry News

• In January 2024, The U.S. Department of Transportation and Energy have jointly unveiled a USD 325 million investment across three strategic initiatives. These initiatives are designed to bolster the reliability and resilience of public charging infrastructure, drive the evolution of Electric Vehicle (EV) technologies, and cultivate a skilled workforce dedicated to the deployment and upkeep of EV charging stations. This move is poised to significantly bolster the EV market's growth trajectory, thereby adding to the market growth.
   
• In March 2024, The Indian government unveiled the EMPS 2024 scheme, allocating USD 61 million. The initiative aims to fast-track the nation's EV manufacturing ecosystem, fostering sustainable transportation and bolstering future business prospects.
   

This medium power 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 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Material

• Copper
• Aluminium

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Norway
  • Germany
  • France
  • Netherlands
  • UK
  • Sweden
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Singapore
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
• Latin America
  • Brazil
  • Argentina