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Automotive Terminal Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Automotive Terminal Market Share
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According to The Business Research Company's, The automotive terminal market size has grown rapidly in recent years. It will grow from $17.21 billion in 2023 to $19.09 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to growth in automotive industry, stringent emission regulations, rising consumer demand for electronics, economic growth.
The automotive terminal market size is expected to see rapid growth in the next few years. It will grow to $28.85 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to rising vehicle production, electric vehicle adoption, rising global urbanization, growing per capita disposable income, government support. Major trends in the forecast period include digitalization of manufacturing, 5g integration, advanced materials, enhanced safety features, cross-industry collaboration.
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Market Drivers and Trends:
The increasing quantity of automobile production is expected to propel the growth of the automotive terminal market. Rapid growth in disposable income among individuals in both developing and developed countries and growing demand for a personal vehicle for daily commute to work has contributed to rapid growth in demand for passenger and commercial vehicles. The rapid growth in demand for passenger and commercial vehicles is expected to the boost utilization of automotive terminals, as they are a vital component in the manufacturing of automotive vehicles. For instance, in April 2022, according to World Motor Vehicle Production, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Therefore, the increasing quantity of automobile production is expected to boost the growth of the automotive terminals market during the forecast period.
Technological advancements have emerged as a key trend gaining popularity in the automotive terminal market. The companies operating in the automotive terminal market are focusing on developing advanced products to meet industry demands and strengthen their market position across the globe. For instance, in March 2022, according to a publication by Mouser Electronics, a US-based electronics distributor, JAE Electronics developed the miniatured MX79A series high-speed connectors to support data transmission. The MX79A high-speed connectors improve transmission between in-vehicle information and communication technology (ICT) units such as camera ECU.
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Major Key Players of the Market:
Delphi plc, TE Connectivity Ltd., Pohjolan Kaapeli Oy, Furukawa Electric Co. Ltd., Canadian Automobile Association, Tyco Electronics Ltd., Lear Corp., Molex LLC, Viney Corporation, Grote industries Inc., Keats Groups Ltd., Sumitomo Electric Industries Ltd., Yazaki Corporation, Amphenol Corporation, Aptiv PLC, JST Mfg. Co. Ltd., Kyocera Corporation, Leoni AG, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Samtec Inc., Schlemmer Group, Sumitomo Wiring Systems Ltd., 3M Company, Amphenol Aerospace Corp., Amphenol Industrial Operations Corp., Anderson Power Products, Deutsche Telekom, Esterline Technologies Corp., Glenair Inc., Harwin plc
Automotive Terminal Market 2024 Key Insights:
• The automotive terminal market size is expected to see rapid growth in the next few years. It will grow to $28.85 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Increased Automobile Production Boosts Growth In The Automotive Terminal Market
• Technological Advancements Propel Innovations In The Automotive Terminal Market
• Asia-Pacific was the largest region in the automotive terminal market in 2023
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