Safety, Comfort, and Drivetrain Innovations Boost Automotive Connector Market Growth
The automotive connector market continues to expand and diversify as the electronic content in cars increases. A new report by Bishop & Associates takes a closer look.
By Bishop & Associates, Inc. automotive connector market
The worldwide automotive connector market grew at an average CAGR of 5.5% over the five-year period 2014 through 2019 to $16.1 billion. Overall growth in connector demand was driven by an overall vehicle production growth rate of 1.9% per year, an increase in vehicle electronics, primarily infotainment and ADAS, and a significant growth in the production of electric vehicles. Worldwide electric vehicle production increased from 2.8 million vehicles in 2014 to 9.8 million in 2019. Electric vehicle production accounts for 10% of light vehicles produced in 2019 and nearly 17% of the world connector market.
The worldwide automotive connector market is forecast to grow in the mid-single digits through 2024. This will be based heavily on an increase in electric vehicle production. In fact by 2024, electric vehicles are forecasted to account for over 20% of global vehicle production and approximately 35% of the global market for automotive connectors.
The 2019 worldwide automotive market reached $16.1 billion. This number is anticipated to exceed $20 million by 2024. China will have the greatest growth, allowing them to move from the third largest market for automotive connectors to the second largest market.
Bishop & Associates’ new 203-page report details connectors in automotive uses. Segmented into five primarily electrical systems: powertrain, safety and security, comfort, convenience, and entertainment, navigation and instrumentation, body wiring and power distribution, the report examines connector usage by connector type, vehicle type, and electrical system, as well as a detailed look at regional data for automotive connectors around the world. The report focuses on the connectors employed in automotive applications into seven categories:
- Harness Connectors- Cable Termination
- Harness Connectors- In Line
- Printed Circuit Board (PCB) Connectors
- RF Connectors
- High Voltage/High Current Connectors
- Fiber Optic Connectors
- Battery Connectors, Lugs and Terminals
Electrification in Focus
The worldwide electric vehicle market, including battery electric vehicles (BEV) and hybrid electric vehicles (HEV), is forecast to reach 9.8 million vehicles or 10% of vehicle production in 2019 and grow to over 20% of production in 2024, presenting new opportunities for automotive connectors and electronic innovation.
2019 Worldwide Electric Vehicle Production Market Share by Region (9,827,140 Vehicles)
The connector content of each vehicle is a function of the powertrain type and the vehicles body type. Electric vehicle powertrains are divided into three types:
- Mild Hybrid Electric Vehicles
- Full Hybrid Electric Vehicles, including Plug-In Electric Vehicles
- Battery Electric Vehicles
Both mild hybrid and full hybrid vehicles utilize an internal combustion engine as the primary source of power. Battery electric vehicles use electric power, only. Full hybrid vehicles account for the highest volume of car manufacturing and are expected to represent the largest share through 2024. A typical electric vehicle has four systems that add significant connector content to the vehicle:
- High Power Density Battery Packs
- Battery Chargers
- DC-DC Controllers
Visit Bishop & Associates Inc. to obtain the new research report, World Automotive Connector Market 2019. This in-depth, 15-chapter report examines the global automotive market by region, automotive technology, and product type, with a close look at sales and growth forecasts, market trends and statistics, emerging technologies, regional analysis, and much more.
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