PUBLISHER: The Business Research Company | PRODUCT CODE: 1695945
PUBLISHER: The Business Research Company | PRODUCT CODE: 1695945
Automotive busbars are specialized electrical components used within vehicles to facilitate the efficient transmission of power and signal distribution between various electrical systems. They are primarily utilized in automotive electrical and electronic architectures to enhance performance, reduce complexity and improve safety and reliability. Automotive busbars are flat, compact conductors typically made of copper or aluminum and are designed to connect high-current loads in vehicles, such as batteries, power distribution modules, inverters and electric motors.
The automotive busbar market consists of sales, by entities (organizations, sole traders, or partnerships), of automotive busbars that are employed across various types of vehicles, including passenger cars, commercial vehicles, electric vehicles (EVs) and hybrid vehicles (HEVs). They are essential in enabling efficient energy management in electric and hybrid vehicles, where the demand for lightweight and compact power distribution systems is paramount. In conventional internal combustion engine (ICE) vehicles, busbars contribute to the efficient functioning of power-hungry systems, such as infotainment, lighting and advanced driver-assistance systems (ADAS). Their usage has expanded significantly with the rising adoption of electrified vehicles and the increasing complexity of vehicle electrical systems.
The global automotive busbar market was valued at $10,030.31 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 15.00%.
Growing Automotive Industry
The growing automotive industry boosted the growth of the automotive busbar market during this historic period. The automotive industry's shift toward higher-efficiency electrical systems has driven advancements in busbar technology. With increasing demand for electric vehicles (EVs) and greater vehicle electrification, manufacturers are designing busbars to handle higher voltage, improve efficiency and enhance heat dissipation, ensuring reliable power distribution in both EVs and traditional internal combustion engine vehicles. For instance, in November 2022, according to Mark Lines Data Center, a Japan-based advertising agency that provides forecast reports of the automotive market and the industry, sales of new cars in the United States for October 2022 were 1,185,280 units, up 6% from September 2022 and 11.5% from 1,062,687 in October 2021. Car sales in October rose 22.5% to 248,121 units, giving them a 20.9% market share of US vehicle market. Additionally, in December 2021, according to Edmunds.com Inc., a US-based online resource for automotive inventory and information, 15.2 million new automobiles were estimated to be sold in 2022, a 1.2% rise from its prediction for 2021 vehicle sales. New car sales were estimated to increase globally by 7.5% in 2022, surpassing levels seen in 2019. Therefore, the growing automotive industry contributed to the growth of the automotive busbar market.
Innovations In Heat-Shrinkable Silicone Rubber Tubing For Automotive Busbars
Major companies operating in the automotive busbar market are focusing on developing heat-shrinkable silicone rubber tubing to enhance insulation performance, improve thermal resistance and ensure reliable protection in high-voltage applications, particularly for electric and hybrid vehicles. These innovations aim to meet the growing demand for lightweight and durable materials. Additionally, they help manufacturers comply with stringent safety and efficiency standards in the automotive industry. For instance, in September 2023, Shin-Etsu Chemical Co., Ltd., a Japan-based company that provides automotive busbars, developed ST-OR Type, the first heat-shrinkable silicone rubber tubing specifically designed for busbar covering. This advanced product meets the increasing need for efficient insulation in high-voltage applications, particularly in electric and hybrid vehicles (EVs and HEVs). With an impressive dielectric strength of 28 kV/mm, the tubing ensures dependable protection against electrical faults.
The global automotive busbar market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 10.07% of the total market in 2023.
Automotive Busbar Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global automotive busbar market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for automotive busbar? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automotive busbar market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider automotive busbar market; and compares it with other markets.