Global Automotive Busbar Market 2021-2030 - Increasing Launches of EVs & Increasing Production of Advanced EV Inverters
DUBLIN, June 10, 2021 /PRNewswire/ -- The "Automotive Busbar Market Research Report: By Power Rating (Low, High), Conductor (Copper, Aluminum) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Market is expected to generate $177.1 million in 2030, advancing at a CAGR of 24.6% 2021-2030
The increasing adoption of electric vehicles (EVs), cost-effectiveness, ease of installation, along with low repair and service cost of automotive busbars, and development of EV charging infrastructure are some of the key factors behind the growing demand for automotive busbars.
Moreover, the technological developments in the manufacturing and charging infrastructure of EVs are expected to benefit the global automotive busbar market.
Moreover, the installation of EV charging stations is also a contributing factor in the growing demand for EVs. The rising demand for EVs and charging infrastructure propelled the demand for busbars, thereby positively impacting the automotive busbar industry growth globally.
Geographically, the automotive busbar industry in Asia-Pacific (APAC) is expected to witness significant growth. This will be due to the various initiatives and projects launched by the governments to promote EVs and charging infrastructure deployment in the region,in order to reduce the carbon footprint by building a clean and smart transportation system.
Developments in the driving range of EVs owing to the enhancements in battery management systems and charging efficiency are some of the key factors in favor of the automotive busbar market. Furthermore, the hassle-free installation and low maintenance and service costs are some of the attributes driving the demand for automotive busbars in the region.
For more information about this report visit https://www.researchandmarkets.com/r/arqe2k
Research and Markets
SOURCE Research and Markets