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Market Overview:
The Automotive Connector Market size is estimated to reach $11.40 billion by 2030, growing at a CAGR of 21.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Automotive Connector Market – By Connector Type (AC Connectors and DC Connectors), By Voltage (Medium Voltage, Low Voltage and High Voltage), By Propulsion (BEV, HEV, PHEV, FCEV, Petrol, Diesel, Others), By Application (Battery Management System, Body Control and Interiors, Infotainment System, Engine Management and Powertrain, Vehicle Lighting, ADAS, and Safety System and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Rising focus on vehicle electrification and hybrid systems enhances the need for specialized connectors and Stringent government regulations for vehicle safety and emissions standards support market expansion are the main drivers of market expansion and are fueling the growth of the Automotive Connector industry during the forecast period.
Asia Pacific Dominated the Market in 2023:
Asia Pacific accounted for the largest share of 40.2% of the Automotive Connector Market in 2023 followed by North America and Europe. China's automotive industry has achieved a milestone, surpassing 30 million units in both production and sales in 2024, as reported by the China Association of Automobile Manufacturers (CAAM). This growth is fueled by increased vehicle production, advancements in technology and higher consumer incomes. Key markets such as Japan, China, and South Korea are driving this expansion, with a focus on innovation and enhanced vehicle electrification and connectivity, which significantly impacts the automotive connector market.
Automotive Connector Market: Key Takeaways
Increasing vehicle production and sales drive the demand for automotive connectors:
The rising vehicle production and sales drive the demand for automotive connectors, crucial for the assembly and functionality of modern vehicles. In 2023, the China Association of Automobile Manufacturers reported NEV production and sales exceeding 9.58 million and 9.49 million units, with year-on-year increases of 35.8% and 37.9% respectively. NEVs' market share reached 31.6%. As automakers boost production to meet consumer demand, the need for efficient connectors escalates. These components ensure the seamless integration of advanced electronic systems, safety features, and infotainment solutions. The growth in automotive manufacturing, especially in emerging markets, underscores connectors' vital role in supporting technological advancements and industry growth.
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The expansion of electric vehicle charging infrastructure boosts the need for reliable connectors:
The expansion of electric vehicle (EV) charging infrastructure significantly boosts the need for reliable connectors in the automotive connectors market. As governments and private sectors invest heavily in developing extensive charging networks, the demand for durable, high-performance connectors increases. These connectors are crucial for ensuring efficient power transfer and safety in charging stations, supporting the growing adoption of EVs. Additionally, the push for fast-charging solutions necessitates advanced connector technology capable of handling higher power levels and ensuring consistent performance. Thus, the ongoing development of EV infrastructure directly correlates with the rising importance of reliable connectors in the automotive industry.
Scope of the Report:
Recent Developments:
- ENNOVI has launched the ENNOVI-MB2B multi-row board-to-board connector platform for EVs in May 2024, featuring a snap-in design that allows stacking without solder and accommodates varying pin counts efficiently. The connectors use miniPLX press-fit terminals and IndiCoat plating, supporting a wide range of automotive applications with high durability and temperature resistance.
- In May 2024, Molex's introduced MX-DaSH connectors integrate power, signal, and high-speed data in a single system, optimizing automotive electronics by reducing size, cost, and complexity while supporting advanced applications like autonomous driving and infotainment.
- JAE extended its successful ICT connectors in March 2024, originally designed for PCs and smartphones, to the automotive sector with automotive-spec tested solutions, including the WP26DK Series board-to-board connectors and DX07 Series USB Type-C connectors, ensuring high-speed communication, space efficiency, and reliability for electric vehicles and advanced control units.
Automotive Connector Market: Competitive Landscape
Key companies profiled in the Automotive Connector Market are Sumitomo Corporation, Tesla, Inc., Yazaki Groupe, Siemens AG, Schneider Electric, Fujikura, Robert Bosch GmbH, Amphenol Corporation, Huber+Suhner, TE Connectivity, Aptiv PLC, Hirose Electric Co., Ltd., Molex, Hu Lane Associates Inc., Korea Electric Terminal Co. Ltd and others.
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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
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IndustryARC
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