According to a new research study conducted by “The Insight Partners” on “The global automotive electrical connectors market size is expected to reach US$ 2,286.97 million by 2028, registering at a CAGR of 8.9% from 2021 to 2028”. 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 the electrical system’s count in vehicles as more connected technologies are integrated into vehicles. There is an increase in importance of automotive electrical connectors as they form an efficient connection for power transmission. Electrical connectors such as busbars and fuse boxes play a vital role in the automotive industry.
In March 2020, Royal Power Solutions, a supplier of automotive components, introduced a new connector and conductor product for electric vehicles and hybrid vehicles. The company introduced a new High-Power Lock Box (HPLB) connector and RigiFlex busbar with integrated HPLB terminals. Similarly, in March 2021, Furukawa Electric Co., Ltd started to deliver high-voltage power distribution component modules, such as busbars, for Toyota MIRAI Toyota MIRAI as well as other hydrogen fuel cell vehicles. The increasing electrification in vehicles creates a need for advanced connectors, such as high voltage busbars and fuse boxes, which is driving the market.
The automotive electrical connectors market is segmented on the basis of type, vehicle type, powertrain type, and geography. Based on type, the market is segmented into cable lugs, battery clamps, high voltage busbars, and fuse boxes. The cable lugs segment represented the largest share of the overall market in 2020. In terms of vehicle type, the market is segmented into passenger cars, light commercial vehicle, and medium and heavy commercial vehicle. In 2020, the passenger cars segment accounted for the substantial share of the market. Geographically, North America held the largest share of the automotive electrical connectors market in 2020, followed by Europe and Asia Pacific. Further, the market in Asia Pacific is projected to witness the highest growth rate during the forecast period.
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Impact of COVID-19 Pandemic on Automotive Electrical Connectors Market
The containment measures undertaken by the governments in APAC have negatively affected the automotive and electronics sector. China is the leading manufacturing country in the region and is among the worst-hit country due to the COVID-19 outbreak, along with India. This scenario has negatively impacted the production of automotive and electronics equipment. Due the restrictions on supply chain and logistics, the procurement rate of various automotive and electronics equipment, including hardware components of electric vehicle actuator, has been negatively affected. India, South Korea, Japan, Vietnam, and others have witnessed a sharp decline in the production of automotive and electric vehicle.
The ongoing disruptions in supply of raw materials and components, and the demand from China & other Asian countries are expected to have negative impact the growth of the automotive electrical connectors market in coming quarters.
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