Automotive Busbar Market Size, Share, Industry Analysis, Trends, Growth, 2032

Automotive Busbar Industry Prospective:

The global automotive busbar market size was evaluated at $18.24 billion in 2023 and is slated to hit $26.39 billion by the end of 2032 with a CAGR of nearly 4.19% between 2024 and 2032.

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Automotive Busbar Market: Overview

Automotive busbars are solid metal bars that are utilized for carrying current. Reportedly, they are made up of aluminum and copper as the latter provide automotive busbars with rigidity and flatness.  For the record, these products are wider than cables and are smaller in height. Surging awareness about the energy-efficient nature of the product is likely to enhance its popularity in the automotive sector.

Key Insights

• As per the analysis shared by our research analyst, the global automotive busbar market is projected to expand annually at the annual growth rate of around 4.19% over the forecast timespan (2024-2032)
• In terms of revenue, the global automotive busbar market size was evaluated at nearly $18.24 billion in 2023 and is expected to reach $26.39 billion by 2032.
• The global automotive busbar market is anticipated to grow rapidly over the forecast timeline owing to the escalating acceptance of electric vehicles along with the easy availability of automotive busbars at reduced costs.
• In terms of power rating, the low power rating segment is slated to register the highest CAGR over the forecast period.
• Based on conductor, the aluminum segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the North American automotive busbar industry is projected to register the fastest CAGR during the projected timespan.

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Automotive Busbar Market: Growth Factors

Huge adoption of products at lesser costs to promote the global market expansion over forecast period

Escalating acceptance of electric vehicles along with the easy availability of automotive busbars at reduced costs will prompt the expansion of the global automotive busbar market. Furthermore, the integration of insulated gate bipolar transistors and busbars in the inverter stack increases power efficacy and minimizes inverter costs, thereby driving the global market trends. Additionally, automotive bushes are used for connecting the battery of the automotive to the rest of the electrical system such as the starter motor and various other electrical parts.

Additionally, automotive busbars find a slew of applications in power electronics components such as converters and inverters for proficient transfer of power. A surge in the focus on developing strong electric vehicle infrastructure facilities along with a surge in the allocation of funds for developing EV charging stations is anticipated to spur the global market expansion.

Automotive Busbar Market: Restraints

Surging prices of raw materials for producing automotive busbars can restrict the global industry expansion by 2032

Rise in the costs of raw components used for manufacturing automotive busbar can restrict the expansion of the global automotive busbar industry. Supply chain disruptions can further restrain the growth of the global industry.

Automotive Busbar Market: Opportunities

Growing need for enhancing power management activities to open new opportunities for growth

A huge demand for improving power management & high-current handling abilities of electric and hybrid vehicles will create huge growth avenues for the global automotive busbar market. Apart from this, modern automobiles are equipped with infotainment, electric power steering systems, electric heating & cooling systems, and advanced driver assistance systems. This has resulted in large-scale use of busbars, thereby enlarging the scope of the global market.

Automotive Busbar Market: Challenges

A surge in import & export duties can prove a huge challenge both to the global industry expansion and firms in curtailing product costs

An increase in the import and export duties has resulted in an increment in product costs, thereby posing a huge challenge for the global automotive busbar industry surge over the forthcoming years.

Automotive Busbar Market: Segmentation

The global automotive busbar market is divided into power rating, conductor, and region.                                         

In power rating terms, the automotive busbar market across the globe is bifurcated into low-power rating and high-power rating segments. Additionally, the low power rating segment, which acquired nearly 52% of the global market earnings in 2023, is expected to register the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next eight years can be a result of a rise in the use of low-power busbars in electric vehicle battery modules as well as in electric vehicle charging stations.

Based on the conductor, the global automotive busbar industry is divided into copper and aluminum segments. Moreover, the aluminum segment, which gathered nearly 56% of the global industry earnings in 2023, is anticipated to make huge contributions towards the global industry proceeds over the analysis timeframe. The growth of the segment in the ensuing years can be owing to the humungous demand for aluminum busbars owing to their weight and cost-efficiency as compared to copper. Furthermore, with electric vehicle producers focusing more on cost reduction without degrading of quality of vehicles, the demand for aluminum busbars in the vehicle manufacturing sector is predicted to increase exponentially in the coming decade.

Automotive Busbar Market: Report Scope

Automotive Busbar Market: Regional Insights

Asia-Pacific is expected to maintain the in the global market domination in the forecasting years

Asia-Pacific, which garnered nearly 39% of the global automotive busbar market earnings in 2023, is slated to establish a leadership position in the global market in the years ahead. In addition to this, the regional market surge in the coming decades can be subject to government laws promoting the use of electric vehicles by providing enormous subsidies and discounts on their purchase. The key objective is the reduction of fuel emissions. Apart from this, the rise in smart city concepts paving the way for developing smart transport will proliferate the growth of the market in the region.

North American automotive busbar industry is anticipated to register the fastest growth rate annually during the forecast timeline. The rapid progression of the industry in North America can be ascribed to the massive presence of major manufacturers in countries such as the U.S. Furthermore, the use of eco-friendly technologies in vehicle manufacturing will further provide impetus to the demand for automotive busbar in the region. Easy access to strong EV charging infrastructure facilities and a rise in the number of EV charging stations in Canada and the U.S. will soar the expansion of the industry in North America.

Key Developments:

• In September 2023, Interplex demonstrated a new motor stator busbar that can be used in motors of electric vehicles. 
• In the second half of 2023, Aptiv PLC, an automotive firm, acquired an 85% share of Intercable Automotive Solutions, a division of Intercable S.r.l., for €595 million.

Automotive Busbar Market: Competitive Space

The global automotive busbar market profiles key players such as:

• Siemens AG
• Metal Gems
• Mersen Corporation Services SAS
• Legrand Holding SA
• Interplex Holdings Pte. Ltd.
• Hitachi Metals
• ABB Group
• AMETEK Inc.
• TB&C Holding GmbH
• Electronics AB
• Eaton Corporation Plc
• Schneider Electric
• EMS Industrial & Service Company

The global automotive busbar market is segmented as follows:

By Power Rating

• Low-Power Rating
• High-Power Rating

By Conductor

• Copper
• Aluminum

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa