Automotive Terminal Market to Grow with a CAGR of 7.04% through 2028
Accelerating
trend towards vehicle electrification, with a surge in demand for specialized
terminals to support electric and hybrid vehicles are the factors driving
market in the forecast period 2024-2028.
According
to TechSci Research report, “Automotive Terminal Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Automotive Terminal Market stood at USD 24.51 Billion in 2022 and is
anticipated to grow with a CAGR of 7.04% in the forecast period, 2024-2028.
The
Global Automotive Terminal Market is a critical component of the automotive
industry, providing connectors, terminals, and related components that
facilitate electrical connectivity within vehicles. As the automotive landscape
evolves, the market has witnessed significant growth driven by several key
factors. The increasing adoption of electric and hybrid vehicles stands out as
a prominent driver, necessitating specialized terminals capable of handling
high-voltage applications. Additionally, the proliferation of advanced
driver-assistance systems (ADAS) and in-vehicle infotainment systems has fueled
demand for reliable and efficient electrical connectivity solutions.
The
industry is characterized by a shift towards lightweight and compact designs,
prompting the need for smaller and more efficient terminals. Stringent
regulatory standards related to vehicle safety and emissions have become
influential, requiring the integration of sophisticated electronic systems and
contributing to the market's expansion. The rise of connected and autonomous
vehicles has added complexity to the electrical architecture, further boosting
the demand for advanced terminal solutions that can support the diverse
requirements of these emerging technologies.
Competition
within the market is driven by factors such as product innovation, reliability,
and cost-effectiveness, with major automotive suppliers and specialized
terminal manufacturers playing a pivotal role. As the automotive industry
continues to embrace technological advancements, the Global Automotive Terminal
Market is expected to witness sustained growth, with a focus on meeting the
increasing demand for efficient and reliable electrical connectivity solutions
in vehicles worldwide.
A
prevailing market trend in the automotive industry involves the increasing
integration of smart and connected technologies in vehicles. The emergence of
connected cars, characterized by features such as advanced driver-assistance
systems (ADAS), in-vehicle infotainment, and telematics, has become a dominant
force shaping consumer expectations and driving market dynamics. This trend
extends beyond traditional automakers, with technology companies and startups
playing an active role in developing innovative solutions. The connected
vehicle trend is steering the industry towards a more interconnected and
data-driven future, emphasizing not only safety and convenience but also laying
the foundation for the eventual realization of autonomous driving capabilities.
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over XX market data Figures spread through XX Pages and an in-depth TOC on
"Global Automotive Terminal Market.”
North
America is a pivotal region in the global automotive landscape, home to major
automotive manufacturers and technological innovators. The market here is
characterized by a strong focus on safety standards, with stringent regulations
driving the adoption of advanced driver-assistance systems (ADAS) and
cutting-edge safety technologies. The region is also at the forefront of
electric vehicle adoption, fostering a demand for specialized terminals to
support these innovative powertrains. Furthermore, the North American market
showcases a growing interest in connected and autonomous vehicles, influencing
the need for sophisticated terminal solutions.
Europe
is a leading hub for automotive excellence, marked by a commitment to
sustainability and premium vehicle manufacturing. The region is witnessing a
surge in electric vehicle production and the integration of advanced safety
features, propelling the demand for high-quality automotive terminals. European
automakers' emphasis on infotainment and connected vehicle technologies
contributes to the rising trend in advanced terminal applications. As the
region navigates toward a greener and technologically advanced automotive
future, the demand for cutting-edge terminals continues to thrive.
The
Asia-Pacific region stands as a powerhouse in the global automotive terminal
market, fueled by the rapid growth of the automotive industry in countries like
China, Japan, and India. The region dominates in terms of both production
volume and technological innovation. Asia-Pacific is witnessing a robust demand
for terminals driven by the increasing adoption of electric vehicles, a trend
supported by government initiatives and consumer preferences for eco-friendly
transportation solutions. The region's dynamic market is also shaped by a focus
on cost-effective and efficient automotive solutions, influencing the demand
for innovative terminal applications across various vehicle types.
Latin
America contributes to the global automotive terminal market with its growing
automotive sector, driven by factors such as urbanization and economic
development. While the market may not be as large as other regions, Latin
America experiences demand for terminals influenced by consumer preferences for
passenger and commercial vehicles. The region's automotive landscape is
evolving with a focus on safety and connectivity, impacting the demand for
terminals that support these features. Economic factors and government policies
further contribute to the unique dynamics of the Latin American automotive
terminal market.
The
Middle East and Africa region contribute to the global automotive terminal
market, with a focus on growing vehicle ownership and infrastructure
development. While the market may not be as technologically advanced as other
regions, there is a rising demand for terminals driven by the integration of
safety features and consumer preferences for connected vehicles. The region's
automotive industry is influenced by economic factors and government
initiatives, impacting the demand for terminals that align with the unique
requirements of the local automotive landscape.
Major
companies operating in Global Automotive Terminal Market are:
- TE
Connectivity Ltd.
- Sumitomo
Electric Industries, Ltd.
- Delphi
Plc
- Lear
Corporation
- Furukawa
Electric Co., Ltd.
- PKC
Group
- Molex,
LLC
- Grote
Industries
- Keats
Manufacturing Co.
- Viney
Corporation Limited
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“In
the current automotive landscape, the transformative impact of electric vehicle
adoption, underlining its pivotal role in shaping the industry's future.
Furthermore, they stress the significance of integrating advanced safety and
autonomous driving technologies, foreseeing a paradigm shift towards connected
and self-driving vehicles. Experts also highlight the importance of
collaborative efforts between traditional automakers and technology companies
in navigating the evolving market dynamics and successfully implementing
innovative solutions for the next generation of vehicles,” said Mr. Karan
Chichi, Research Director with TechSci Research, a research-based management
consulting firm.
“Automotive
Terminal Market – Global Industry Size, Share, Trends Opportunity, and
Forecast, Segmented By Vehicle Type (Passenger Car, Commercial Vehicle), By
Application (Body Control & Interiors, Safety & Security, Cooling,
Engine & Emission Control, Infotainment, Lighting System, Battery System),
By Propulsion Type (IC Engine and Electric), By Region, Competition, 2018-2028”, has evaluated the future growth
potential of Global Automotive Terminal Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Automotive Terminal Market.
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