Automotive Connectors Market Forecast to Reach $6.5 Billion by 2026

September 02 20:26 2021
Automotive Connectors Market Forecast to Reach $6.5 Billion by 2026
Automotive Connector Market
Growing Electronic Content in Vehicles Will Help Fuel Automotive Connector Market Growth.

Automotive Connectors Market is forecast to reach $6.5 billion by 2026, growing at a CAGR 5.5% from 2021 to 2026. Increasing consumer safety issues, combined with security-related measures from government agencies has elevated the need for a reliable connector in different vehicle systems. For example, safety devices such as seatbelts, airbags, and brakes used in automobiles include a connection system that requires a retainer and system connector for safety restraints. The growing demand for automotive safety systems thus has a direct effect on the demand for automotive connectors, particularly sealed connector systems, which in turn drives market growth. In addition, the use of electronics in other applications, such as advanced and convenient systems such as automatic transmissions and infotainment, has also increased. Which, in turn, drives the demand for automotive cable harnesses in automobiles, thereby boosting the need for connectors in these systems and this helps in the growth of the market of automotive connectors. The rising adoption of wire-to-wire connectors and printed circuit boards (PCB) device connections will drive market growth.

Automotive Connector Market Segment Analysis – By Vehicle Type

Passenger Car segment is expected to grow at CAGR of 5.1% during the forecast period and is expected to maintain its growth for the next few years. Due to the shifting focus on consumers from conventional vehicles to modern connected vehicles, the passenger cars segment dominated the growth of the global automobile connectors market. Growing passenger vehicle demand in developing and developed countries is expected to drive the segment’s revenue growth over the forecast period. Increasing automobile sales are expected to boost market growth in developing countries such as India and China.

Automotive Connector Market Segment Analysis – By Application

Based on application, over the forecast period the navigation & instrumentation segment is projected to grow at a higher rate of growth at 6.5% during 2021-2026. Increasing the adoption in the vehicle of GPS-enabled devices and advanced navigation software is expected to help the growth of this market over the forecast period. Increasing accuracy of GPS-enabled systems and advanced software implementation such as Apple Carplay and Android Auto have facilitated the use of navigational applications in both commercial and passenger vehicles and thus it is expected to boost the market growth of automotive connectors.

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Automotive Connector Market Segment Analysis – By Geography

Europe currently dominates the global Automotive Connectors market with a share of more than 36.5%. Europe ranks number one in introducing automotive safety features. Euro NCAP has released few safety-related protocols, such as autonomous emergency braking, driver monitoring and child occupant protection, and anticipates enforcing such features in EU vehicles. With increasing regulations for vehicle safety requirements in this region, the adoption of automotive safety and protection systems is expected to increase, resulting increase in demand and usage of connectors over the forecast period. The rising demand in Europe for electric and semi-autonomous vehicles is simultaneously impacting the use of automotive connectors. For example, the regional market share of electric vehicles has risen over the past two years and is expected to increase over the next five years due to increasing environmental concerns. Therefore, the region is expected to experience high demand for automotive connectors during the forecast period and will boost the growth of the automotive connectors market.

Automotive Connector Market Drivers

Growing adoption of electronic contents in modern vehicles

The rising adoption of electronic content in modern vehicles is one of the main factors that are expected to stimulate demand growth in the years ahead. The automotive industry has seen increased adoption of electronics solutions with the increasing electrification of mechanical components. Electronic manufacturers have witnessed increasing demand for high-speed wiring, connectors, and other electronic technology in modern vehicles to allow telematics and infotainment systems. Technologies such as copper connectivity solutions are also gaining prominence because of lower weight and more options for connectivity within the vehicle. Advanced automotive systems use memory and data storage connectors in connected vehicles to support new Wi-Fi capabilities. Growing electronic content in vehicles will help fuel Automotive Connector market growth.

Development of combined connector technology

The development of combined connector technology is one of the main trends that are expected to gain market traction. This technology improves the ability to maintain wire and to connect PCBs to provide robust resistance to extreme temperatures, shock, vibration and long lifetime thermal expansion. Combined connectors are also more reliable than conventional cables for connecting two nearby PCBs but not in the same orientation or location of alignment. The development of this technology is also expected to meet the growing demand for reliable and efficient connectors in harsh environments for automotive applications. The development of combined connector technology and the increasing adoption of electronic content are therefore some of the important reasons that strengthen the growth of the market for automotive connectors.

Automotive Connector Market Challenges

To meet reliability and durability standards

One of the key challenges on the market for the manufacturers is to meet expectations of reliability and durability. Vehicles are now fitted with heavy electronic components for monitoring vital systems like airbags, GPS navigation etc. The connector solutions can withstand solutions at both low and high frequencies. Electronic devices used in sensitive systems therefore need to be reliable and robust, because a failure in such systems may have disastrous results.

Automotive Connector Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Automotive Connectors Market. Automotive Connectors Market is expected to be dominated by major companies such as Aptiv, Molex, Japan Aviation Electronics Industry, Sumitomo Electric Industries, TE Connectivity, Yazaki, Amphenol Corporation, J.S.T. Mfg. Co. Ltd, Delphi Technologies.

Acquisitions/Technology Launches

In August 2019, ARaymond launched a new online store to make it easier for consumers to choose from its unrivaled collection of Fast Connector automotive products.

In November 2019, QuickBuild RF Launched FAKRA Connectors for Automotive and Drone Applications.

Key Takeaways

Growing consumer safety concerns, coupled with government agencies’ protection initiatives, have elevated the need for a reliable connector in various vehicle systems.

The adoption of automobile safety and security systems is expected to increase with growing regulations for vehicle safety specifications in Europe, resulting in increased demand and usage of connectors over the forecast period.

The growing adoption of electronic content in modern vehicles is one of the key factors expected to drive growth in demand in the years ahead. With the growing electrification of mechanical components the automotive industry has seen increased adoption of electronics solutions.

The development of combined connector technology and the growing adoption of electronic content are some of the important reasons which reinforce the growth of the automotive connector market. 

Related Reports

A. Automotive Wiring Harness Market

B. Automotive Cable Market

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