Automotive Junction Box Market Size And Forecast
Automotive Junction Box Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2022 to 2030.
Since the lockdown caused travel bans and business shutdowns, the COVID-19 pandemic had impacted the global economy in a variety of countries, affecting the global supply chain of automotive junction boxes. Because of the pandemic, all automobile manufacturing was halted, disrupting demand for automotive junction boxes. Since a large number of electrical components are required in the junction box, the supply of the components has been halted due to government restrictions and lockdown. COVID-19 had a positive impact on the Automotive Junction Box Market, as electric vehicle sales have increased. Thus, the automotive junction box is an evolving sector, and it is expected that demand for automotive junction boxes will increase following the pandemic.
Global Automotive Junction Box Market Definition
A junction box is a device that protects the connection of two or more electrical current-carrying wires. This level of protection is required to prevent fires and form strong connections that will last for many years. A junction box eliminates the need to run a wire from each outlet or switch back to the main service panel. Electronic module functionality is provided by the junction box. It is much easier to locate and repair any electrical problems that arise in the system when a junction box is used for every electrical connection. Every electrical connection should be contained within a protective box that is easy to locate and access, and a junction box is used to accomplish this. To install advanced features in a vehicle, electronic systems with power distribution via a junction box are required. As a result, it is expected to be a key factor driving the Automotive Junction Box Market.
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Global Automotive Junction Box Market Overview
The fuse, circuit breaker, relay, and other components of the vehicle are housed in the junction box. The junction box protects the vehicle from fires and creates a long-lasting electrical connection. Furthermore, using a junction box eliminates the need to run a wire from each outlet or switch back to the main service panel each time. When the junction box is used for electrical connections, any electrical problems in the system are easier to locate and repair.
Moreover, the electrical system, which distributes power through the junction box, is required to install advanced features in the vehicle. A solid-state smart junction box enables the operation of relays and fuses via electronic devices. These self-protecting devices improve quality while eliminating the possibility of fuses and relays. Furthermore, various systems such as the anti-braking system (ABS), central locking system, and others control safety and security. As a result, the demand for junction boxes rises. Because the majority of the vehicle’s components are electronic, a failure in the junction box is likely to damage the entire vehicle.
In addition, the increase in advanced features in vehicles is also increasing the demand for safety features. The rising demand for alternative fuel vehicles has driven up the demand for electric and hybrid vehicles. To operate, an electrical vehicle requires high voltage battery power, which increases the need for safety. As a result, the importance of a junction box in an electrical vehicle is very high because the vehicle contains many electrical components and is expected to the growth of the Automotive Junction Box Market even further.
Global Automotive Junction Box Market: Segmentation Analysis
The Global Automotive Junction Box Market is segmented on the basis of Type, Vehicle Type, and Geography.
Automotive Junction Box Market, By Type
- Passive Junction Boxes
- Smart Junction Boxes
- Others
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Based on Type, the market is segmented into Passive Junction Boxes, Smart Junction Boxes, and Others. Smart junction boxes will continue to be the largest segment, with the highest growth over the forecast period due to the microcontroller-based technology of smart junction boxes to perform functions like automotive power switching and vehicle control body. It also aids in the proper operation of electronic systems and the preservation of electronic systems, increasing the market growth of the Automotive Junction Box Market globally.
Automotive Junction Box Market, By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Others
Based on Vehicle Type, the market is segmented into Passenger Cars, Commercial Vehicles, and Others. The passenger car segment is expected to grow the most in the Global Automotive Junction Box Market over the forecast period, owing to high sales volume, increased adoption of passenger cars, and a decrease in the average cost of automotive junction boxes, which is driving the market growth increasing the Automotive Junction Box Market globally.
Automotive Junction Box Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of The World
Based on Geography, the Global Automotive Junction Box Market is segmented into North America, Europe, Asia Pacific, and the Rest of the world. APAC is expected to remain the largest market and experience the highest growth over the forecast period due to the high adoption rate of automotive junction boxes and the booming automotive sector, which will lead to increased production of vehicles with junction boxes, thereby it will be driving the growth of the region’s Automotive Junction Box Market in the coming years.
Key Players
The “Global Automotive Junction Box Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Aisin Seiki Co Ltd, BorgWarner, Continental Corporation, Delphi Automotive PLC, DENSO Corporation, Eaton Corporation PLC, Hitachi, Maxwell Technologies Inc, Robert Bosch GmbH, Johnson Controls Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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