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Automotive Terminals Market Revenue 2020: Projection, Solutions, Services Forecast to 2023

Apr 14th 2020 at 4:22 AM

Market Synopsis:

An automotive terminal also known as a connector is an electromechanical device used to interconnect automotive devices such as cables, printed circuit boards, integrated circuit packages, and batteries. Automotive terminals are built to withstand tough conditions and suit the varying needs of industry. These connectors come in various sizes, specifications, and designs depending on the end-uses in the automobiles.

The automotive industry that is rapidly transforming from a hardware driven to software-driven promotes a massive uptake of electronics components per vehicle. Moreover, increased concerns regarding energy efficient automobiles, increases the demand for terminals, demonstrating opportunities for potential growth. As a result, the Automotive Terminals Market Revenue is accelerating rapidly on the global platform.

Acknowledging the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global Automotive Terminals Market Revenue will witness a significant growth by 2023, registering approximately 9.14 % CAGR during the forecast period (2018 -2023).

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The burgeoning automotive industry that is witnessing the increasing number of sales over the past few years plays a vital role in influencing the growth of the market in terms of value and volume. The growing demand for fuel-efficient light-weight vehicles drives the market exponentially. Increasing adoption of electronics components in vehicles along with the increase in demand for electric vehicles (EVs) defines the market landscape of terminals.

Simultaneously, the increased growth of autonomous and semi-autonomous vehicles will help the automotive terminal market to experience exponential growth, stimulating the demand for these terminals. Undoubtedly, technological innovations transpired in the field are positively impacting the market growth.

On the other hand, factors such as design concerns and long-term reliability feature for the high voltage terminals are posing challenges for the market growth. Also, developing a terminal that is used for handling vibration in the vehicles is challenging the manufacturers.

Nevertheless, the improvements brought about in these terminals driven by the substantial investments made in the research and development activities will support the market growth over the forecast period.

Global Automotive Terminals Market Revenue - Segmentation

The market can be segmented into four key dynamics for enhanced understanding;

By Current Ratings : <50 A, 50-100 A, and >100 A.

By Vehicle Types : Passenger Vehicles and Commercial Vehicles among others.

By Applications : Body Control & Interiors, Safety & Security, Cooling, Engine & Emission Control, Infotainment, Lighting System, and Battery System.

By Regions : Europe, North America, APAC and Rest-of-the-World.

Global Automotive Terminals Market Revenue - Geographical Analysis

The Asia Pacific region dominates the global Automotive Terminals Market Revenue with the largest market share. The presence of some long-established automakers fosters the market growth in the region. The burgeoning automotive sector in the region provides a strong base for significant development, witnessing exceeding sales. Furthermore, government regulations pertaining to the safety devices in the vehicles drive the Automotive Terminals Market Revenue in the region.

Developing nations such as India, China, and Japan, with the rapid expansion in the automotive sector, accounts for the major growth contributors. Manufacturers are developing technologically advanced and powerful terminals, moving towards new product development by investing substantially in R&D activities. Owing to the increasing demand for terminals among both OEMs and aftermarket replacement, the APAC region will retain its dominance over the review period.

The European region backed by the well-established automotive industry accounts for the second-largest market for the automotive terminals. The presence of a huge number of giant automakers in the region is the main driving force pushing up the market growth. The resurging economy is undoubtedly acting as a key driving growth force, increasing consumers’ purchasing power. Furthermore, the leading automotive technology providers in this region drive the market growth to an extent.

The North American region is emerging as one of the lucrative markets for automotive terminals. The burgeoning automotive industry in the region witnessing a considerable number of innovations provide impetus to the growth of the regional market. Also, the high disposable income and increasing new vehicle registrations support the market growth in the region. The US is the major producer of automotive torque actuator motors and hence, leads the market in the region.

Automotive Terminals Market Revenue - Competitive Analysis

Highly competitive, Automotive Terminals Market Revenue is totally reliant on the unit sales of automobiles. The presence of numerous large and small key players defines the market as fragmented. Matured players incorporate acquisition, collaboration, partnership, expansion, product & technology launch in order to gain a competitive advantage and to maintain their position in this market.

The customer-centric approach of manufacturers towards the enhanced life of the product ensures to support their customers from the first concept to the delivery. These companies ensure to offer their customers with a global servicing network, enhanced technical support, and flexible, tailored programs & service offerings along with the web-based customer tools for transactional ease.

Key Players:

Some of the eminent leaders of the market include Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity Ltd. (Switzerland), Delphi Plc (U.K), Furukawa Electric Co., Ltd. (Japan), Lear Corporation (U.S.), Grote Industries (U.S.), PKC Group (Finland), Molex, LLC (U.S.), Viney Corporation Limited (India), and Keats Manufacturing Co. (U.S.)

Industry/ Innovation/ Related News:

September 20, 2018 – Molex Incorporated (US), a manufacturer of electronic, electrical, and fiber optic interconnection systems launched two FFC/FPC connectors designed to serve the growing needs of automakers. The Easy-On FFC/FPC connectors are small-pitch, high-reliability connectors that provide a reliable connection while reducing space, weight and cost in this competitive market.

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