There are many advantages to the Copper Busbar for Automotive Electrical System Market. This market is growing at a rapid pace and is expected to continue doing so.
Some of the advantages of this market include:
-The market is highly competitive and there are many players vying for a share of the pie. This means that prices are kept low and quality is high.
-There is a large variety of products available in this market, which gives buyers plenty of choices.
-The products in this market are continually improving in quality, making them more reliable and durable.
Copper busbars are primarily used in high current applications to connect electrical components and devices. They are available in a variety of shapes and sizes, and can be customized to meet the specific needs of an application. Automotive copper busbars are typically made from flat strips or solid bars, and are used in a variety of applications such as passenger cars, commercial vehicles, etc.
The global Copper Busbar for Automotive Electrical System market is projected to grow at a CAGR of 7.3% during the forecast period of 2021-2031. The market value is expected to reach USD 728 Million by 2031.
The market is driven by the factors such as growing demand for electric vehicles and stringent government regulations regarding fuel efficiency and emission levels. However, the high cost of copper busbars and the availability of substitutes are restraining the market growth.
The restraints of the market are as follows:
1. Raw material prices: The prices of raw materials such as copper and aluminum have been volatile in recent years. This has a direct impact on the cost of manufacturing busbars.
2. Economic factors: The automotive industry is highly sensitive to economic conditions. A slowdown in the economy can lead to a decrease in demand for automobiles, and consequently, for automotive electrical components such as busbars.
3. Regulatory factors: Stringent government regulations regarding vehicle safety and emissions can act as a restraint on the growth of the automotive electrical system market.
4. Technological factors: The advent of newer technologies such as electric vehicles may pose a challenge to the growth of the copper busbar market for automotive electrical systems.
However, the market is expected to boost during the forecast year.
Some of the key players operating in the copper busbar for automotive electrical system market are Aurubis AG, Cemco, Nippon Steel & Sumitomo Metal Corporation, Southwire Company LLC., General Cable Technologies Corporation, Furukawa Electric Co., Ltd., Nexans SA,Sumitomo Electric Industries, Ltd., Birla Copper, and Wieland-Werke AG.
The r flat strips application segment to form major portion of the market
The flat strips segment is expected to be the largest type of copper busbar for automotive electrical system during the forecast period. The rising demand for electric vehicles is fuelling the growth of this segment as flat strips are used extensively in EVs for battery packs, inverters, and chargers.
The passenger car Segment to be on top of the market
The passenger car segment is expected to be the largest application of copper busbar for automotive electrical system during the forecast period. The growing demand for EVs and hybrid vehicles is driving the growth of this segment as copper busbars are used extensively in these vehicles.
North America to dominate the market
North America is expected to be the largest market for copper busbar for automotive electrical system during the forecast period. The region has a large automotive industry and a large number of EV manufacturers such as Tesla, General Motors, and Ford are based in North America. These factors are fuelling the growth of the market in North America.
Covid-19 Impact & Market Status
The COVID-19 outbreak has severely impacted the automotive industry worldwide, with production and sales declining sharply. The Copper Busbar for Automotive Electrical System market is also expected to be impacted by the pandemic in 2020. However, the market is projected to recover in 2021 and reach pre-pandemic levels by 2023.
Latest Innovations in the Global Copper Busbar for Automotive Electrical System Market: A Snapshot
In January 2020, Amkor Technology and Fujitsu Semiconductor partnered to develop advanced packaging technologies. Under the partnership, the companies will develop Wafer Level Fan-Out (WLFO) technology for 5G applications.
In May 2019, ASE Group acquired UMC's stake in Advanced Semiconductor Manufacturing Corporation (ASMC). ASMC is a joint venture between ASE and UMC. The acquisition will allow ASE to expand its production capacity.
In May 2019, J-Devices Corporation announced the launch of its new Chip on Board (COB) product line in Europe. The new COB product line consists of ultra-thin ball grid array (UTBGA), micro ball grid array (µBGA), and land grid array (LGA) packages.
Copper Busbar for Automotive Electrical System Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 728 Million|
|Growth Rate||CAGR of 7.3% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Aurubis AG, Cemco, Nippon Steel & Sumitomo Metal Corporation, Southwire Company LLC., General Cable Technologies Corporation, Furukawa Electric Co., Ltd., Nexans SA,Sumitomo Electric Industries, Ltd., Birla Copper, and Wieland-Werke AG.|
Key Segment of Global Copper Busbar for Automotive Electrical System Market
By Type Overview 2021-2031, (USD Million)
• Flat Strips
• Solid Bars
By Application Overview 2021-2031, (USD Million)
• Passenger Car
• Commercial Vehicle
By Region Overview 2021-2031, (USD Million)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa