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Electric Vehicle Busbar Market Size

Report ID: GMI8724
Published Date: Mar 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Electric Vehicle Busbar Market Size in 2023:	USD 589.3 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	21.3%
2032 Value Projection:	USD 3.64 Billion
Historical Data for:	2019 - 2023
No. of Pages:	200
Tables, Charts & Figures:	240
Segments covered:	Material, Power rating, and Region
Growth Drivers:	Increasing adoption electric vehicles Government regulations & incentives Increasing investments in electric vehicle infrastructure
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of electric vehicle busbar was reached USD 589.3 million in 2023 and is expected to register 21.3% CAGR from 2024 to 2032, owing to the increased investments by major automakers along with governments offering incentives and implementing regulation to encourage the adoption worldwide.

The copper EV busbar segment is expected to reach USD 2.47 billion by 2032, due to its high electrical conductivity, thermal stability, and durability.

Asia Pacific electric vehicle busbar industry is estimated to cross USD 2.02 billion by 2032, due to growing EV production, environmental awareness and rapid urbanization along with government incentives in the region.

Brar Elettromeccanica SpA, EAE Group, EG Electronics, EMS Group, Infineon Technologies AG, Legrand, Littelfuse, Inc., Mersen SA, Mitsubishi Electric Corporation, Rogers Corporation, Schneider Electric, and Siemens, are some of the major electric vehicle busbar companies worldwide.