Market Size of Automotive Connector Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.01 Billion |
| Market Size (2029) | USD 8.76 Billion |
| CAGR (2024 - 2029) | 4.53 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Connector Market Analysis
The Automotive Connector Market size is estimated at USD 7.01 billion in 2024, and is expected to reach USD 8.76 billion by 2029, growing at a CAGR of 4.53% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market, as there was a slight decline in vehicle sales due to several vehicles and component manufacturing facilities shutting down temporarily. However, with the gradual removal of lockdowns in several countries, the demand for vehicles has slightly increased. Therefore with the increase in demand, key players are also increasing their manufacturing facilities to increase production.
Over the long term, the market is expected to be primarily driven by technological advancements and innovations in systems. Rising adoption of navigation and infotainment systems, among others, have become standard features in most cars across the world. To connect these systems, central electronic control unit automotive connectors are required.
The increase in safety concerns among consumers, coupled with safety-related initiatives from government agencies, has elevated the requirement for a reliable connector in various vehicle systems. For instance, safety systems like seatbelts, airbags, and brakes used in vehicles require a connection system comprising a retainer and safety restraint system connector. Thus, the increasing demand for automotive safety systems has a direct influence on the demand for automotive connectors, in turn driving the growth of the market.
Asia-Pacific is expected to hold a dominant share of the market during the forecast period. The strong automotive industry and rising electric and hybrid vehicles, coupled with government initiatives, are anticipated to support demand across the region during the forecast period. However, key players are also investing in the region due to the increase in the demand for automotive connectors in the market.
For instance, in September 2021, Lear Corporation (Lear) announced the signing of a definitive agreement for a joint venture with Hu Lane Associate Inc., a Taiwanese manufacturer of automotive connector products. It will immediately broaden Lear's vertical integration capabilities by engineering and manufacturing a portfolio of connection systems products for current and future vehicle architectures offered by global automakers.
