The demand for automotive busbar is surging with increasing electric vehicle demand with rising income among the populace in the Asia Pacific region!

• Vikas Kumar
• November 17, 2023
• AUTOMOTIVE, NEWS
• Automotive Busbar, Automotive Busbar Market, Automotive Busbar Market analysis, Automotive Busbar Market forecast, Automotive Busbar Market growth, Automotive Busbar Market share, Automotive Busbar Market trends
• 0 Comments

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, with the rising demand of electric vehicle in 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.

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The Asia Pacific automotive busbar market is expected to grow at a strong CAGR of around 22% during the forecast period (2022-2030). The factor driving this growth region is the large number of aspirational young population and increasing income driving up the consumption further supported by increasing pace of urbanization and rising per capita GDP.

“Amongst power rating, the low power busbar segment held a dominating share of the market”

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, where low power busbars are made from lightweight materials and designed to occupy minimal space helping in reducing vehicle weight and optimize space utilization. Furthermore, low power rating busbars are more efficient in transmitting power within the specified range and are high in demand in electric and hybrid vehicles where energy efficiency is crucial for extending driving range and minimizing power losses.

Global Automotive Busbar Market Segmentation

Market Insights, by Power Rating

• Low Power
• High Power

Market Insights, by Conductor

• Copper
• Aluminum

Market Insight, by Region

• North America
  •  U.S.
  •  Canada
  •  Rest of North America
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• APAC
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Rest of the World

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