Automotive Connector Market - Forecast(2024 - 2030)

Overview

The Automotive Connector Market size was valued at USD 6.42 Billion in 2023 and is likely to reach USD 9.57 Billion by 2030, expanding at a CAGR of 4.60% during the forecast period, 2024–2030. The growth of the market is attributed to increasing demand for convenience, connectivity, and safety features in commercial vehicles as well as passenger cars Advancements in technology have resulted in many features that provide better safety and enhance the driving experience. An automotive electrical connector refers to a device that connects electrical terminations to form a circuit. Increasing consumer safety issues, combined with security-related measures from government agencies has elevated the need for a reliable connector in different vehicle systems. For example, safety devices such as seatbelts, airbags, and brakes used in automobiles include a connection system that requires a retainer and system connector for safety restraints. The growing demand for automotive safety systems thus has a direct effect on the demand for automotive connectors, particularly sealed connector systems, which in turn drives market growth. In addition, the use of electronics in other applications, such as advanced and convenient systems such as automatic transmissions and infotainment, has also increased. Which, in turn, drives the demand for automotive cable harnesses in automobiles, thereby boosting the need for connectors in these systems and this helps in the growth of the market of automotive connectors. The rising adoption of wire-to-wire connectors and printed circuit boards (PCB) device connections will drive market growth. Increasing consumer safety issues, combined with security-related measures from government agencies has elevated the need for a reliable connector in different vehicle systems. For example, safety devices such as seatbelts, airbags, and brakes used in automobiles include a connection system that requires a retainer and system connector for safety restraints. The growing demand for automotive safety systems thus has a direct effect on the demand for automotive connectors, particularly sealed connector systems, which in turn drives market growth. In addition, the use of electronics in other applications, such as advanced and convenient systems such as automatic transmissions and infotainment, has also increased. Which, in turn, drives the demand for automotive cable harnesses in automobiles, thereby boosting the need for connectors in these systems and this helps in the growth of the market of automotive connectors. The rising adoption of wire-to-wire connectors and printed circuit boards (PCB) device connections will drive market growth.

The report: “Automotive Connector Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Barium Sulphate Industry. Market.

By System Type: Sealed Connector System, Unsealed Connector System.

By Vehicle Type: Passenger Cars, Commercial Vehicles

By Application: Body Control and Interiors, Safety and Security System, Engine Control and Cooling System, Fuel and Emission Control, Infotainment, Navigation & Instrumentation, Others.

By Geography:  North America, South America, Europe, APAC, and RoW.

Market Snapshot: 

Key Takeaways

• Growing consumer safety concerns, coupled with government agencies' protection initiatives, have elevated the need for a reliable connector in various vehicle systems.
• The adoption of automobile safety and security systems is expected to increase with growing regulations for vehicle safety specifications in Europe, resulting in increased demand and usage of connectors over the forecast period.
• The growing adoption of electronic content in modern vehicles is one of the key factors expected to drive growth in demand in the years ahead. With the growing electrification of mechanical components the automotive industry has seen increased adoption of electronics solutions.
• The development of combined connector technology and the growing adoption of electronic content are some of the important reasons which reinforce the growth of the automotive connector market. 

By Geography - Segment Analysis

Asia-Pacific region dominated the Automotive Connector Market share by 40 % in the year 2023, the Asia Pacific region led the market by generating the highest revenue share. Asian nations, including China, Taiwan, and Japan, are the primary manufacturers of electronic components for both passenger and commercial vehicles. Due to the availability of low-cost labor, improved manufacturing facilities, and convenient access to raw materials, the region is a hub for exporting various types of automotive parts.  the Asia Pacific region led the market by generating the highest revenue share. Asian nations, including China, Taiwan, and Japan, are the primary manufacturers of electronic components for both passenger and commercial vehicles. Due to the availability of low-cost labor, improved manufacturing facilities, and convenient access to raw materials, the region is a hub for exporting various types of automotive parts.Asian countries such as China, Taiwan, and Japan are leading manufacturers of electronic components for both passenger cars as well as commercial vehicles. The region is an export hub for various types of automotive parts, owing to availability of low-cost labor, enhanced manufacturing facilities, and ready availability of raw material.

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 End Use - Segment Analysis

The dominance of the market was primarily influenced by the sales of passenger cars. Anticipated increases in car sales in countries such as India and China are expected to be key drivers for market expansion. In contrast, the commercial vehicles sector, encompassing large trucks, buses, and smaller commercial vehicles, is projected to witness substantial growth by 2030. This growth is attributed to heightened safety regulations for commercial vehicles. The passenger cars segment held the market stronghold in 2022, securing the highest share of revenue. Connectors play a pivotal role in fostering communication among safety systems, including airbags, anti-lock braking systems (ABS), electronic stability control (ESC), and collision avoidance systems. These systems heavily depend on the exchange of precise and timely data to enhance passenger safety. The expansion of this market segment is attributed to the surging sales of passenger vehicles. Due to the shifting focus on consumers from conventional vehicles to modern connected vehicles, the passenger cars segment dominated the growth of the global automobile connectors market. Growing passenger vehicle demand in developing and developed countries is expected to drive the segment's revenue growth over the forecast period. Increasing automobile sales are expected to boost market growth in developing countries such as India and China.