Electric Vehicle (EV) Busbar Market is Forecasted to Reach US$ 4.8 Billion in 2030, Says Stratview Research

Detroit, July 04, 2025 (GLOBE NEWSWIRE) -- The global electric vehicle (EV) busbar market size was valued at US$ 1.7 billion in 2023 and is projected to reach US$ 4.8 billion by 2030, witnessing a market growth CAGR of 15% from 2024 to 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm, has launched a report on the global Electric Vehicle (EV) Busbar Market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:

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Market Statistics

Segment Insights & Market Share Analysis of the Electric Vehicle (EV) Busbar Market:

The global electric vehicle (EV) busbar market is segmented based on EV type, product type, material type, sales channel type, vehicle type, and region.

Based on EV type

• The EV busbar market is segmented into BEV and HEV.
• The BEV segment accounted for the larger market share.
• 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.

Based on product type

• The market is segmented into rigid busbars and flexible busbars.
• Rigid Busbar is the dominant product of the market over the forecasted period.
• 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.

Based on material type

• The market is segmented into copper, aluminum, and bimetallic.
• Copper is currently the most preferred material of the market, whereas aluminum is expected to experience the fastest growth during the forecast period.
• 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.

Based on sales channel type

• The market is segmented into battery manufacturers and OEMs.
• 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.

Based on vehicle type

• 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.

To know the most attractive segments, click here for a free sample of the report:

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Which region shows the most promising growth forecast and opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for EV Busbar during the forecast period. This growth outlook is majorly attributed to the following: 

• 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.

Likewise, North America is likely to experience the fastest growth during the forecast period owing to rising EV production, government incentives, and rising consumer demand.

Electric Vehicle (EV) Busbar Market Drivers:

Some of the key drivers listed in the report are given below.

• Global Electric Vehicle Growth: The worldwide shift to electric cars is increasing demand for EV busbars, essential parts that distribute power efficiently in battery packs and charging systems. Government support, tougher emissions laws, and more consumer interest are boosting EV sales.
• Demand for Lighter, High-Performance Power Components: EV makers want lightweight, compact, and highly conductive parts to extend driving range and improve efficiency. Busbars using advanced copper alloys and aluminum provide superior electrical performance while weighing less than conventional wire harnesses. This switch to busbars improves heat control and dependability, meeting EVs' growing power needs.
• Advanced Busbar Technology and Materials: New developments like flexible busbars, laminated designs, and improved surface coatings enhance electrical flow, heat removal, and structural durability. These improvements allow busbars to manage higher electrical loads and support rapid charging systems, matching the developing EV industry requirements.
• Increasing EV Charging Networks and Energy Storage: Expanding public and private charging stations, combined with renewable energy and storage system integration, is boosting busbar demand in power distribution units and battery energy storage systems. With significant government infrastructure investments (such as the US Infrastructure Investment and Jobs Act), busbar use now extends from vehicles to charging stations and electrical grid systems.

Competitive Landscape: Top Companies in the Electric Vehicle (EV) Busbar Market:

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. Stratview Research has identified the following companies as the top market players:

• Amphenol Corporation
• APTIV
• Ennovi
• Methode Electronics (Methode Power Solution)
• Shenzhen Everwin Precision Technology Co, Ltd.
• SCHERDEL
• Suzhou West Deane Machinery Inc.

What Deliverables Will You Get in This Report?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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 About us—

Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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