PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182894
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182894
Automotive connector Market size was valued at USD 19,005.3 Million in 2021, expanding at a CAGR of 8.2% from 2022 to 2028.
Automotive connectors are electrochemical components that are used to connect an electronic terminal to circuits in automobiles. It is basically of two types that are sealed connectors and unsealed connectors. Sealed connectors are the ones used in the engine compartment and unsealed connectors are used for the vehicle body. Additionally, growing demand for automotive products such as body wiring and power distribution, powertrain, comfort, safety and security, convenience and entertainment, and navigation and instrumentation will fuel the demand for automotive connectors. Moreover, rising technological innovation to enhance the driving experience and provide better safety features in passengers and commercial vehicles will further drive the demand for the automotive connector as it plays an important role in delivering proper power distribution to these components.
In the automotive industry demand for plastic optical fiber is driving the consumption of automotive connectors, as plastics, and optical fiber needs advanced automotive connectors. Traditionally various car manufacturers were using electrical connections made of copper cables. However, due to increasing data transmission, design flexibility, and reduce vehicle weight, many manufacturers are nowadays replacing copper cables with plastic optical fiber. As a result, the growing preference of consumers towards comfort & convenience and innovations in advanced vehicles are contributing to the demand for automotive connectors during the forecast period. Moreover, the factors the growing demand for automotive safety systems and the increasing automobile production in emerging economies such factors has resulted from the growth in the automotive connectors market. Furthermore, in addition to this, the rising number of autonomous vehicles and increasing disposable income of the people are stimulating market growth.
However, in manufacturing countries, the increase in labor cost and reliability and durability concerns kick the overall efficiency and are further projected to restrict the market growth within the forecast period.
The pandemic had a negative impact due to several component manufacturing and vehicle facilities temporarily shutting down. However, the demand for vehicles has increased again with the steady removal of the lockdown.
The global automotive connector market is segmented on the basis of product type, application, connectivity, vehicle type, and region.
The market is divided into four categories based on product type: PCB, IC, RF, and Fiber Optic. The PCB segment is estimated to hold a significant share during the forecast period. The rapidly growing automotive industry coupled with rising technology innovation will provide a lucrative opportunity for the segment to grow positively.
The market is divided into six categories based on application: CCE, power train, safety & security, body wiring & power distribution, navigation & instrumentation. The safety and security sector dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to the adoption of many new features in automobiles as a result of technological advancements, such as adaptive front illumination, adaptive cruise control, park aid, and lane departure warning.
The market is divided into three categories based on connectivity type: wire to wire, wire to boards, and others. Based in terms of value, wire to board connection segment holds the largest market share, due to, an increase in the number of electronic components that are used in vehicles, and the increasing demand for automotive safety systems has been the key driver.
The market is divided into two categories based on vehicle type: passenger cars, and commercial vehicles. Connectors play an important role to these components in delivering proper power distribution. Additionally, safety and security feature plays a vital role as connectors are produced to resist harsh operating conditions such as high/low temperature, dirt, and wear and tear.
Due to the continued development in demand for convenience and user-friendliness in vehicles in the coming years, the worldwide market for automotive connectors is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. The high adoption rate of advanced automotive technologies such as ADAS, and camera-based systems increasing global demand. The increasing number of electric vehicles is expected to drive convenience, comfort, and entertainment such factors are driving the global automotive connector market.
For instance, in February 2021, JAE Electronics, manufactured MX79A Automotive Infotainment Connectors are designed to support data transmission and used in advanced driver assistance systems, automotive navigation systems, in-vehicle entertainment, and backup cameras.
The scope of this report covers the market by its major segments, which include as follows: