PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532861
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532861
Automotive Connectors Market size was valued at USD 9,802.32 Million in 2023, expanding at a CAGR of 8.90% from 2024 to 2032.
Automotive connectors are specialized electrical connectors designed for use in vehicles, particularly automobiles. They serve the purpose of connecting various electronic components within a vehicle's electrical system, ensuring reliable transmission of signals and power between different parts of the vehicle.
Automotive Connectors Market- Market Dynamics
Rising adoption of EVs and demand for lightweight components are expected to propel market demand
As the automotive industry shifts towards electric vehicles, there is an increased need for specialized connectors capable of handling high voltages and currents associated with EV batteries and powertrains, driving market growth. Advanced vehicles incorporate a growing number of electronic components for functions such as advanced driver-assistance systems (ADAS), infotainment systems, and connectivity features. This increases the demand for connectors that can support high-speed data transmission and complex electronic architectures.
Automotive manufacturers are increasingly focused on reducing vehicle weight and size to improve fuel efficiency and performance. Connectors that are lightweight, compact, and yet capable of high performance are in high demand to meet these objectives. Global regulations aimed at reducing vehicle emissions are driving the adoption of electric and hybrid vehicles. Automotive connectors play a crucial role in these vehicles by enabling efficient power management and ensuring compliance with regulatory standards. Enhanced safety features in vehicles, such as airbags, anti-lock braking systems (ABS), and electronic stability control (ESC), rely on reliable and robust connectors to ensure proper operation during critical situations, these factors are also boosting market growth.
Automotive Connectors Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.90% over the forecast period (2024-2032)
Based on Product segmentation, the PCB segment was predicted to show maximum market share in the year 2023, owing to the high demand for PCBs and they are an integral part of electronic devices.
Based on Application segmentation, the safety & security segment was the leading Application in 2023, due to increasing focus on adaptive solutions and safety measures.
Based on Vehicle Type segmentation, the passenger cars segment was the leading Vehicle Type in 2023, owing to high demand from emerging economies like China, India, etc.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to the presence of leading manufacturers.
The Global Automotive Connectors Market is segmented on the basis of Product, Application, Vehicle Type, and Region.
The market is divided into five categories based on Product: printed circuit board (PCB), integrated circuit, radio frequency, fiber optic, and others. The PCB segment dominates the market. The growing need for PCBs in ICs and electronic components is boosting market growth.
The market is divided into five categories based on Application: comfort, convenience, and entertainment (CCE), powertrain, safety and security, body wiring and power distribution, and navigation. The safety and security segment dominates the market. Growing emphasis on safety solutions in vehicles is boosting the segment growth.
The market is divided into two categories based on Vehicle Type: passenger cars and commercial vehicles. The passenger cars segment dominates the market and is expected to maintain its high dominance during the forecast period. The increasing advancement in ADAS systems, connectivity & EVs are expected to contribute to market demand.
Automotive Connectors Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia-Pacific is the largest market for automotive connectors globally, driven by the presence of major automotive manufacturing hubs in countries like China, Japan, South Korea, and India, etc. On other side, Europe hosts several prominent automotive connector manufacturers and suppliers, benefiting from a robust automotive ecosystem and extensive R&D investments.
The automotive connectors market is highly competitive in nature. Market players emphasize a customer-centric approach, collaborating closely with automotive OEMs to develop customized connector solutions for specific vehicle platforms and applications. TE Connectivity is one of the largest manufacturers of automotive connectors globally, with a wide range of products catering to various automotive applications. The company has a strong global presence, serving automotive OEMs across major regions like Asia-Pacific, Europe, and North America.
In January 2023, Mouser Electronics, Inc., a semiconductors and electronic company, formed a new distribution agreement with YAZAKI Corporation to expand business in North America.
In September 2022, TE Connectivity, one of the leaders in connectivity and sensors, launched the PicoMQS small automotive connector system.