Press release
South America Automotive Electrical Connector Market Grow at a CAGR of 6.1% to 2028 | Molex, LLC, Difvan
The South America automotive electrical connector market is expected to reach US$ 187.94 million by 2028 from US$ 124.11 million in 2021; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028.Improving power distribution architecture and rising electrification of vehicles across the globe are fueling the market growth. However, a continuous decline in vehicle production volume is expected to restrict the market growth during the forecast period.
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The automotive industry is growing with the advancements in electronics and electrical systems of vehicles. The advent of connected cars, electric cars, and hybrid cars is accelerating the automotive industry's growth due to enhanced features in these vehicles. Automobile companies are offering maximum features for the customers to enhance their driving experience. The numerous developments in vehicles have increased vehicles' electrical systems' count as more connected technologies are integrated into vehicles.
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Major Key players covered in this report:
• Connor Manufacturing
• Amphenol Corporation
• Emerson Electric Co.
• Rogers Corporation
• Molex, LLC
• Difvan
• TE Connectivity Ltd.
SOUTH AMERICA AUTOMOTIVE ELECTRICAL CONNECTOR MARKET SEGMENTATION
South America Automotive Electrical Connector Market, by Type
• Cable Lugs
• Battery Clamps
• High Voltage Busbars
• Fuse Boxes
South America Automotive Electrical Connector Market, by Vehicle Type
• Passenger Cars
• Light Commercial Vehicle (LCV)
• Medium and Heavy Commercial Vehicle (M&HCV)
South America Automotive Electrical Connector Market, by Powertrain Type
• Pharmaceutical Industry
• Biotechnology Industry
• Medical Device Manufacturers
• Hospitals
• Others
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Brazil has the third-highest number of COVID-19 cases in South America. Countries such as Colombia, Ecuador, Chile, Peru, and Argentina are also witnessing the adverse effects of the pandemic across various industries. The governments in South America have taken an array of actions to protect their citizens and contain COVID-19's spread. It is anticipated that the market in South America will face a steep decline as the majority of stimulus packages deployed by the government were majorly focused on public healthcare and tax relief. In addition to this, the online and retail distribution channels will also face negative impacts due to supply chain disruptions and the unavailability of raw materials. The sharp decline in business activities and product sales are expected to directly affect the growth rate of the automotive electrical connectors market in this region for the next three to four quarters.
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