Global Automotive Connectors Market Size, Share, Forecast Report, 2020-2027
A car door latch is used in cars for purpose of safety and security. Electronic latches are generally used in cars due to increase in technology development. Technology development such as hand-free avoidance, super locking, child safety, and power closing are in demand by OEMs.
One of the factors driving the growth of car door latch market are the growth in the automobile industry due to growing population, expansion of infrastructure, and development of suburbs. The other factors that are responsible for the growth of this market are innovation in technology because of safety of the driver, stringent emission norms, thus resulting in the use of light weight automotive components.
The global car door latch market is expected to account for USD 6.60 billion by 2022 with 5% CAGR.
The key players of global car door latch market are Aisin Seiki Co., Ltd. (Japan), Mitsui Mining and Smelting Co., Ltd.(Japan),Kiekert AG (Germany), Magna International, Inc. (U.S.), Strattec Security Co. (U.S.), U-Shin, Ltd. (Japan), Shivani Locks Pvt. Ltd. (India), Brose Fahrzeugteile Gmbh & Co. (Germany), Inteva Products, Llc. (U.S.), and Minda VAST Access Systems Pvt. Ltd. (India).
Connectors are electromechanical components essential for connecting electrical circuits. In the automotive industry, the connectors are used in the automotive-oriented equipment to connect electrical devices and wires.
The global automotive connectors market is estimated to reach around USD 11 billion by 2025, growing at ~8.5% CAGR during the forecast period.
The global automotive connectors market is majorly driven by the rise in the security needs in the automobile. Connectors are used in a majority of security systems in automobiles. With the increase in the theft of automobiles, there is an increased need for security systems in the automotive, which further leads to the growth of the automotive connectors market. With the booming smart car industry, the use of connectors in the smart cars is increasing. This leads to the growth of the automotive connectors market. The increase in electrification in vehicles is also expected to drive the automotive connectors market in the region.
The lack of standard protocols for the development of automotive connectors, reliability and durability of connectors, and the lack of skilled worker are considered as the key factors restraining the growth of this market. However, the growing demand for high-performance vehicles and autonomous vehicles are providing growth opportunities for the global market.
Segmentation: Global Automotive Connectors Market
The global automotive connectors market is segmented based on connection type, system type, application type, vehicle type, and region.
Based on connection type, the global market has been segmented into wire-to-wire, wire-to-board, and board-to-board. The wire-to-board segment is projected to grow at a significant rate over the forecast period due to increasing demand for electric vehicle’s inverter and battery management system (BMS).
Based on system type, the global market has been divided into sealed and unsealed connector system. The sealed connector system segment is estimated to hold the largest share in the global market and is projected to grow at a rapid pace over the forecast period due to a rise in the number of off-roading applications and commercial vehicles.
Based on application type, the global market has been segmented into body control & interiors, engine control & cooling system, safety and security system, and others. The safety and security system-based equipment segment is projected to account for the largest market size during the forecast period due to an increase in vehicle thefts.
Based on vehicle type, the global market has been bifurcated into passenger car and commercial vehicle. The passenger car segment is estimated to be dominant throughout the forecast period due to the growing demand for passenger vehicles in emerging and developed countries.
Geographically, the global automotive connectors market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to dominate the automotive connectors market over the forecast period due to the growing disposable income and boom in the manufacturing of electric vehicles in developing nations such as India and China. In Europe, the rise in strict government regulations for the safety of vehicle and passengers and the increase in safety concerns amongst the consumers are contributing to the growth of the automotive connectors market in the region. North America is projected to grow at a significant rate due to the growing demand for autonomous and semi-autonomous vehicles and increasing regulations towards vehicle safety.
The prominent players operating in the global automotive connectors market are TE Connectivity (Switzerland), Delphi Automotive (UK), Yazaki Corporation (Japan), Sumitomo Electric (Japan), Japan Aviation Electronics Industry (Japan), Amphenol Corporation (US), Hirose Electric Co., Ltd (Japan), Hu Lane Associates Inc. (Taiwan), Korea Electric Terminal Co. Ltd (South Korea), and Kyocera Corporation (Japan).