Austin, July 28, 2024 (GLOBE NEWSWIRE) -- The Automotive Terminal Market Size is estimated to reach USD 55.69 billion by 2032 and grow at a CAGR of 10.4% over 2024-2032.
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Key Insights impacting the overall demand landscape of market:
The reason why automotive terminal market is growing in popularity is because it needs many electrical connections for the system. It has also been observed that over the last five years, there has been an increase of 25% in terms of new cars with adaptive cruise control and lane departure warning systems. Its growth is due to its huge cluster with significant volumes of sales every year. Compared to traditional ICVs, EVs have more electrical parts thus usage at terminal increased by 30%.
Two factors constrain the market rigid safety and emissions regulations which necessitate innovative and high-performance terminals.
At the same time, the rapid electrification of automotive sector requires terminals capable of handling much higher currents as well as voltages while ensuring durability and reliability under extreme conditions. Besides, advanced driver assistance systems (ADAS) integration into electronic control units (ECUs) are leading to complex terminal designs that enable efficient data transmission and power distribution. This is compounded by supply chain disruptions, fluctuation in material costs and relentless pursuit for cost savings by automakers putting pressure on terminal manufacturers.
Automotive Terminal Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 22.86 billion |
| Market Size by 2032 | USD 55.69 billion |
| CAGR | 10.4% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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KEY PLAYERS:
Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity Ltd. (Switzerland), Lear Corporation (U.S.), Grote Industries (U.S.), Delphi Plc (U.K), Molex, LLC (U.S.), Furukawa Electric Co., Ltd. (Japan). PKC Group (Finland), Keats Manufacturing Co. (U.S.), and Viney Corporation Limited (India) are some of the affluent competitors with significant market share in the Automotive Terminal Industry.
By Current Ratings:
- Below 40 Ampere
- 41–100 Ampere
- Above 100 Ampere
By Application:
- Body Control & Interiors
- Safety & Security
- Cooling, Engine & Emission Control
- Infotainment
- Lighting System
- Battery System
By Vehicle Type:
- Passenger cars
- LCV
- HCV
This rise of 45% in terminal complexity due to the electrification wave is worth noting as each electric vehicle requires double the number of terminals required by traditional counterparts.
This rise in request for better, more sophisticated terminals and 20% increase in vehicle connectivity indicates that innovative solutions are possible. Additionally, there is a growing segment of autonomous vehicles that will represent 15% of the global market in 2030 hence terminals with high-quality data handling facilities are needed thus creating room for niche products. In addition, advanced driver assistance system (ADAS) integration is spurring demand with an expected 40% growth rate in terminal requirements over the next five years.
Automotive sector is experiencing a shift driven by electrification ADAS and connectivity among others.
With vehicles turning into complex electronic systems, demand for reliable and efficient terminals has escalated. One such pivotal trend has been towards high-voltage terminals aimed at meeting increasing power demands associated with electric or hybrid vehicles. Besides, there is currently increasing interest on miniaturization and weight reduction as means to enhance fuel economy and vehicle performance respectively. In essence, this marks the beginning of a new era for the automotive terminal market that is characterized by technological innovation, stringent performance standards and sustainable solutions.
Competitive Landscape:
Research and Development (R&D) budgets of companies are now heavily loaded towards efficiency plus durability and higher current carrying capacities for their terminals. For instance, Tyco Electronics has launched a new line of high voltage battery system-specific terminals, which help solve the issue of reliable electric vehicle connections.
Additionally, TE Connectivity has raised its product range to include terminals with embedded sensors which enable them to monitor electrical parameters in real-time. Not only does these developments enhance vehicle performance but also increase safety along with overall system efficiency as well. As electrification and autonomy take over the automotive industry; The importance of automotive terminals in delivering uninterrupted power supply coupled with seamless data transmission can never be overstated.
APAC will be growing at a highest CAGR of 11.01% over the period of 2024-2032.
Vehicles are on high demand due to the growth of economies, fast urbanization and increasing middle class. Hence this causes a strong hunger for automotive components such as terminals. In the area, China, India, and Japan stand out as giants each with unique market dynamics. However, it is evident that China dominates both in manufacturing and adoption of electric vehicles while India’s cost-effective production and large consumer base offers attractive opportunities.
At present, Japan has been known for the leading technology in auto terminals. Nevertheless, there are also emerging markets like Thailand and Indonesia which are slowly gaining grounds within the region.
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Key Takeaways:
- As electrification and autonomous driving technologies accelerate into their next phase of development there is skyrocketing need of efficient and reliable electrical connections.
- The major trends that define this market entail: expansion of high-voltage terminals for electric or hybrid automobiles; miniaturization to fit space limitations; growing use of advanced materials in order to enhance conductivity as well as durability.
- Moreover, stringent safety and emissions regulations are propelling the development of terminals with superior performance and environmental compatibility.
- While challenges such as supply chain disruptions and material costs persist, the overall market outlook remains optimistic due to the inexorable shift towards electric mobility and the expanding functionalities of modern vehicles.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Automotive Terminal Market Segmentation, By Battery Capacity
8. Automotive Terminal Market Segmentation, By Application
9. Automotive Terminal Market Segmentation, By Sales Channel
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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