Published: April 2021 | Report Code: AT12178 | Available Format: PDF | Pages: 201
The global automotive busbar market generated revenue of $17.4 million in 2020, and it is expected to grow at a CAGR of 24.6% during the forecast period (2021–2030). One of the key factors responsible for the growth of the market is the increasing use of electric vehicles (EVs). Furthermore, the low cost and operational benefits of busbars over cables will help in boosting the demand for the former in the coming years.
The COVID-19 has impacted the automotive busbar market positively, as most of the busbars are used in the production of EVs. The global sales of EVs increased by 39% in 2020 as compared to the previous year. As a busbar is a primary component of EVs, the demand for busbars is rising with the growing manufacturing of these vehicles.
Based on power rating, the global automotive busbar market has been categorized into low-power and high-power busbars. Of them, low-power busbars accounted for the larger revenue share in 2020. Low-power busbars are widely used in EV battery modules and pack interconnections, as well as in EV charging stations. Thus, their integration rate is significantly higher compared to high-power busbars, which are majorly used in the alternating current (AC)/direct current (DC) converters and powertrain inverters.
On the basis of conductor, the global automotive busbar market has been categorized into copper and aluminum. Out of these, the aluminum category is expected to witness the faster growth, in terms of value, in the market during the forecast period. Aluminum busbars are increasingly being used to connect batteries with the electrical components of EVs, as they are lightweight and inexpensive and offer optimal electrical performance.
Geographically, APAC held the largest market share in 2020 on account of the high-volume production of EVs in China, Japan, and South Korea. Further, the region has easy access to raw materials, such as copper and aluminum, which makes it a manufacturing hub for EVs and the components used in them, such as busbars. Further, the region is expected to showcase the highest growth rate during the forecast period due to the increasing government initiatives to boost the adoption of EVs.
The increasing awareness regarding the energy-efficiency and cost-effectiveness of busbars is a major factor driving the market growth. Moreover, busbars curtail the internal material handling and manufacturing costs by reducing the assembly time. Thus, automobile manufacturing companies are inclined toward a higher usage of busbars over cables. Additionally, busbars offer ease of retrofitting, owing to the shift in loads and requirement for less space, which has accelerated the preference for them in motor control center application, which, in turn, helps in the growth of the market.
The growing use of EVs has played a pivotal role in the expansion of the automotive busbar market. This is majorly because conventional cell connections, such as welded wires, strips, and lugs, are highly prone to failure when the cells dislocate due to the vibrations caused by a moving vehicle, thus resulting in the increasing usage of busbars in EVs. Additionally, busbars have low electrical and thermal resistance, which increases their use in the manufacturing of EVs.
Moreover, the use of plug-in hybrid EVs (PHEVs) has been growing with the objective of decarbonizing the automotive sector and mitigating the adverse effects of greenhouse gases. Car manufacturers, such as Hyundai Motor Company, BMW AG, and Tesla Inc., are dedicatedly working toward producing EVs, which bolsters the demand for automotive busbars across the globe.
|Base Year (2020) Market Size||$17.4 Million|
|Market Size Forecast in 2030||$177.1 Million|
|Forecast Period (2021-2030) CAGR||24.6%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling|
|Market Size by Segments||By Power Rating; By Conductor; By Region|
|Secondary Sources and References (Partial List)||The Aluminium Association, Automotive Component Manufacturers Association, China Association of Automobile Manufacturers, China Electric Vehicle Association, China Passenger Car Association, Copper Development Association Inc., Electric Auto Association, Electric Vehicle Association of America, Electric Vehicle Association of Asia Pacific, European Aluminium, European Association for Electromobility, European Automobile Manufacturers Association, German Association of the Automotive Industry, International Copper Association Ltd., International Copper Study Group, International Council on Clean Transportation, International Energy Agency|
The global automotive busbar market is fragmented in nature. Some of the key players operating in the market are ABB Group, Mersen Corporate Services SAS, Eaton Corporation Plc, Interplex Holding Pte. Ltd., and AMETEK Inc. Among these, ABB Group held the largest value share in 2020 due to its strong presence, brand identity, and large base of customers across the globe.
In recent years, players in the automotive busbar market adopted various strategies to expand their presence. For instance:
The automotive busbar market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Power Rating
Based on Conductor
The market for automotive busbars valued $17.4 million in 2020.
Copper is the metal of choice for conductors among the end users in the automotive busbar industry.
The market for automotive busbars was positively affected by the COVID-19 pandemic due to the rising EV sales.
APAC’s dominance on the automotive busbar industry is owed to its high-volume EV production and usage.
The market for automotive busbars is fragmented.
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