The automotive busbar market is estimated to generate USD 41,266.0 thousand in 2023, which will touch USD 168,858.1 thousand, propelling at a 21.4% compound annual growth rate, by 2030.
The progression of this industry is primarily because of the mounting advancement as well as acceptance of EVs, coupled with the operational advantages and low cost of busbars over cables.
Moreover, with the electrification of vehicles, power & inverter modules have been experiencing advancements and modifications in terms of their manufacturing, design, and integration with additional systems.
Furthermore, new inverters are being manufactured with high-energy insulated gate bipolar transistors that regulate and track all electric switching functions with high effectiveness.
The low category, on the basis of power rating, is leading the industry, with approximately 84% share, in 2023. This can be because low-power busbars are extensively being employed in electric vehicles' battery components and pack interconnectedness and in electric vehicle charging stations.
In addition, as the usage of these busbars to the aforementioned extents is more than DC/AC converters as well as powertrain inverters, where high-power busbars are usually utilized, thus, the category is leading.
The copper category, on the basis of conductor, is leading the automotive busbar market, with an 84% share, in 2023. This will be because copper busbars have lower voltage drop, electrical resistance, and energy loss, as well as a greater ampacity than their aluminum counterpart.
Likewise, copper is utilized more generally for electronic cables, building wires, and various other products that need high conductivity.
The aluminum category, on the basis of conductor, will progress at a higher rate, of approximately 24%, in the years to come. This is because aluminum is more inexpensive and lighter as compared to copper, and it provides less electric conductivity than copper.
Moreover, as electric vehicle makers are trying to reduce the prices of vehicles without harming their quality, aluminum busbars are replacing the copper alternatives increasingly.
APAC is dominating the industry, with approximately 62.7% share, in 2023, and it will remain dominating throughout this decade. This is ascribed to the increasing need for EVs, to reduce carbon emissions, coupled with the rising count of initiatives by the power and automotive sectors to create a smart transportation network.
