Technological Advancements in Automotive Connectors Market
The automotive connector market is expected to reach USD 8016.94 million in 2027, registering a CAGR of 4.53% during the forecast period (2022 - 2027).
- There is an increasing demand for enhanced safety, comfort, and convenience features in automobiles, especially in developed economies. Advanced infotainment systems, sensors, safety features, etc., are increasingly being introduced by OEMs in vehicles.
- The rising adoption of navigation and infotainment systems among others have become standard features in most cars across the world. To connect these systems among one another, central electronic control unit automotive connectors are required.
Core Drivers of the Electric Vehicle Connector Market
- The automotive sector has seen a rise in electronics solutions as mechanical components become more electrified. The development of combined connector technology and the growing adoption of electronic content are some of the important reasons that reinforce the growth of the automotive connector market.
- With the advent of technological innovations and increasing competition in the automotive industry, there has been a surge of vehicle safety solutions, not only in luxury vehicles, but also, in mid-level vehicles. Smart features, like driver assistance, are witnessing high popularity and are used in various vehicles.
Read our related report on: Automotive & Transportation Connector Market
Rising Adoption of Electric Vehicles
- The rise in the number of electric vehicles is still majorly driven by the policy environment. The ten leading countries in electric vehicle adoption (China, the United States, Norway, Germany, Japan, the United Kingdom, France, Sweden, Canada, and the Netherlands) have a range of policies in place to promote the uptake of electric vehicles.
- In October 2021, the French Government unveiled a EUR 4 billion plan for the transport sector to support electrified vehicles and other initiatives. The plan France 2030 would invest the money over five years in sectors, including renewable energy sources, electric vehicles, semiconductors, and robotics. The government set a domestic production target of 2 million full-electric and hybrid vehicles by 2030.
- In April 2021, the Spanish Energy Ministry announced that the Government of Spain had approved a plan to spend up to EUR 800 million (USD 950 million) till 2023 to encourage the sales of electric cars in the country.
Major Advancements & Innovations in Automotive Terminals Market
- In September 2021, TE Connectivity (TE) announced that it had acquired ERNI Group AG (ERNI). The acquisition of ERNI complements TE’s broad connectivity product portfolio, particularly in high-speed and fine-pitch connectors for factory automation, automotive, medical, and other industrial applications.
- In September 2021, Aptiv PLC announced the upgrade of Aptiv Central Electric (Shanghai) Co. completed in Jiading's Anting Town, making it the largest manufacturing base of Aptiv Group's connectors globally.
Key Trends of Global Automotive Connectors Market
- In June 2021, Lear Corporation, a global automotive technology leader in seating and e-systems, announced that it had signed a joint development agreement with IMS Connector Systems GmbH, a technology company based in Löffingen, Germany, specializing in high-speed Ethernet solutions for automotive applications.
- In February 2021, JAE Electronics developed MX79A Automotive Infotainment Connectors for use in automotive navigation systems, advanced driver assistance systems, backup cameras, and in-vehicle entertainment.
