Automotive Connector Market Size is Estimated to Reach USD 38 Billion by 2030

The global automotive connector market size, in terms of revenue is expected to reach USD 38 billion by 2030, and is expected to grow at CAGR of 7.3% over the forecast period. Advancement in technology has resulted in many advanced features in cars which enhance driving experience and offer better safety. Growth of the global automotive connector market can be attributed to growing demand for convenience, connectivity, and safety features in passenger cars plus commercial vehicles.

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Increasing electrification in vehicles among different vehicle segments has encouraged demand for connectors. Additionally, increasing awareness regarding eco-friendly mobility has plunged sales of electric vehicles, thus driving demand for automotive connectors. It is likely that over 127 hybrid electric car models will be launched over the coming five years, which is expected to create immense opportunity for makers of automotive connectors.

Security and safety features such as anti-theft alarm system, adaptive cruise control, lane departure warning, keyless entry, and auto emergency braking aid in preventing fatal accidents and offer higher levels of security. Many such advanced features are included within a vehicle utilizing a considerable number of electronic components. Connectors take part in an essential role in providing appropriate power distribution to these components. Additionally, connectors are rigidly manufactured to withstand harsh operating conditions be it high/low temperature, wear and tear, and dirt.

From running GPS navigation-based features to distribution of power, connectors play a essential role in smooth functionality of any vehicle and the many electronic devices it features. Any defect in connectors could lead to severe failure in functionality. Accordingly, manufacturers are mostly focused on research and development initiatives for producing better quality connectors which offer uninterrupted functioning.

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Regulations play a crucial part in determining the global automotive connector market. The ban proposed on internal combustion engine (ICE) vehicles in various countries across the world has led to rising adoption of electric vehicles, driven by availability of beneficial schemes. For instance, Norway has targeted 2025 as the year for banning ICE vehicles; similarly India and China have announced to ban ICE vehicles by 2030. This amplifies the scope of vehicle electrification, thus generating higher demand for connectors.

Global automotive connector market is segmented into product, connectivity, vehicle type, application and regions. On the basis of product, the global automotive connector market is segmented into PCB, IC, RF, Fibre Optic and others. On the basis of connectivity, the global automotive connector market is segmented into wire to wire, wire to board, and others. On the basis of vehicle type the global automotive connector market is segmented into passenger cars and commercial vehicle. On the basis of application, the global automotive connector market is segment into CCE, powertrain, safety and security, body wiring and power distribution, navigation and instrumentation. On the basis of regions, the global automotive connector market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa.

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The global automotive connectors market was valued at USD 15.48 billion in 2017 and is expected to exhibit a CAGR of 7.3% from 2018 to 2025. Navigation is expected to come forward as the major application segment for automotive connectors. Segment growth can be attributed to increase in adoption of advanced and sophisticated infotainment devices in vehicles due to their user-friendly and accurate navigational feature and also other entertainment features. The safety and security application segment is expected to account for share of slightly more than a quarter by 2025. Fiber optic connector product segment emerged as the fastest growing segment, expanding at a CAGR of 10.5% during the forecast period. The wire to board connectivity segment is expected to register a CAGR of 6.1% during the forecast period. Asia Pacific automotive connector market is anticipated to emerge as the most promising market for automotive connectors by 2025, attributable to increasing vehicle electrification in the region.

The key players catering to the global automotive connector market are YAZAKI Corporation, TE Connectivity, Sumitomo Corporation, and Delphi Technologies and among others. The global players are continuously investing in R&D activities and innovating to have updated technology based product portfolio to attract more and more business opportunity from the emerging nation such as that in Asia Pacific countries.

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