PUBLISHER: QYResearch | PRODUCT CODE: 1859940
PUBLISHER: QYResearch | PRODUCT CODE: 1859940
The global market for Busbars for New Energy Vehicles was estimated to be worth US$ 1350 million in 2024 and is forecast to a readjusted size of US$ 2846 million by 2031 with a CAGR of 10.9% during the forecast period 2025-2031.
This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Busbars for New Energy Vehicles cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.
In the high-voltage electrical systems of new energy vehicles (NEVs), particularly pure electric and plug-in hybrid vehicles, busbars are core conductive components that enable efficient transmission, distribution, and connection of high-voltage electrical energy. Replacing the wires or wiring harnesses in traditional low-voltage circuits, they are specifically designed to handle the high-voltage, high-current power consumption of NEVs (e.g., the interaction between components like batteries, motors, electronic controls, and fast-charging stations). They are crucial components for ensuring the vehicle's power, safety, and reliability. Global sales of new energy vehicle busbars are expected to reach approximately 507 million units in 2024, with a value of approximately RMB 500 per busbar. The upstream market primarily consists of copper and aluminum metal suppliers, while the downstream market includes OEMs (Tesla, Xpeng, Li Auto, and BYD) and power battery manufacturers (CATL, LG, Sinotruk, Guoxuan High-tech, EVE Energy, and Sunwoda, among others). The average gross profit margin is approximately 20%.
In recent years, the rapid development of the global new energy vehicle industry has directly driven the expansion of the busbar market. From a regional perspective, China holds a commanding lead in both consumption and production. In 2024, China's market size was expected to reach US$910 million, accounting for 67.45% of the global market. By 2031, this figure is projected to reach US$1.668 billion, representing a 58.64% share. While this market share has declined slightly, its overall size continues to expand rapidly. Meanwhile, Europe and North America, traditional automotive powerhouses, hold 19.13% and 7.39% of the consumer market, respectively. India, driven by the rapid development of its new energy vehicle industry, is projected to achieve a rapid CAGR of 24.12% between 2025 and 2031, making it the market with the greatest growth potential.
In terms of production, the new energy vehicle busbar industry has developed a manufacturing structure centered around China and Europe. In 2024, China's production share reached 70.73%, while Europe's was 17.59%, representing nearly 90% of global production capacity. China has long maintained its leading position in the new energy vehicle (NEV) industry chain, thanks to its mature processing and manufacturing capabilities, and low production costs. Europe, leveraging its technological expertise and demand from local automakers, has become another key production region. North America's growth is noteworthy, with its production share projected to reach 7.17% by 2031, demonstrating the American market's accelerated development of a localized supply chain. This pattern reflects both the gradient distribution of the NEV industry chain globally and the reliance of busbars, a core component for high-voltage connections, on industrial agglomeration.
From a product type perspective, copper busbars remain the dominant force in the market. Due to their excellent conductivity and stability, copper busbars will dominate the market in 2024 and are expected to maintain an 84.05% market share by 2031. However, aluminum busbars are rapidly penetrating the market due to their lightweight and cost advantages. Their future CAGR is as high as 20.49%, significantly exceeding that of copper busbars. This suggests that as NEVs pursue lightweighting and reduced system costs, the market share of aluminum busbars will gradually increase. In addition, from the application perspective, pure electric vehicles (BEV) are the largest application scenario for busbars, with a market share of 72.63% in 2024 and a future CAGR of approximately 10.78%, which is basically consistent with the overall market growth, fully demonstrating the high correlation between busbar demand and the increase in pure electric vehicle penetration.
This report aims to provide a comprehensive presentation of the global market for Busbars for New Energy Vehicles, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Busbars for New Energy Vehicles by region & country, by Type, and by Application.
The Busbars for New Energy Vehicles market size, estimations, and forecasts are provided in terms of sales volume (M Units) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Busbars for New Energy Vehicles.
Market Segmentation
By Company
Segment by Type
Segment by Application
By Region
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Busbars for New Energy Vehicles manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Busbars for New Energy Vehicles in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Busbars for New Energy Vehicles in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.