“The EV busbar market size was US$ 1.7 billion in 2023 and is likely to grow at an impressive CAGR of 15% in the long run to reach US$ 4.8 billion in 2030.”
Market Dynamics
Introduction
Electric vehicles depend on busbar systems to distribute high currents safely and efficiently. Busbar ensures seamless power flow between systems, such as battery power electronics, motor controllers, and other high-voltage systems. These busbars are made from copper or aluminum. They are crucial in managing the vehicle's weight, volume, and thermal performance, making their design and implementation essential in EV engineering. EV manufacturers prefer busbars over traditional wiring due to their ability to handle higher current loads, reduce weight, and improve electrical efficiency.
Key advantages of busbars are:
- It reduces system cost in EVs as it lowers the manufacturing cost, primarily through the reduction of assembly time and complexity.
- Busbars also prevent excessive overheating in EV batteries, which may cause explosions.
- High efficiency, space-saving, carrying higher currents without excessive heating, reduced risk of short circuits, reducing the number of individual wire connections, and ease of installation and maintenance are other advantages of busbars in EVs.
Drivers
Key factors driving the busbar market are the increasing adoption of EVs causing the rise in EV production, stringent government regulations regarding reducing carbon emissions, integration of renewable energy with EVs, advancements in battery technology, and advantages of busbar over traditional wires.
Recent Market JVs, Acquisitions, and Contracts:
A few strategic alliances, including M&As, JVs, contracts, etc., have been performed over the past few years:
- In December 2022, APTIV Plc acquired an 85% equity stake in Intercable Automotive Solutions from Intercable S.r.l. with a transaction value of US$ 625.6 million. Intercable Automotive Solutions is one of the leading players in high-voltage power distribution and interconnect technology.
- In January 2023, Mersen, a key player in electrical power and advanced materials on a global scale, has been chosen by Automotive Cells Company (ACC), which is a joint venture between Stellantis, TotalEnergies/Saft, and Mercedes-Benz, to supply intelligent laminated busbars for their upcoming line of eco-friendly and high-performing batteries intended for the European electric vehicle market.
- In September 2023, Connor Manufacturing Services was acquired by Amphenol Corporation. Connor Manufacturing Services, with annual sales of about US$ 100 million, is one of the leading manufacturers of power interconnect products, such as high-voltage busbars for the automotive and industrial industries.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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EV-Type Analysis
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BEV and HEV
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BEV is expected to remain the demand generator for the busbar in the coming years.
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Product-Type Analysis
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Rigid Busbar and Flexible Busbar
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Rigid busbar is anticipated to contribute a larger share of the EV busbar market.
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Material-Type Analysis
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Copper Busbar, Aluminum Busbar, and Bimetallic Busbar
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Copper is the most preferred material used in the manufacturing of EV Busbar, whereas aluminum is expected to remain the fastest-growing material during the forecast period.
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Sales Channel-Type Analysis
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Battery Manufacturers and OEMs
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Battery manufacturers are the larger demand generator during the forecast period, whereas OEMs are likely to grow at a faster rate during the same period.
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Vehicle-Type Analysis
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LV Busbar and M&HCV Busbar
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LV is currently the predominant vehicle and is also expected to remain dominant during the forecast period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to maintain its reign over the forecast period, whereas North America is likely to grow at the fastest rate.
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By EV Type
“BEV segment accounted for the larger market share.”
- The EV busbar market is segmented into BEV and HEV.
- BEVs operate solely on electric power and have larger batteries and high-voltage systems; hence, they require efficient and high-current connections. Its all-electric architecture makes the busbar perfect for connecting high-voltage systems such as the battery, inverter, and motor controller.
- HEVs have both electric and combustion power, and require less extensive busbar systems, limiting their market share.
By Product Type
“Rigid Busbar is the dominant product of the market over the forecasted period.”
- The market is segmented into rigid busbars and flexible busbars.
- The rigid busbar offers unparalleled thermal performance, high current carrying capacity, mechanical strength, and compact and space-saving design. They are reliable solutions for high-power distribution in electric vehicles, such as connecting battery packs to inverters or power control units.
- Flexible busbars are likely to experience faster growth during the forecast period owing to their advantages, such as greater flexibility in routing, absorb vibrations better than rigid busbars, and ease of installation and maintenance.
By Material Type
“Copper is currently the most preferred material of the market, whereas aluminum is expected to experience the fastest growth during the forecast period.”
- The market is segmented into copper, aluminum, and bimetallic.
- Copper busbar has exceptional electrical conductivity, thermal efficiency, mechanical strength, resistance to corrosion, and compatibility with high-voltage systems. They can carry higher currents compared to aluminum busbars of the same size, making them a preferred choice for EVs, especially for high-power and high-performance applications.
By Sales Channel Type
“Battery manufacturers are expected to remain the preferred sales channel of the market during the forecast period, whereas OEMs are projected to grow at a faster rate during the forecast period.”
By Vehicle Type
“LV is the dominant vehicle type in the EV Busbar Market.”
- The market is segmented into LV and M&HCV.
- LV (passenger cars, SUVs, etc.) is the largest vehicle type in the total EV market, which drives the higher demand for busbars in this segment. Also, increasing focus on mass-producing light electric vehicles requires high-performance busbars.
Regional Analysis
“Asia-Pacific is expected to remain the largest market for EV Busbar during the forecast period, whereas North America is estimated to be the fastest-growing during the forecast period.”
- In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
- Asia-Pacific is the largest producer and consumer of electric vehicles, majorly driven by China. Leading Chinese EV manufacturers include BYD, SAIC, Geely, and Xpeng. Also, a major EV OEM, Tesla, has a manufacturing plant in China.
- Rising infrastructure investments, strong government policies, the presence of leading EV battery and component manufacturers, and an increasing domestic consumer base of EVs are some other factors driving the demand for EV busbars in the region.
- North America is likely to experience the fastest growth during the forecast period owing to rising EV production, government incentives, and rising consumer demand.
Key Players
The market is moderately concentrated with the presence of over 30 players. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. Major players are performing strategic mergers and acquisitions to gain market share. For instance, Amphenol Corporation has recently acquired Connor Manufacturing Services. The following are the key players in the EV busbar market:
Here is the list of the Top Players (Based on Dominance)
- Amphenol Corporation
- APTIV
- Ennovi
- Methode Electronics (Methode Power Solution)
- Shenzhen Everwin Precision Technology Co, Ltd.
- SCHERDEL
- Suzhou West Deane Machinery Inc.
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The EV busbar market is segmented into the following categories.
EV Busbar Market, by EV Type
- BEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- HEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
EV Busbar Market, by Product Type
- Rigid Busbar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Flexible Busbar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
EV Busbar Market, by Material Type
- Copper Busbar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aluminum Busbar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Bimetallic Busbar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
EV Busbar Market, by Sales Channel Type
- Battery Manufacturers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- OEMs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
EV Busbar Market, by Vehicle Type
- LV Busbar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- M&HCV Busbar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
EV Busbar Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, South Korea and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s EV busbar market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Option
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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