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Tuesday, July 13, 2021

Global Automotive Connectors Market to be driven by rising demand from electrical vehicles (EVs) in the Forecast Period of 2021-2026

 The new report by Expert Market Research titled, ‘Global Automotive Connectors Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global automotive connectors tray market, assessing the market based on its segments like connection type, connector type, system type, vehicle type, application, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

  • Forecast CAGR (2021-2026): 7.2%

The market for automotive connectors has seen substantial growth due to factors such as increasing energy demand. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the automotive connectors market. The global automotive connectors market is being driven by the increasing adoption of advanced automotive safety features and the rising demand for electric vehicles (EVs). In addition, the global demand for automotive wiring harnesses and connectors has grown as the complexity of automotive sensors and infotainment systems has increased. To improve data transmission and design performance while reducing total vehicle weight, automotive manufacturers are replacing copper cables with plastic optical fibre (POF). POF requires the use of automotive connectors in order to work properly. Furthermore, to support Wi-Fi networks in autonomous vehicles, specialised automotive systems use memory and data storage connections. This, combined with a growing acceptance of hybrid vehicles, is boosting the industry’s growth. Moreover, various technical advancements such as adaptive front lighting, stability control, park assistance, and departure warning systems, as well as the introduction of machine learning in self-driving vehicles, are expected to propel the automotive connectors market forward in the coming years.

Industry Definition and Major Segments

Automobile connectors are electrochemical components that enable multiple electrical circuits to be connected. They form a complete circuit by connecting electrical terminals and ensuring efficient communication and navigation between electronics and automotive safety devices. They are made up of female-ended jacks or sockets and male-ended plugs that are located under the hood of the car. These connectors are used to build advanced safety and security features into electrical components, such as anti-theft alarms, adaptive cruise control, keyless entry, and auto emergency braking systems.

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Based on the connection type, the industry is divided into:

  • Wire to Wire Connection
  • Wire to Board Connection
  • Board to Board Connection

Based on the connector type, the industry is divided into:

  • PCB Connectors
  • IC Connectors
  • RF Connectors
  • Fibre Optic Connectors

Based on the system type, the industry is divided into:

  • Sealed Connector System
  • Unsealed Connector System

Based on the vehicle type, the industry is divided into:

  • Passenger Cars
  • Commercial Vehicles
  • Electric Vehicles

Based on the application, the industry is divided into:

  • Body Control and Interiors
  • Safety and Security System
  • Engine Control and Cooling System
  • Fuel and Emission Control
  • Infotainment
  • Navigation and Instrumentation

The regional markets for automotive connectors include:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 Market Trends

Geographically, the Asia Pacific region, which includes China, Taiwan, and Japan, dominates the global economy. These countries are the world’s leading manufacturers of electronic components for both passenger and commercial vehicles. Due to the availability of low-cost labour, improved manufacturing facilities, and a strong supply of raw materials, the region is an export hub for various types of automotive parts. The growing use of Advanced Driver Assistant Systems (ADAS) in commercial vehicles has made Europe one of the largest markets. Heavy commercial vehicles must have ADAS features such as a lane departure warning signal and an autonomous split, according to the European Union. Another big vehicle electrification centre, North America, is driving up global demand.

Key Market Players

The major players in the market are TE Connectivity, Yazaki Corporation, Molex Incorporated, Sumitomo Electric Industries Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

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