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Automotive Busbar Market Research Report: By Power Rating (Low, High), Conductor (Copper, Aluminum) – Global Industry Analysis and Growth Forecast to 2030

  • Published: April 2021
  • Report Code: AT12178
  • Available Format: PDF
  • Pages: 201

Market Overview

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.

Automotive Busbar Market Outlook

Low-Power Busbar Is Dominant Category by Power Rating in Market

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.

Aluminum Busbars To Witness Faster Market Growth due to Their Low Weight and Low Cost

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.

Owing to Easy Availability of Raw materials, Asia-Pacific (APAC) Is Largest and Fastest-Growing Market

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.

Automotive Busbar Market Geographical Insight 

Low Cost and Operational Benefits of Busbars over Cables To Boost Market Growth

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.

Due to Increasing Usage of EVs, Demand for Busbars Is Set To Increase

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.

Automotive Busbar Market Report Coverage
Report Attribute Details
Historical Years 2015-2020
Forecast Years 2021-2030
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

 

Strategies Adopted by Key Players

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:

  • In August 2020, Siemens Ltd., a subsidiary of Siemens AG, acquired C&S Electric Ltd. to expand its product portfolio with the low-voltage switchgear components and panels, low- and medium-voltage power busbars, and protection and metering devices of C&S.
  • In January 2020, Samuel Taylor Limited secured a contract from an automotive technology company to support vehicle electrification. The company will manufacture precision-stamped components and assemblies, as well as bi-metals, for the development of battery busbars. The development of this technology for EVs represents an area of significant potential growth for the former company.

Automotive Busbar Market Competition Analysis

Some Key Players in Automotive Busbar Market Are:

  • Siemens AG
  • Mersen Corporation Services SAS
  • Hitachi Metals
  • ABB Group
  • TB&C Holding GmbH
  • E.G. Electronics AB
  • Legrand Holding SA
  • Eaton Corporation Plc
  • AMETEK Inc.
  • Interplex Holdings Pte. Ltd.

Market Size Breakdown by Segments

The automotive busbar market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Based on Power Rating

  • Low
  • High

Based on Conductor

  • Copper
  • Aluminum

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Sweden
    • Netherlands
  • Asia-Pacific (APAC)
    • Japan
    • China
    • South Korea
  • Rest of the World (RoW)
    • Mexico
Frequently Asked Questions About This Report
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