Copper Busbar for Automotive Electrical System Market Size, Share & Industry Analysis, By Type (Flat Strips and Solid Bars), By Application (Passenger Car and Commercial Vehicle), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Copper Busbar for Automotive Electrical System Market Report Overview

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The global copper busbar for automotive electrical system market size was USD 445.3 million in 2022 and will touch USD 838.17 million by 2031,at CAGR of 7.3% during the forecast period.

Copper busbar for automotive electrical systems is used to make complex power distribution more flexible and easier. Copper busbar for automotive electrical systems are available as solid bars and flat strips. They are used according to different configurations and requirements of passenger cars and commercial vehicles. They optimize the power delivery by minimizing energy loss. Copper busbars are cheap and act as a feasible solution to automotive electrical systems. The world has witnessed swift electrification of vehicles in recent. The growing vehicle electrification and the expanding demand for electric vehicles are expected to boost the market growth in the forthcoming years. Additionally, the improving income levels and living standards are anticipated to boost the demand for vehicles and stimulate the growth of the market.

COVID-19 IMPACT

"Automotive Manufacturers Restructure Operational Structures Impacted by the Pandemic"

The unforeseen emergence of the COVID-19 pandemic has drastically impacted the global economy. It has stagnated the growth of several industries and markets, including the copper busbar for automotive electrical system market. The high unemployment rates and the shift in consumer focus on essential expenditures have resulted in a declined demand for vehicles. The closure of production facilities due to stringent lockdowns have impacted the market growth. Additionally, the disruptions in the global supply chain network due to the worldwide trade ban and halted air transport have aggravated the situation. Automotive manufacturers are restructuring their operational structures to adapt to the dynamic market situations created by the pandemic. As vaccines are available to the global population, the market is slowly recovering. The market is expected to gain immense traction post-pandemic.

LATEST TRENDS

"Growing Demand for Electric Vehicles to Offer Lucrative Growth Opportunities for the Market"

In recent years, the technological improvements in electric vehicles have boosted their demand in the market. The improved range and speed of electric vehicles have boosted their adoption in the market. Copper busbar for automotive electrical systems aid inefficient power distribution.  They require less space and are effective in motor control center application in vehicles. Additionally, copper busbars have low thermal and electrical resistance, which boosts their adoption in electric vehicles. Hence, the growing demand for electric vehicles is anticipated to fuel the market growth. Major automotive manufacturers are launching new vehicles with hybrid and electric power delivery systems. The new vehicles launches are likely to stimulate the growth of the copper busbar for automotive electrical system market. Moreover, rising consumer demand for modern safety equipment and technologies are anticipated to boost the market growth in the coming years.

Copper Busbar for Automotive Electrical System Market SEGMENTATION

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Based on type, the market bifurcates into solid bars and flat strips.

Based on application, the market fragments into passenger cars and commercial vehicles.

Out of these, the flat strips segment holds about 71% of the total market share and is expected to witness the highest growth in the market. Geographically, the market is classified into four major regions- North America, Europe, Asia Pacific, and the Rest of the World.

DRIVING FACTORS

"Favorable Government Initiatives to Boost Market Growth"

Governments of major economies have introduced initiatives for the consumers. They are emphasizing on the development of vehicle-to-vehicle infrastructure. The governments are investing heavily in the automotive industry to create solutions to major transportation concerns through technological developments in the industry. Several nations have introduced attractive subsidies to promote the adoption of electric vehicles. The depleting reserves of fossil fuels have made it necessary to adopt hybrid and electric vehicles. Moreover, the implementation of stringent emission regulations has boosted the demand for hybrid and electric vehicles. Hence, favorable government initiatives are anticipated to fuel market growth.

"Improving Income Levels and Growing Vehicle Electrification to Augment Market Growth"

The increasing urbanization and globalization have resulted in improving income levels of consumers across developed and developing nations. The demand for passenger cars and commercial vehicles has increased significantly in recent years. The increased vehicle production and sales due to improving income levels are anticipated to surge the copper busbar for automotive electrical system market growth. Additionally, the rapid electrification and digitization of vehicles have transformed the automotive industry. The incorporation of embedded artificial intelligence (AI), augmented reality (AR), the internet of things (IoT), and other such ingenious technologies have changed the automotive landscape. The research and developments in making vehicles smarter and safer have increased manifold. Major businesses in the market are launching newer vehicles equipped with the latest infotainment and safety features. The growing electrification of vehicles is anticipated to augment the market growth in the forthcoming years.

RESTRAINING FACTORS

"Reduced Vehicle Demand Due to Pandemic to Restrain Market Growth"

The global pandemic has caused high unemployment rates, and the demand for vehicles has reduced amidst the pandemic. The pandemic may last for an extended period and may restrain market growth until it ends.

Copper Busbar for Automotive Electrical System Market REGIONAL INSIGHTS

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"Increasing Demand for Electric Vehicles to Boost Growth in Asia Pacific"

Asia Pacific is projected to exhibit the highest growth in the global copper busbar for automotive electrical system market share. The abundantly available raw materials and increasing production and demand for electric and hybrid vehicles across India, Japan, and South Korea are anticipated to fuel the market growth. China is the largest producer and exporter of copper busbar for automotive electrical systems in the world. China accounts for more than 30% of the global market share and is expected to lead regional market growth.

Europe is anticipated to witness stellar growth in the global copper busbar for automotive electrical system market. The increasing government initiatives to boost the adoption of electric vehicles are anticipated to drive the growth of the copper busbar for the automotive electric system market. The high volume production of passenger cars and commercial vehicles is likely to surge the market's growth.

North America is expected to gain substantial growth in the forthcoming years. The increasing adoption of electric vehicles and the expansion of the automotive industry are anticipated to escalate the growth of the market. The presence of high-income groups and favorable government initiatives are expected to accumulate growth for the copper busbar for automotive electrical system market.

The Rest of the World is anticipated to witness monumental growth in the upcoming years due to increasing vehicle production and sales. The improving income levels are likely to boost the adoption of electric vehicles and fuel the market growth.

KEY INDUSTRY PLAYERS

"Key Players Bolster their Market Presence Through Inorganic Growth Strategies"

The market comprises Gonda Metal Industry, Southwire Company LLC, EMS Industrial & Service Company, Schneider Electric, and Zhejiang RHI Electric as the top five players. Out of these, Scheider Electric holds about 11% market share, which is the highest in the market. The top five players account for more than 28% market share. The key players in the market devise ingenious growth strategies to generate greater revenues and strengthen their market presence. They adopt various growth strategies such as new product launches, partnerships, mergers, acquisitions, collaborations, and others to improve the market positions.

List of Key Players Profiled

• Shenzhen Everwin Technology
• Zhejiang RHI Electric
• APCSI
• Storm Power Components
• ELEKTRO NORDIC OU
• Oriental Copper
• Gindre
• Schneider Electric
• Southwire Company LLC
• Luvata
• Gonda Metal Industry
• Metal Gems
• EMS Industrial & Service Company

KEY INDUSTRY DEVELOPMENTS:

August 2020: Siemens Ltd. acquired C&S Electric Ltd. to increase its product portfolio in low-voltage and medium-voltage busbars.

January 2020: Samuel Taylor Limited obtained a contract to develop battery busbars. The development of battery busbars will help the company to gain lucrative growth in electric vehicles.

REPORT COVERAGE

The global copper busbar for automotive electrical system market report offers an in-depth analysis of the market and focuses on key factors, such as components, end-users, applications, and leading companies. Other than this, the report offers vital insights into the ongoing market trends and highlights key industry developments. In addition to the above-mentioned factors, the report envisages significant factors contributing to the market’s growth in recent years.