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.
The COVID-19 pandemic has considerably impacted the automotive industry due to the temporary shutdown of automotive manufacturing plants. On the Other hand, the EV market showcased an upward trend owing to various government initiatives.
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NEW YORK, April 27, 2021 /PRNewswire/ 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. Due to these factors, the market is expected to generate $177.1 million in 2030, advancing at a CAGR of 24.6% 2021–2030, according to the market research report published by P&S Intelligence.