Asia Pacific Automotive Electrical Connector Market
Rising development in battery systems and increasing electrification of vehicles across the globe are boosting the market growth. However, a continuous decline in vehicle production volume is expected to restrict the market growth during the forecast period.
Increasing electrification in vehicles creates the demand for advanced batteries with high power output to provide sufficient power for all systems. Every vehicle comprises various electrical systems that require a specific amount of energy to perform tasks, owing to which the demand for electrical connectors is increasing. Hybrid electric vehicles (HEVs) and electric vehicles (EVs) rely on large-capacity battery packs, robust electric motor drives, and power inverters to distribute power. Specific types of connectors, including cables, busbars, and wires, are required to provide the battery's power to other vehicle systems. Traditional cable lugs, busbars, and other components are being replaced with high voltage connectors to meet battery power standards.
With the increasing battery power capacity and output, the demand for supporting connectors is also rising. For instance, Rogers Power Electronics Solutions (PES) offers a range of ROLINX busbar solutions for advanced battery technologies used in hybrid and electric vehicles. The improved battery technology for electricity is creating a massive opportunity for the automotive electrical connectors market. Further, lightweight busbars with high voltages are being developed for high-energy battery packs, delivering power to e-axles, e-motors, and other devices. The increasing battery capacity to provide sufficient power for the vehicle systems is creating a huge opportunity for the connector manufacturers to develop new busbars, cable lugs, and fuse boxes for smooth power transmission.
The containment measure taken by the governments in this region have negatively affected automotive and electronics sectors. China is the leading manufacturing country in this region and is among the worst-hit countries, along with India, which has ultimately impacted the production of automotive and electronics equipment. Further, due to the interruption in supply chain and logistics, the procurement rate of various automotive and electronics equipment, including hardware components of electric vehicle actuators, was quite affected. India, South Korea, Japan, Vietnam, and others have witnessed a sharp decline in the production of automotive and electric vehicles sectors.
The year-to-date volume sales of vehicles and automobiles have declined in the Asian economies. COVID-19 had a drastic impact on vehicle markets during the first half of 2020; however, it resulted in a different impact on each of the countries within the region. In China, the peak of the pandemic reached in February 2020. This led to new car sales dropping close to zero. However, the Chinese vehicle market witnessed a robust recovery and has now reached pre-COVID-19 levels. On the other hand, COVID-19 proved to be a bane for the entire automotive industry in countries such as Japan, India, Australia, and other Southeast Asian countries.
APAC is a global manufacturing hub with countries such as China, Japan, South Korea, and India leading the global manufacturing industry growth. The ongoing COVID-19 is anticipated to cause huge disruptions in the growth of various industries in the region. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries, and it is one of the worst affected countries due to COVID-19. Hence, the ongoing disruptions in the supply of raw materials and components, as well as the demand from China and other Asian countries, are expected to impact the growth of the automotive electrical connectors market in the coming quarters.
Strategic insights for the Asia Pacific Automotive Electrical Connector provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 553.75 Million |
| Market Size by 2028 | US$ 1,109.48 Million |
| Global CAGR (2021 - 2028) | 10.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Automotive Electrical Connector refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Asia Pacific Automotive Electrical Connector Market is valued at US$ 553.75 Million in 2021, it is projected to reach US$ 1,109.48 Million by 2028.
As per our report Asia Pacific Automotive Electrical Connector Market, the market size is valued at US$ 553.75 Million in 2021, projecting it to reach US$ 1,109.48 Million by 2028. This translates to a CAGR of approximately 10.4% during the forecast period.
The Asia Pacific Automotive Electrical Connector Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Automotive Electrical Connector Market report:
The Asia Pacific Automotive Electrical Connector Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Automotive Electrical Connector Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Automotive Electrical Connector Market value chain can benefit from the information contained in a comprehensive market report.
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