New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Connectors Market Research Report: Information By Connection Type, System Type, Application, Vehicle Type and Region - Forecast till 2030”, The Automotive Connectors Market is predicted to grow at a CAGR of 8.5% from its current estimated size is $11 billion in 2023.
Automotive Connectors Market Overview
Electrochemical components called automotive connectors are used to link multiple electrical circuits. To provide proper communication and navigation between the gadgets and the car's electronics, they are utilised to connect the electric terminals and create a full circuit. Automotive connectors typically consist of plugs and sockets installed within the car. Advanced safety and security features including adaptive cruise control, theft prevention, keyless entry, an automatic braking system, and other functions are offered via these connectors.
Automotive connectors are crucial in providing reliable electricity to numerous components. Also, these connectors are made to endure extremes in temperature, dirt, wear, and dirt. Additionally, the market for automotive connectors is expanding due to the rising number of vehicles and electrification in some vehicle segments. The automotive connectors market will grow during the projected period as a result of rising demand for electric vehicles, enhanced features, and security features in the automotive industry. Increasing the use of automotive sensors will be a key factor in driving the market's expansion.
The major market key players in the Automotive Connectors Market
- Yazaki Corporation (Japan),
- Sumitomo Electric (Japan),
- Japan Aviation Electronics Industry (Japan),
- Amphenol Corporation (US),
- Hirose Electric Co., Ltd (Japan),
- TE Connectivity (Switzerland),
- Delphi Automotive (UK),
- Hu Lane Associates Inc. (Taiwan),
- Korea Electric Terminal Co. Ltd (South Korea),
- Kyocera Corporation (Japan)
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To improve data transmission, vehicle manufacturers integrate copper cables with plastic optical fibre. This lowers total costs and increases design flexibility, which helps the automotive connectors market grow. Yet, automotive connectors are necessary for the plastic optical fibre to perform properly. As a result, there is a growing need for automotive connectors. The Market will benefit greatly from several cutting-edge improvements, like park assistance, front lighting, and the use of machine learning. The top players are very important in driving market trends.
The populace was moreover dealing with a financial crisis. Because of this, they had limited purchasing power and refrained from making investments in brand-new cars.
As a result, the automobile market's growth declined, which made market trends even more difficult. But, the firms haven't entirely recovered, and the market is experiencing issues with many versions. After the epidemic is over, the market is anticipated to experience a beneficial outcome.
Automotive Connectors Market Report Scope:
|Market Size by 2030||2030: USD Significant Value|
|CAGR during 2022-2030||8.5% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Increase in electrification in vehicles|
|Key Market Drivers||The rise in the security needs in the automobile|
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Growing government security measures and concerns about safety and security are propelling industry expansion. Both the vehicle manufacturer and the governments are quite concerned about security in the automobiles. A result of the manufacturers' investments in specialised electronic components and the installation of cutting-edge security features in the vehicle's powertrain, braking, and steering systems. In recent years, there has been an upsurge in demand for electric control units.
Increasing security features like airbags and central locking also helped the industry expand. The Automotive Connectors are essential to the operation of GPS and the distribution of power in a car, among other functions. Because even little connector issues can result in major issues, automakers are employing high-quality connectors, which will boost the industry. The Automotive Connectors Industry is also being driven by expanding consumer demand in the automotive sector and rising per capita income. According to census information, American automakers reported $344.4 billion in shipments to the automotive sector, $5.7 billion in total capital expenditures, and $261.7 billion in material costs in 2016.
The demand for electric vehicles is rising as environmental concerns grow. The government is also encouraging electric vehicles and adopting numerous other actions to cut carbon emissions, which will open up new business prospects. Electric vehicles employ automotive connectors to increase their efficiency and develop the market for automotive connectors in the future.
There are several uses for automotive connectors in the automobile industry. The efficiency of today's automobiles is increased by a variety of improvements. But in order to avoid numerous issues and disastrous outcomes, these connectors must be dependable and strong. The use of these connectors could harm the automotive connectors industry, thus the makers are highly concerned about it.
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Automotive Connectors Market Segmentation
Product, application, connection, and vehicle type are the segments used to divide the automotive connectors market.
The Automotive Connectors industry is divided into integrated circuit, printed circuit board, fibre optic, radiofrequency, and others depending on the type of product. Over the projected period, the fibre optic sector is anticipated to have the largest market share. Moreover, a CAGR of 10.6% is anticipated.
The convenience, comfort, powertrain, safety and security, power distribution, instrumentation, and navigation segments of the market are separated based on application. In 2017, the safety and security sector held the largest market share. The focus on numerous safety elements in vehicles has increased as a result of technological advancement.
Automotive Connectors are divided into wire to board, wire to wire, and other segments based on connectivity. In 2017, the wire to wire market accounted for the largest proportion, reaching $5.44 billion. These connectors are frequently used to join two wires for power distribution and data transmission.
The market is split into commercial vehicles and commercial vehicles based on the kind of vehicle. In 2017, the passenger automobile category led the market, held the largest market share, and had a market value of $11.55 billion.
Automotive Connectors Market Regional Evaluation
Asia-Pacific, Europe, North America, and the rest of the world make up the key geographic automotive connectors market. With 36% of the total, the Asia-Pacific region accounted for the largest portion in 2017. Japan, China, and Taiwan are the top producers of electric components for both commercial and passenger vehicles in Asia. Due to its affordable labour, accessibility to raw materials, and state-of-the-art production facilities, the Asia-Pacific area is one of the largest export hubs for various automobile parts.
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Due to sophisticated driver assistance technologies, Europe has the second-highest market share. The usage of safety measures in cars is now required by the European Union. The automotive connectors market is expanding significantly in North America as well, thanks to the region's economic expansion and prominent industry players.
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