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.
Automotive Electrical Connectors Market Analysis
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.
Automotive Electrical Connectors Market Overview
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.
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Automotive Electrical Connectors Market: Strategic Insights
Market Size Value in US$ 1,225.54 Million in 2020 Market Size Value by US$ 2,286.97 Million by 2028 Growth rate CAGR of 8.9% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Electrical Connectors Market: Strategic Insights
| Market Size Value in | US$ 1,225.54 Million in 2020 |
| Market Size Value by | US$ 2,286.97 Million by 2028 |
| Growth rate | CAGR of 8.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automotive Electrical Connectors Market Drivers and Opportunities
Improving Power Distribution Architecture to Favor Market
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.
Raising Demand for Electric Vehicles
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.
Automotive Electrical Connectors Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive electrical connectors market analysis are type, vehicle type, and powertrain type
- Based on type, the automotive electrical connectors market is divided into cable lugs, battery clamps, high-voltage busbars, and fuse boxes. The fuse boxes segment held the largest market share in 2023.
- By vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCV), and medium & heavy commercial vehicles (M&HCV). The passenger cars segment held the largest share of the market in 2023.
- By powertrain type, the market is bifurcated into internal combustion engine (ICE), electric vehicle (EV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). The internal combustion engine segment held a significant share of the market in 2023.
Automotive Electrical Connectors Market Share Analysis by Geography
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.
Automotive Electrical Connectors Market Report Scope
Automotive Electrical Connectors Market News and Recent Developments
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:
- ENNOVI (mobility electrification company) introduced the ENNOVI-Net automotive ethernet connector solution with press-fit interconnects. This product launch has enhanced the product portfolio of the company in this market. (Source: ENNOVI, Press Release, March 2024)
- ETCO introduced connectors for electric vehicles. This new connector can resist high vibration, shock, and extreme temperatures. These connectors are used in between the battery packs and battery management systems. (Source: ETCO, Press Release, May 2022)
Automotive Electrical Connectors Market Report Coverage and Deliverables
The “Automotive Electrical Connectors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive electrical connectors market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive electrical connectors market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive electrical connectors market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive electrical connectors market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Vehicle Type , and Powertrain Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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