Market Highlights
The automotive terminal is referred to the point at which a conductor from an electric source is connected comes to an end and provide a complete circuit by joining the other source. The automotive terminal is one of the primary factors for vehicle performance and safety of the occupant. Increased use of electronic content components in the vehicle and growing demand for energy efficient electric vehicles will fuel the global automotive terminal market. Increased growth for autonomous and semi-autonomous vehicles in the emerging market will provide opportunities for new entrants. Moreover, extensive research regarding the development of the product and cost-effective solutions will further boost the sales and demand for the product. However, design issues in developing terminals for high voltage use and terminal design to handle vibrations in the vehicle are the major challenges for manufacturers. Lack of guarantee of long-term reliability of the terminals, will hamper the growth of the market.
Industry Insight
The report on the Automotive Terminal market provides a bird’s eye view of the current proceeding within the Automotive Terminal Market, which is conducted by Market Research Future. MRFR takes into account the impact of the novel COVID-19 pandemic on the Automotive Terminal market and provides a clear assessment of the projected market fluctuations during the forecast period (2018-2023). The market impact and new opportunities are expected to be created at a pace of ~9.14% portraying remarkable growth.
Top Impacting Factors
The study portrays automotive manufacturers, amid lockdown due to novel coronavirus, are actively engaged in innovative technologies that would provide enhanced connectivity solutions with the rising demand for luxurious and smart vehicles. The ascend in demand for electric and autonomous vehicles has boosted the demand for electric systems. As Edison Electric Institute claims that in 2018, the entire sales of electric vehicles in the United States raised 81% when compared to the sales recorded in 2017. Therefore, the demand for electric systems expected to drive the automotive terminal market during the assessment period.
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The ascend in demand for electric vehicles, in response to escalating the use of electronic components in vehicles, is the key factor fuelling the growth of the market. In fact, the rigorous government regulations regarding safety introduce the development in automotive safety systems and thereby propel the automotive terminal market.
At the same time, the mount in safety concerns among consumers, along with safety-related initiatives from government agencies, has elevated the prerequisite for a reliable terminal in various vehicle systems. In the case of point, in 2017, the electric vehicle sales on a global level were 1 million units, which were augmented to 2 million units in the year 2018, therefore driving the growth of the automotive terminals market.
Another factor driving the augmentation of the market is a mounting concern of improving the safety and security of vehicles among automakers, thus resulting in automakers to install dedicated electronic control units (ECUs) at every basic level of the vehicle system, including powertrain, steering, and braking systems. In the case of point, the usage of ECUs, such as electric power steering ECU unit and anti-lock braking systems (ABS) ECU unit, have been appreciably augmented to approximately 4-5% rise annually, during the past three years.
On the contrary, the factor of highly rigid automotive terminals and complexity correlated to the high voltage terminals to long term reliability are some factors liable for restricting the growth of the market.
Market Drivers
Market Research Analysis
In terms of region, the global market for the automotive terminal is divided into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific market is expected to hold a significant revenue share over the forecast period. Increase in the production of vehicles and government regulations regarding the safety of the vehicle will drive the growth of the market throughout the forecast period. Asia Pacific will register the highest CAGR during the forecast period, owing to the increase in sales of electric vehicles, better infrastructure, and increased purchasing power of consumers. Furthermore, China is leading the market in terms of revenue due to their massive use of electronic components in the vehicle followed by Japan, Korea, and India. In North America, increased sales of self-driving vehicles and demand for next-generation vehicles will enhance the growth of the market during the forecast period. In Europe, new government regulations and awareness of vehicle advanced safety technologies will raise the market and provide opportunities for new entrants in the region.
Scope of the Report
This study provides an overview of the global automotive terminal market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive terminal market by type, material, fuel, sales, application, and regions.
By Current Rating
- <50 Ampere
- 50-100 Ampere
- >100 Ampere
Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Application
- Body Control & Interiors
- Safety & Security
- Cooling
- Engine & Emission Control
- Infotainment
- Lighting System
- Battery System
By Regions
- North America
- Asia Pacific
- Europe
- Rest of the World
Key Players
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.
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