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As electrification, connectivity and autonomous driving technologies bring about changes in the automotive industry, the automotive terminal market is poised for a major transformation that will require market players to be adaptable and innovative.
AUSTIN, July 28, 2024 (GLOBE NEWSWIRE) — The automotive terminals market size is projected to reach USD 55.69 billion by 2032, growing at a CAGR of 10.4% from 2024 to 2032.
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Key insights influencing the overall market demand landscape:
The popularity of the automotive terminal market is growing due to the need for many electrical connections in the system. We have also observed a 25% increase in new cars with adaptive cruise control and lane departure warning systems in the last five years. This growth is due to a huge cluster with a significant sales volume every year. Compared to traditional ICVs, EVs have more electrical components, which has led to a 30% increase in their use in terminals.
Two factors are constraining the market: stringent safety and emissions regulations that require innovative, high-performance devices.
At the same time, the rapid electrification of the automotive sector is demanding contacts that can handle much higher currents and voltages while ensuring durability and reliability under harsh conditions. Additionally, the integration of advanced driver assistance systems (ADAS) into electronic control units (ECUs) is calling for complex contact designs that enable efficient data transmission and power distribution. Supply chain disruptions, fluctuating material costs, and a relentless drive by automakers to reduce costs are adding to the pressure on terminal manufacturers.
Scope of the Automotive Terminals Market Report:
Report Attributes
detail
Market size in 2023
US$22.86 billion
Market size by 2032
US$55.69 billion
Average annual growth rate
10.4% between 2024 and 2032
Base year
2023
Forecast Period
2024-2032
Historical Data
2020-2022
Main growth drivers
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Key players:
Sumitomo Electric Industries Ltd. (Japan), TE Connectivity Ltd. (Switzerland), Lear Corporation (USA), Grote Industries (USA), Delphi Plc (UK), Molex, LLC (USA), Furukawa Electric Co. Ltd. (Japan). PKC Group (Finland), Keats Manufacturing Co. (USA), and Viney Corporation Limited (India) are some of the well-heeled competitors with a significant market share in the automotive terminal industry.
The story continues
Current rating:
40 amps or less
41 to 100 amps
Over 100 amps
By application:
Vehicle Type:
It is worth noting that the electrification wave has increased terminal complexity by 45%, as each electric vehicle will require twice as many terminals as a conventional vehicle requires.
The growing demand for more powerful and sophisticated terminals and a 20% increase in vehicle connectivity indicates that innovative solutions are possible. Moreover, the autonomous vehicle segment is growing and is expected to account for 15% of the global market in 2030, necessitating terminals with high-quality data processing capabilities and creating room for niche products. Moreover, the integration of advanced driver assistance systems (ADAS) will stimulate demand, with terminal requirements expected to increase by 40% over the next five years.
The automotive industry is undergoing transformation driven by electrification, ADAS, connectivity and more.
As vehicles transform into complex electronic systems, the demand for reliable and efficient terminals is growing. One such key trend is the demand for high voltage terminals aimed at meeting the increasing power demands associated with electric and hybrid vehicles. Additionally, there is growing interest in miniaturization and weight reduction as a means to improve fuel economy and vehicle performance. Essentially, this marks the beginning of a new era for the automotive terminal market, characterized by technological innovation, stringent performance standards, and sustainable solutions.
Competitive Landscape:
Corporate research and development (R&D) budgets are now focused on improving the efficiency, durability and high current capacity of terminals. For example, Tyco Electronics has launched a new line of terminals dedicated to high-voltage battery systems to help solve the problem of reliable electric vehicle connections.
In addition, TE Connectivity has expanded its product range to include terminals with embedded sensors that can monitor electrical parameters in real time. These developments not only improve vehicle performance but also safety and overall system efficiency. As electrification and autonomy take the automotive industry by storm, the importance of automotive terminals that enable uninterrupted power supply and seamless data transmission cannot be overstated.
APAC will grow at the highest CAGR of 11.01% from 2024 to 2032.
Economic growth, rapid urbanization and a growing middle class are driving demand for automobiles, which in turn is creating a strong demand for auto components such as terminals. In this region, China, India and Japan stand out as major powers, each with their own market dynamics. However, it is clear that while China dominates in both electric vehicle manufacturing and adoption, India’s cost-efficient production and large consumer base offer attractive opportunities.
Currently, Japan is known for having cutting edge technology in the field of automotive terminals, however, emerging markets such as Thailand and Indonesia are gradually emerging in the region.
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Highlights:
As electrification and autonomous driving technologies accelerate to the next stage of development, the need for efficient and reliable electrical connections is exploding.
Key trends defining this market include the expansion of high voltage terminals for electric and hybrid vehicles, miniaturization to meet space constraints, and increasing use of advanced materials for increased conductivity and durability.
Furthermore, stringent safety and emission regulations are driving the development of devices with superior performance and environmental compatibility.
Although challenges such as supply chain disruptions and material costs remain, the overall market outlook remains optimistic due to the inevitable shift to electric vehicles and the enhanced capabilities of modern vehicles.
Table of Contents – Main Points
1.First of all
2. Industry Flowchart
3. Research Methods
4. Market Trends
5. Porter’s Five Forces Model
6. Plague Analysis
7. Automotive Terminal Market Segmentation (By Battery Capacity)
8. Segmentation of Automotive Terminal Market by Application
9. Automotive Terminal Market Segmentation (by Sales Channel)
10. Regional Analysis
11. Company Profile
12. Competitive Environment
13. Use Cases and Best Practices
14. Conclusion
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