The passenger vehicle segment by vehicle type is estimated to lead the market growth during the forecast period.

According to a new market research study of “South America Automotive Electrical Connector Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, Vehicle Type, By Powertrain Type and Country.” The South America automotive electrical connector market is expected to reach US$ 187.94 million by 2028 from US$ 124.11 million in 2021; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The report highlights trends prevailing in the South America automotive electrical connector market and the factors driving market along with those that act as hindrances.

The automotive industry is growing with the advancements in electronics and electrical systems of vehicles. The advent of connected cars, electric cars, and hybrid cars is accelerating the automotive industry's growth due to enhanced features in these vehicles. Automobile companies are offering maximum features for the customers to enhance their driving experience. The numerous developments in vehicles have increased vehicles' electrical systems' count as more connected technologies are integrated into vehicles. There is an increase in the importance of automotive electrical connectors as they form an efficient connection for power transmission. Electrical connectors such as busbars and fuse boxes play a vital role in the automotive industry.

To distribute power effectively, specifically in electric vehicles, the demand for high voltage busbars is rising, which is driving the market. For instance, in March 2020, Royal Power Solutions, a supplier of automotive components, introduced a new connector and conductor product for electric vehicles and hybrid vehicles. The company introduced a new High-Power Lock Box (HPLB) connector and RigiFlex busbar with integrated HPLB terminals. Similarly, in March 2021, Furukawa Electric Co., Ltd started to deliver high-voltage power distribution component modules, such as busbars, for Toyota MIRAI and other hydrogen fuel cell vehicles. The increasing electrification in vehicles creates a need for advanced connectors such as high voltage busbars and fuse boxes, which is driving the market.

Brazil has the third-highest number of COVID-19 cases in South America. Countries such as Colombia, Ecuador, Chile, Peru, and Argentina are also witnessing the adverse effects of the pandemic across various industries. The governments in South America have taken an array of actions to protect their citizens and contain COVID-19's spread. It is anticipated that the market in South America will face a steep decline as the majority of stimulus packages deployed by the government were majorly focused on public healthcare and tax relief. In addition to this, the online and retail distribution channels will also face negative impacts due to supply chain disruptions and the unavailability of raw materials. The sharp decline in business activities and product sales are expected to directly affect the growth rate of the automotive electrical connectors market in this region for the next three to four quarters.

Based on type, the South America automotive electrical connectors market is segmented into cable lugs, battery clamps, high voltage busbars, and fuse boxes. Based on vehicle type, the South America automotive electrical connectors market has been segmented into passenger vehicle, light commercial vehicle (LCV), and medium and heavy commercial vehicle (M&HCV). In terms of powertrain type, the South America automotive electrical connectors market is segmented into internal combustion engine (ICE), electric vehicle (EV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). Geographically, the South America automotive electrical connector market is sub-segmented into Brazil, Argentina and Rest of SAM.

Connor Manufacturing, Amphenol Corporation, Emerson Electric Co., Rogers Corporation, Molex, LLC, Difvan, and TE Connectivity Ltd. are among the leading companies operating in the South America automotive electrical connector market.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com