ID: MRFR/AM/4709-HCR | 100 Pages | Author: Swapnil Palwe | June 2023
The automotive terminals market share is expected to grow with a CAGR of 9.14% by 2030
The CAGR for the automotive terminals market is expected to be 9.14% by 2030. An automotive terminal is a device that’s electronically operated. It’s used to connect with either the battery in a car (gas-powered) or the cell in a car (electric-powered or hybrid.) This is how they charge both types of cars.
Since there is no such thing as a standard automotive terminal, it follows that they come in a variety of shapes, sizes, designs, etc...Their design and size are largely determined by the ways in which they are used to charge cars. They have a fastener or connector at the end of the wire that connects them to the car’s battery or cell! The connectors are of two types: temporary or permanent.
COVID-19 can be dangerous. Governments around the world realized this early on. That’s why they imposed temporary quarantines and lockdowns. Many of the people who got COVID-19 were asked to quarantine for a short period of time. In any case, many industries and markets were affected. The automotive terminals global market was one of these.
People were definitely not traveling as much during and after the pandemic. This adversely affected many companies in the global market by forcing them to either shut down or scale back operations at least temporarily. Many of the companies that manufactured these terminals found that the price of the materials needed to make these went up considerably because of lockdowns and quarantines. The result was that these terminals were much more expensive.
What’s driving growth in the post-pandemic world is the growing tendency of car manufacturers to use electronic parts and components when making various types of motor vehicles. They want to try to make electric cars in an attempt to embrace green and clean energy. Another factor that’s driving growth in this market is the fact that government regulations regarding the number of pollutant particles that vehicles can emit are always becoming more and more stringent.
The automotive industry is using the software more and more in its quest to make safer and smarter cars. This is encouraging many in the automotive terminals market to invest heavily in research and development in the attempt to make a new generation of terminals that are more technologically advanced and responsive than their predecessors. The goal is to try to make cars safer by making them smarter. So far their efforts seem to be paying off.
There are some things that are holding growth back in the automotive terminals market. One of these is the challenges that some manufacturers face when trying to design terminals that have more advanced technology and are more efficient in terms of charging. They must also take into consideration the fact that these terminals use a lot of voltage to operate. Thus, they have to design terminals that can withstand high voltages of energy without burning out easily.
One key challenge that manufacturers of these automotive terminals face lies in designing products that can withstand the intense vibration that is created and occurs when they charge cars.
The automotive terminals market share is expected to grow at a CAGR of 9.14% to reach the global worth USD 17.600 million by 2026.
Molex, LLC is a major American player in the market. It has managed to become an industry leader by investing heavily in research and development. This allowed it to experiment until it came up with newer and more innovative products that did a much better job of charging cars faster with as little destructive vibration created as possible.
The market can be categorized into the following based on current rating:
The market can be categorized into the following based on vehicle type segment:
The market can be categorized into the following based on application:
The battery system subsegment has the largest market share. It will also have a strong growth rate for the next few years.
The automotive terminals market can be divided into four strategic regions:
The Asia-Pacific region is expected to have the highest regional market share. This region is also expected to have the highest regional market value. The Asia-Pacific region is expected to produce the highest number of automotive terminals for the market.
There are many reasons for this. One key reason is that the people in the Asia-Pacific region are collectively getting much wealthier. These people want to drive motor vehicles, and especially 4 wheel cars. Thus, the sale of cars has taken off in recent years in both India and China.
That said, pollution is at record levels throughout the Asia-Pacific region. Many people are increasingly concerned about the state of the environment in these nations. They are calling upon organizations and the government to do something about pollution. Also, many organizations in this region are putting pressure on the national governments to control the vehicular emissions that lead to pollution.
Governments in the Asia-Pacific region are also embracing the concept of smart cars. These require the usage of automotive terminals. Hence, this is a key factor that is driving the market growth in the region. Smart cars tend to be safer than regular cars. This is of prime concern to both the people and governments in this region since car accidents tend to be higher in this part of the world.
The growth in the market is expected to be second-highest in North America. The European Union is expected to have the third-highest growth rate until at least 2027.
The automotive terminals market is very competitive. What makes it that way is two factors. The first and main one is that it has a fairly high growth rate and is lucrative. The second is that it has relatively few barriers to entry. Companies are finding that they must do three things if they want to survive:
Companies invest in their future and expand their horizons when they invest heavily in research and development. They are able to create newer and better products. It’s the development and marketing of these better products that give them the sustainable competitive advantage that they need to survive. Incidentally, they can also justify charging more for these products if they market them cleverly.
Companies increase their resource pools when they enter into strategic partnerships with companies that are making it in the automotive terminals market. This is especially true in terms of their financial and human resources. They find that they can invest more in research and development. This helps them create and market the newer and better products that will make them stand out in their industries and perhaps even make them industry leaders.
The same thing happens when companies merge with/acquire other successful companies. They may restructure and lay off some people initially but they find that they have more financial and human resources to invest in research and development. They can also do the advertising that will put them in a better position in their respective markets.
An example of a successful company is Lear Corporation. This is a major American company that has invested heavily in research and development to come up with new and innovative products that are capable of turning it into an industry leader.
The market is characterized by constant investment in research and development. This is what is leading to newer products that are safer, save lives, and are more innovative.
|Market Size||2030: Significant Value|
|CAGR||9.14% CAGR (2023-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By End Market,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||TE Connectivity Ltd. (Switzerland), Sumitomo Electric Industries, Ltd. (Japan), Delphi Plc (U.K), Lear Corporation (U.S.), and Furukawa Electric Co., Ltd. (Japan). PKC Group (Finland), Molex, LLC (U.S.), Grote Industries (U.S.), Keats Manufacturing Co. (U.S.), and Viney Corporation Limited (India)|
|Key Market Opportunities||Increased concerns regarding energy efficient vehicles|
|Key Market Drivers||Increase in demand for electric vehicles Government regulation|
North America, Europe, Asia Pacific are the regions topping in the list of high market share.
Current rating, vehicle type, application are the segments of the market.
Asia Pacific is leading largest market share in terms of value and volume in the forecast period.
Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity Ltd. (Switzerland), Lear Corporation (U.S.), and Furukawa Electric Co., Ltd. (Japan), Delphi Plc (U.K) are the key players of the market.
~9.14% is the CAGR of the market.
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