Electric Vehicle Busbar Market Size - By Material (Copper, Aluminum), By Power Rating (Low, Medium, High), Regional Outlook & Global Forecast, 2024 - 2032

Electric Vehicle Busbar Market Size

Electric Vehicle Busbar Market was valued at USD 589.3 million in 2023 and is projected to grow at a CAGR of 21.3% from 2024 to 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, invested USD 1.84 million in UK’s first mass production assembly line which will produce 40 battery busbar modules per minute. This initiative supported the UK's goal of banning non-battery cars by 2030, highlighting the commitment to sustainable transportation.
 

Electric Vehicle Busbar Market Trends

Increasing EV adoption along with supportive government policies towards adoption of advance EV charging stations will bolster the product demand. Rising demand for high-performance EVs drives the development of advanced busbars handling higher power loads with fast charging speeds, ensuring 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. Additionally, 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, attributed to the increasing demand for high performance EVs with higher power requirements and faster charging capabilities. government incentives, rising luxury EV popularity, and growing demand for electric sports cars is leading to the increased adoption. For instance, in March 2024, Indian government launched the scheme of EMPS 2024, of USD 61 million to accelerate the development of the nation's EV manufacturing ecosystem and contribute to sustainable transportation. High-power busbars enable efficient power transmission and distribution within EVs, ensuring optimal performance and driving range.
 

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. In addition, rising demand for cleaner transportation solution is leading manufacturers to establish EV production facilities, particularly in China.
 

Electric Vehicle Busbar Market Share

Siemens, Mersen AG, EAE Group, Littlefuse, Inc., and Infineon Technologies AG are the leading players in the market due to their strong global presence, extensive product portfolio, and commitment to innovation and sustainability. These company offers a wide range of solutions for electric vehicles, including charging infrastructure and power distribution systems, making it a key player in the transition to electric mobility.
 

Electric Vehicle Busbar Market Companies

Some of the major key players operating across the 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
• Weidmuller Interface GmbH & Co. KG
   

Electric Vehicle Busbar Industry News

• In January 2024, the U.S. Department of Transportation and Energy announced an investment of USD 325 million across three initiatives that is aimed to enhance the dependability and robustness of publicly accessible chargers, propel the advancement of Electric Vehicle (EV) technologies, and foster workforce development focused on EV charging deployment and maintenance, thereby adding to the market growth.
   
• In March 2024, India approved the electric vehicles (EV) policy requiring a minimum investment of approximately USD 500 million. Investors will be granted a three-year window to establish local manufacturing for EVs, with a domestic value addition (DVA) target of 25% within the third year and 50% within the fifth year, which in turn will proliferate the business outlook.
   

This market research report on electric vehicle busbar 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

• Copper
• Aluminium

Market, By Power Rating

• Low
• Medium
• High

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