The automotive electrical connectors market size is projected to reach US$ 2.93 billion by 2031 from US$ 1.49 billion in 2023. The market is anticipated to grow at a CAGR of 8.8% during 2023–2031. The rise in investment in the research and development of battery systems is likely to remain key trends in the market.
An increase in the electrification of transport infrastructure and vehicles across the globe is expected to drive the demand for automotive electrical connectors, which in turn is expected to fuel the market growth in the coming years. In addition, improvement of power distribution architecture is projected to boost the automotive electrical connectors market growth during the forecast period. Moreover, the rising in demand for electric vehicles and hybrid electric vehicles is projected to create opportunities for the key companies operating in the market from 2023 to 2031.
The automotive electrical connectors market ecosystem comprises the following stakeholders – raw material providers, connector manufacturers, OEMs, and end users. The raw material providers supply the material to build the automotive electrical connectors, such as copper, nickel, and silver. Also, small components range from a small screw to an enclosing box. The connector manufacturers carry out various processes, such as designing, assembling, and production, to transform raw materials into finished products. INTERCABLE srl, Amphenol Corporation, and Rogers Corporation, among others, are leading manufacturers of automotive electrical connectors.
The companies are offering a various types of products such as cable lugs, high voltage busbars, battery clamps, and fuse boxes to vehicle manufacturers and aftermarket customers. These electrical connectors are procured by OEMs such as Volkswagen, Toyota, Volvo, Daimler, and Ford Motor Company. The end-users hold a large number of customers, from personal use vehicle buyers to fleet operators. The automotive electrical connector manufacturing companies also provide aftersales service to customers for replacing the vehicle connectors.
Developed nations such as the US, the UK, and Germany are firmly shifting toward the use of electric vehicles. Companies operating in the developed region are developing high-voltage battery technologies to enhance vehicle power and energy storage capacity. Thus, the demand for supporting connectors to provide efficient power connections is growing, thereby bolstering the market growth. New electrical products such as fuse boxes, cable lugs, and busbars are being developed to improve power distribution. Fuse boxes are required to maintain efficient power distribution, which is boosting the demand for fuse boxes, thereby driving the market.
For instance, in April 2021, Eaton, the eMobility business segment, was awarded a contract to develop Bussmann series fuses and power distribution units (PDUs) for vehicle manufacturers. The PDUs, also known as fuse boxes, will be used for a new battery-electric vehicle (BEV) for light-duty commercial applications. Fuse boxes transmit battery power to vehicle components with a safety function by providing circuit protection. The changing power distribution architecture is creating the demand for new fuse boxes, thereby boosting market growth.
Governments of different countries issue specific regulations to control emissions from diesel and gasoline vehicles. Therefore, due to this standard, vehicle manufacturers are shifting their focus toward the production of plug-in hybrid vehicles, hybrid vehicles and battery-electric vehicles. Vehicle emissions are the leading source of pollution worldwide, and vehicles such as cars, trucks and buses are the largest contributors in this category. The high efficiency of electric vehicles (EVs) compared to traditional diesel and natural gas vehicles is among the key factors anticipated to fuel the automotive electrical connectors market during the analyzed timeframe. In addition, the governments of various countries such as the USA, UK and Germany offer subsidy programs to promote the utilization of electric vehicles. Therefore, increasing demand for electric vehicles is expected to create opportunity for the key companies in the automotive electrical connectors market from 2023 to 2031.
Key segments that contributed to the derivation of the automotive electrical connectors market analysis are type, vehicle type, and powertrain type
The geographic scope of the automotive electrical connectors market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The scope of the automotive electrical connectors market report encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South America (Brazil, Argentina, and the Rest of South America). In terms of revenue, Asia Pacific dominated the automotive electrical connectors market share in 2023. Europe is the second-largest contributor to the global automotive electrical connectors market, followed by North America.
The regional trends and factors influencing the Automotive Electrical Connectors Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Electrical Connectors Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.49 Billion |
| Market Size by 2031 | US$ 2.93 Billion |
| Global CAGR (2023 - 2031) | 8.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automotive Electrical Connectors Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automotive Electrical Connectors Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The automotive electrical connectors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive electrical connectors market are listed below:
The “Automotive Electrical Connectors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific dominated the automotive electrical connectors market in 2023.
The rise in investment towards research and development of battery systems is the future trend of the automotive electrical connectors market.
INTERCABLE Srl, Connor Manufacturing, Amphenol Corporation, Emerson Electric Co., Rogers Corporation, Molex, LLC, TB&C, Difvan, TE Connectivity Ltd, and Flex-Cable Inc. are some of the leading players in the automotive electrical connectors market.
US$ 2.93 billion estimated value of the automotive electrical connectors market by 2031.
8.8% is the expected CAGR of the automotive electrical connectors market.