Global Automotive Terminal Market Size, Share, Forecast Report, 2020-2027
Automotive Terminals are an electronic or electromechanical device that is used to connect load or charger with the cell or batteries. Automotive terminals come in various sizes, specifications, and designs. Terminal designs and sizes also depend on the end-use in the automobiles. A terminal is fitted at the end of the wire either with a fastener or connector. The terminal connection can either be temporary or permanent.
The global automotive terminal market has seen remarkable growth; expected to expand at the CAGR of ~9.14%. Rise in use of electronics components in vehicles, increase in demand for electric vehicles, and government regulation regarding the installation of safety technologies to grow the demand for the automotive terminal market. The automotive industry is transforming from a hardware driven to software driven. There is a massive growth in the use of electronics components per vehicle, which influences the growth of the market in terms of value and volume. Increased concerns regarding energy efficient vehicles will create opportunities in the market by increasing the demand for terminals in the vehicle. Moreover, the increased growth of autonomous and semi-autonomous vehicle will ease new revenue generation for the manufacturers in the automotive terminal market. However, design concerns and long-term reliability feature for the high voltage terminals are major challenges in the market. The development of terminals that are used for handling vibration in the vehicles will be the major concern for manufacturers.
Global Automotive Terminal Market, by Segment
Global automotive terminal market is segmented into current rating, vehicle type, application, and region. On the basis of current rating segment, the market has been segmented into less than 50 Ampere, 50-100 Ampere, and more than 100 Ampere. On the basis of vehicle type segment, the market has been segmented into passenger vehicle and commercial vehicle. On the basis of application, the market has been segmented into Body Control & Interiors, Safety & Security, Cooling, Engine & Emission Control, Infotainment, Lighting System, and Battery System. Battery system will hold the largest market share in the base year and continue to grow over the forecast period.
Geographically, the global automotive terminal market has been divided into four major regions of North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific will hold the largest market share in terms of value and volume owing to development in infrastructure, increased vehicle sales, and government regulations regarding safety devices in the vehicles. Asia Pacific will grow at the highest growth rate during the forecast period followed by North America and Europe.
The prominent players in the automotive terminal market include TE Connectivity Ltd. (Switzerland), Sumitomo Electric Industries, Ltd. (Japan), Delphi Plc (U.K), Lear Corporation (U.S.), and Furukawa Electric Co., Ltd. (Japan). PKC Group (Finland), Molex, LLC (U.S.), Grote Industries (U.S.), Keats Manufacturing Co. (U.S.), and Viney Corporation Limited (India) are among others.