Automotive Terminal Market to Be Bolstered Owing To Intensive Application During COVID Crisis | Forecast till 2023

Global Automotive Terminal Market by Current Rating (100 A), Vehicle Type, Application (Body Control & Interiors, Safety & Security, Cooling, Engine & Emission Control, Infotainment, Lighting System, Battery System), Region - Forecast till 2023

Automotive Terminal market’s Shares would suffer until 2023 Due to Coronavirus, Says MRFR

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.

The well-known players in the automotive terminal market have listed as Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity Ltd. (Switzerland), Lear Corporation (U.S.), Delphi Plc (U.K), Molex, LLC (U.S.), PKC Group (Finland), and Viney Corporation Limited (India) are among others.

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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.

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.

Segmentation of Market

The global automotive terminal market is segmented into vehicle type, current rating, and application.

In terms of the current rating segment, the market has included less than 50 Ampere, 50-100 Ampere, and more than 100 Ampere.

In terms of vehicle type segment, the market has included passenger vehicles and commercial vehicles.

In terms of application segment, the market has included safety & security, body control & interiors, engine & emission control, cooling, lighting system, infotainment, and battery system. Among these, the battery system shows expectancy to hold the largest market share in the base year and persist in growth over the assessment period.

Regional Outlook

Geographically, the automotive terminal market globally, has been studied for the key regions of Europe, Asia Pacific, North America, and the Rest of the World.

The Asia Pacific will grasp the largest market share in terms of value and volume owing to advancements in infrastructure, augmented vehicle sales, and government regulations regarding safety devices in the vehicles. The Asia Pacific will also expand at the highest growth rate during the assessment period. China is foremost the market in terms of revenue owing to its colossal use of electronic components in the vehicles also in Japan, Korea, and India.

Europe region ranks top in implementing safety features in vehicles. Euro NCAP released few protocols on safety features, such as autonomous emergency braking and driving monitoring and child occupant protection in 2019. Thus, at present, it is anticipating mandating these features in EU vehicles by 2018-2023. With mounting regulations toward vehicle safety standards, the adoption of safety and security systems in automobiles are likely to boost, which in turn, will result in the demand for and usage of terminals during the projected period.

Scope of Report

The report for Global Automotive Terminal Market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions

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Name: Abhishek Sawant
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Organization: Market Research Future (MRFR)
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Release ID: 88960990