Press release
Automotive Connectors Market 2020-27 is anticipated to propagate with Key players like Amphenol, Delphi Automotive, Sumitomo Electric, TE Connectivity, Hirose Electric Co.
Automotive Connectors Market
Connectors are electromechanical components, which are utilized to connect electric circuits. In the automotive industry, connectors are used to connect electrical devices and wires in automotive equipment. Vehicle electrification has registered a very high growth rate, which has boosted the demand for connectors. In addition, the market is driven majorly by the rise in demand for security needs in automobiles. Moreover, with increase in theft of automobiles, there is an increased need for security systems in automotive, which further boosts the growth of the automotive connectors market.
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COVID-19 scenario analysis:
The automobile sector is one the most affected sectors due to COVID-19 as the production of vehicles has been affected due to the lockdown implemented at the global level.
The market is expected to witness substantial growth after the pandemic as many companies have started engaging with costumers while giving some attractive offers.
COVID-19 pandemic has forced the automotive industry to re-think its business.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Increase in safety & security in automobiles and rise in number of heavy-duty vehicles are expected to boost the market growth. Moreover, lack of standard protocols in the development of automotive connectors, reliability & durability of connectors, and lack of skilled worker are the key factors that restrain the growth of the market.
However, growth in demand for high-performance vehicles has been witnessed, which is expected to provide lucrative opportunities for the global automotive connectors market.
The automotive connectors market trends are as follows:
Increase in safety & security in automobiles
The automotive connector market has the largest share in safety & security application, which is estimated to grow over the forecast period. Connectors used as advanced safety systems are deployed in Antilock Braking System (ABS), airbags, vehicles immobilizers, etc. In addition, with the increase in vehicle theft, there is a high demand for automotive connectors for safety systems.
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Increase in number of heavy-duty vehicles
Increase in demand for better & efficient transportation across the globe has enabled vehicle manufacturers to develop and introduce innovative vehicles for all-condition performance. Therefore, this has enabled automotive component manufacturers to develop improved and efficient components to be installed in vehicles. This is expected to boost the growth of the automotive connectors market across the globe.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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