Market Synopsis
As per the analysis by Market Research Future Reports (MRFR), the global automotive connectors are likely to value approximately 11 billion by 2025, 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.
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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.
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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 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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