Automotive Connectors Market Worth 6.28 Billion USD by 2021
PUNE, India, March 17, 2017 /PRNewswire/ --
The report "Automotive Connectors Market by Connection Type (Wire to Wire, Wire to Board, Board to Board), Application (Body Control & Interiors, Engine Control & Cooling System), System Type (Sealed, Unsealed), Vehicle Type, and Region - Global Forecast to 2021", published by MarketsandMarkets, the market was estimated to be USD 4.38 Billion in 2016, and is projected to grow to USD 6.28 Billion by 2021, at a CAGR of 7.46%.
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Browse 81 market data Tables and 55 Figures spread through 141 Pages and in-depth TOC on "Automotive Connectors Market"
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The increase in electrification of vehicles and rise in advanced safety systems used in the automotive industry are some of the key factors fueling the growth of this market.
Safety and security application to hold the largest share in the Automotive Connectors Market, by application
The safety and security application is estimated to account for the largest share in the Automotive Connectors Market, by value. Connectors used in these advanced safety systems may include connectors used in anti-skid braking system (ABS), airbags, vehicle immobilizers and others. Due to the increase in vehicle thefts, there is a huge opportunity for the growth of safety systems used in the automotive industry, leading to an increase in the number of connectors used in safety applications for a vehicle.
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Sealed Connector System is expected to grow due to increasing number of heavy duty applications
Sealed connector system is estimated to hold the largest share, in terms of value, for the Automotive Connectors Market, by connector system. Though the number of unsealed connectors is higher as compared to sealed connectors, sealed connectors tend to be costlier than their counterpart. Besides, sealed connector system is ideal for harsh environment and heavy duty applications. The rise in number of off-roading applications and commercial vehicles shall lead to the growth of the sealed connector system market.
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Asia-Pacific: Largest market for the Automotive Connectors Market
Asia-Pacific was estimated to account for the largest share, in terms of value, of the Automotive Connectors Market in 2016. The demand for automotive connectors in this region is triggered by the increasing vehicle production in developing nations such as China, and increasing number of electric vehicles in countries such as Japan and others. The region is also the leading producer of automobiles in the world.
The report analyzes all major players in the Automotive Connectors Market, including TE Connectivity (Switzerland), Delphi Automotive (U.K.), Yazaki Corporation (Japan), and Sumitomo Electric (Japan).
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