The global market is fueling its automotive connectors market size due to the growth in the security needs in the automobile across the world. Moreover, the increase in electrification in vehicles is bringing more growth opportunities or the global market. However, the worldwide market might face restraints due to the reliability and durability of the automotive connectors as they offer many features.
The worldwide Automotive Connectors Market was expected to grow at $4.38 billion. Further, it is projected to expand the market value at a CAGR rate of 8.5% and $11 billion of market share during the analysis period. Automotive connectors are basic elements of electrochemical that are extensively used for connecting different electrical circuits.
The Automotive Connectors are usually placed in the vehicle, which is made of sockets and plugs. These connectors provide advanced safety and security features like keyless entry and braking systems, anti-theft, adaptive cruise control, etc.
According to the automotive connectors market report, the global market is classified based on connectivity, vehicle type, product, and application.
The automotive connectors market is segmented on connectivity such as wire to wire, wire to board, and others. In 2017, the wire to wire segment was predicted to grow the highest share worth 5.44 billion as it is highly used to connect two wires for power distribution and data transmission. In terms of vehicle type segment, the global market is classified into passenger cars and commercial vehicles. In 2017, the passenger car segment was dominated the global market and contributed the highest market share. Further, the global automotive connectors market was generated a market value of 11.55 billion.
The Automotive Connectors industry is segregated based on printed circuit board, an integrated circuit, radiofrequency, fibre optic, etc. Out of all, the fibre optic segment is estimated to acquire the highest automotive connectors market share with generating a CAGR of 10.6% during the analysis period. The worldwide market has been classified into comfort, convenience, safety and security, powertrain, instrumentation, power distribution, and navigation in the application segment. In 2017, the safety and security segment was projected to be responsible for the highest market value and share due to the increasing development in technology leading to different safety features in vehicles.
The regions like North America, Asia-Pacific, Europe, and the rest of the world are the major Automotive Connectors regions.
In 2017, the Asia-Pacific regional market was contributed the highest share of 36%. The leading electric components manufacturers in commercial and passenger vehicles are specific Asian countries like Taiwan, Japan, and China. These regional parts are the biggest export hubs for many automotive parts because of the advanced manufacturing facilities, low-cost labour, and availability of raw materials.
Apart from that, the European regional market accounted for the second-highest market share because of the advanced driver assistant systems in the region. Further, the presence of major market key players and economic development is fueling the regional market of North America in the forecast period.
The global market players are collectively working hard by promoting their services to the world. In January 2021, the prominent market player introduced the hybrid model. Later, this company has launched Bentagya V8 and Bentayga Speed.