As per the analysis by Market Research Future Reports (MRFR), the global automotive connectors are likely to value approximately 11 billion by 2032, thriving at a CAGR of 8.5% during the review period.
Connectors are electromechanical parts important for bridging
electrical circuits. In the automotive industry, the connectors are utilized in
the automotive eccentric devices to connect electrical equipment and wires.
The global automotive
connectors market 2020 is primarily affected by the increase in demand for
security in automobiles. Connectors are used extensively in security systems in
automobiles. With the rising theft in automobiles, there is an increased demand
for security systems in the automotive which further results in the expansion
of the automotive connectors market. With the boosting industry of smart cars,
the demand and usage of connectors are constantly rising. This results in the
expansion of the automotive connectors market. The rise in electrification in
automobiles is also likely to bring an impact on the automotive connectors
market in the region.
However, the lack of basic protocols for the advancement of automotive
connectors, durability, and reliability of connectors, and the scarcity of
proficient workers are anticipated to be the major factors obstructing the
expansion of this market. But at the same time, the rising demand for
high-performance automobiles and autonomous automobiles is offering the avenue
for expansion of the global automotive connectors market.
Market Segmentation
The global automotive
connectors market can be segregated on the basis of vehicle type, connection
type, application type, system type, and region.
On the basis of vehicles, the global automotive connectors market
can be segregated into a commercial vehicle and passenger car. The passenger
car vertical is likely to lead throughout the review period due to the
increasing demand for passenger vehicles in the developed and developing
nations.
On the basis of connection, the global automotive connectors market
can be segregated into wire-to-board, wire-to-wire, and board-to-board. The
wire-to-board vertical is estimated to expand at a considerable rate during the
review period due to the increasing demand for electrical automobiles inverter
and battery management systems.
On the basis of application type, the global automotive connectors
market can be segregated into engine control and cooling system, body control
and interiors, safety and security system, and others. The safety and security system-based devices are
estimated to seize the maximum market size during the review period due to the
rising theft of vehicles.
On the basis of system type, the global automotive connectors market
can be segregated into the unsealed connector and sealed connector system. The
sealed connector system vertical is likely to seize the maximum share in the
global market and is estimated to expand robustly during the forecast period
due to an increase in off-roading applications and commercial vehicles.
Regional Analysis
On the basis of region, the global automotive connectors market has
been primarily divided into Europe, North America, Asia-Pacific and the Rest of
the World (RoW).
The APAC market is estimated to reign the automotive connectors
market during the review period due to the rising disposable income and
expansion in the manufacture of electric vehicles in emerging nations such as
India and China.
In Europe, the stringent rules and regulations implemented by the
government for the safety of vehicles and passengers and the rise in safety
concerns amongst the consumers are participating in the expansion of the
automotive connectors market in the region.
North America market is likely to expand significantly owing to the
rising demand for autonomous and semi-autonomous vehicles and increasing
regulations towards vehicle safety.
Key Players
The important players in the global automotive
connectors market size are Delphi Automotive (UK), Kyocera
Corporation (Japan), TE Connectivity (Switzerland), Yazaki Corporation (Japan),
Japan Aviation Electronics Industry (Japan), Sumitomo Electric (Japan),
Amphenol Corporation (US), Hu Lane Associates Inc. (Taiwan), Hirose Electric
Co., Ltd (Japan), and Korea Electric Terminal Co. Ltd (South Korea).
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