The automotive electrical connectors market was valued at US$ 1,225.54 million in 2020 and is projected to reach US$ 2,286.97 million by 2028. The market is expected to grow at a CAGR of 8.9% from 2020 to 2028.
The global automotive electrical connectors market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM.In 2020, APAC led the market with the largest revenue share.
North America has strong penetration of electrical cars, which is creating lucrative opportunities for the market.Also, owing to increased adoption of passenger cars, the Asian market is expected to witness massive growth in the automotive electrical connectors market during the forecast period.
India and China are witnessing the growing consumption of cars for personal use.Therefore, the adoption of automotive electrical connectors to improve power transmission of vehicles is rising in these countries.
China is one of the major countries with the significant market share. European countries such as the UK, Italy, and France are shifting toward electric mobility, which is driving the growth of the automotive electrical connectors market in Europe.
In North America, the US is the most developed country.The country is an early adopter of technologies.
Hence, the scope of the electrical connectors is high in North America.Moreover, the economic growth of consumers has propelled the sales of luxury vehicles in North America, which, in turn, has bolstered the growth of the automotive electrical connectors market in North America.
This factor encourages automotive electrical connector providers to increase their focus on developing or innovating automotive electrical connectors with a high voltage range.
The overall automotive electrical connectors market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the automotive electrical connectors market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, MEA, and SAM.
Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive electrical connectors market.
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