According to a new report published by UnivDatos Markets Insights, The Automotive Busbar Market was valued at USD 18,000 million in 2022 & is expected to grow at a CAGR of 22% from 2023-2030. The analysis has been segmented into Power Rating (Low and High), and Conductor (Copper and Aluminum), Region/Country.
The Automotive Busbars market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Busbar market. The Automotive Busbars market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Automotive Busbars market at the global and regional levels.
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Key Market Opportunities
Busbars are important electrical components used in automobiles, particularly in the vehicle's electrical and electronic systems. They are used for conducting and distributing electrical power within the vehicle's electrical system. Some common applications of include busbars being used to connect the vehicle's battery to the rest of the electrical system, including the starter motor and other electrical components. Furthermore, they are employed to distribute electrical power from the battery to various subsystems and components like lights, motors, and electronics. Moreover, they are commonly used in power electronics modules like inverters and converters for efficient power transfer. Additionally, In electric vehicles, busbars are used in the electric drivetrain to manage high currents between the battery pack, motor, and power electronics. Aluminum and copper busbars play a crucial role in ensuring efficient and reliable power distribution in modern automobiles. They help maintain electrical connections, reduce power losses, and handle high currents without overheating, which is essential for the vehicle's electrical performance and overall reliability. Several factors contribute to the growing demand for aluminum and copper busbars in automobiles such as the increasing adoption of electric and hybrid vehicles requires efficient power management and high-current handling capabilities, which drive the demand for automotive busbars in these vehicles. Furthermore, Modern vehicles are equipped with advanced electronic systems, including infotainment, driver assistance, and safety features. These systems demand reliable power distribution, leading to the use of busbars.
COVID-19 Impact
The Covid-19 pandemic has had a significant impact on the automobile market. As the government enforced strict lockdowns across the globe and halted economic activities all over, manufacturers had to shut down their operations, further escalating into a labor crisis and unemployment problem, and since China is the major manufacturer and supplier of different critical parts of the world, was the first-most country that was affected by the COVID-19 crisis, further led to supply chain disruptions, countries have also seen a major drop in sales of vehicles. In addition, people started working from home and stopped going out had a huge blow over the passenger vehicle demands. However, economies almost arriving back to pre-pandemic levels are pouring in huge demand in the order books of automotive OEMs, clubbed with revenge spending, and traveling is creating an avenue for the growth of this industry.
Segmentation Details:
· Based on power rating, the market is bifurcated into low and high. The low power automotive busbars are anticipated to witness significant CAGR during the forecast period since increasing vehicle electrification where huge amount of electric and electronics parts are getting installed in the vehicles of today’s time with advanced and smart features.
· Based on conductor, the market is bifurcated into copper and aluminum. The copper busbars hold a significant share of the market in the automobile industry. The primary reason for this domination is, in automotive applications, copper busbars are preferred for electrical systems that require high conductivity, such as power distribution and grounding.
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Automotive Busbar Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
The automotive busbar market in the Asia Pacific region is anticipated to witness significant growth throughout the forecast period. Owing to the rising per capita GDP of the countries in the Asia Pacific hence improving the standard of living and increasing money in the hands of people driving the consumption of the countries. Furthermore, the rising demand of electric vehicles in the APAC region is also providing the next leg of growth in the demand for the automotive busbars, though as a percentage of total vehicles sold electric vehicle percentage is highest in Europe but the number of units sold in China is leading the pack and has emerged as a top producer and seller of electric vehicles in the world. The Asian countries are projected to produce almost 13 million electric vehicles in the year 2023, whereas, in 2022, china has sold roughly 52% of the total EVs produced in the world which amounts to almost 3.5 million units, India the number is currently at one-third of a million unit but was almost 168% growth from the previous year. Hence, looking at the size of the market that these emerging economies have, the size of the population with rising income and awareness and the availability of the OEMs that are offering great value buys to the customers in terms of price and product and further support from the governments is showing a future of high growth prospects for the electric vehicles market in the APAC region. For instance, China (from a previous 2020 expiration date) extended its NEV subsidy program through the end of 2022, albeit it has started to reduce basic subsidy amounts by 10%, 20%, and 30% per year. (between 2020 and 2022). Through the end of 2023, it also extended the exemption from purchase taxes for NEVs.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Busbars market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Automotive Busbars market?
• Which factors are influencing the Automotive Busbars market over the forecast period?
• What are the global challenges, threats, and risks in the Automotive Busbars market?
• Which factors are propelling and restraining the Automotive Busbars market?
• What are the demanding global regions of the Automotive Busbars market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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