MARKET Automotive Connectors Market Size Worth $28.25 Billion By 2025
The global automotive connectors market size is projected to attain USD 28.25 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 7.4% throughout the forecast period, 2018 to 2025.
Rising popularity of vehicle electrification is projected to boost the demand for connectors over the forecast period. Moreover, growing need for safety and security, convenience, and connectivity in passenger cars and commercial vehicles is projected to further drive the growth of the market.
Based on product, the segment of fiber optic connectors is anticipated to attain the fastest growth at a CAGR of 10.6% from 2018 to 2025. In addition, the PBC board is a vital component used for connecting electronic devices and transmitting several commands to these devices. Furthermore, rising safety and security concerns in passenger cars as well as commercial vehicles is projected to drive the growth of safety & security application segment. This segment accounted for the market share of more than 26% in 2017.
The segment of passenger car held the largest market share with a revenue of USD 11.55 billion owing to rising demand for passenger cars in developing economies such as India and China. Moreover, the segment of commercial vehicle is anticipated to attain exponential growth from 2018 to 2025 due to emerging regulations for safety and security of drivers in commercial vehicles. Furthermore, North America held the market share of over 25% in 2017 owing to rising penetration of vehicle electrification and growing adoption of electric vehicles in the region. Asia Pacific held the largest market share in 2017 owing to presence of leading manufacturers and major exporters in countries such as China, Japan, India, and Taiwan.
Leading players in the automotive connector market are developing advanced products with high-end safety features to cater to rising stringency for safety and security of drivers and passengers in commercial as well as passenger vehicles. Moreover, they are incorporating emerging technologies such as V2V communication and machine learning to develop technologically advanced products.