Europe Automotive Electrical Connector Market
Improving power distribution architecture and rising electrification of vehicles across the globe are fueling the market growth. However, a continuous decline in vehicle production volume is expected to restrict the market growth during the forecast period.
Developed nations such as the UK and Germany are firmly shifting toward the use of electric vehicles. Companies operating in the developed region are developing high voltage battery technologies to enhance vehicle power and energy storage capacity. Thus, the demand for supporting connectors to provide efficient power connections is growing, thereby bolstering the market growth. New electrical products such as fuse boxes, cable lugs, and busbars are being developed to improve power distribution. Fuse boxes are required to maintain efficient power distribution, which is boosting the demand for fuse boxes, thereby driving the market. For instance, in April 2021, Eaton eMobility business segment was awarded a contract to develop Bussmann series fuses and power distribution units (PDUs) for vehicle manufacturers. The PDUs, also known as fuse boxes, will be used for a new battery-electric vehicle (BEV) for light-duty commercial applications. Fuse boxes transmit battery power to vehicle components with a safety function by providing circuit protection. The changing power distribution architecture is creating the demand for new fuse boxes, thereby boosting the market growth.
A modern vehicle consists of around 100 fuses, which creates the demand for at least four or more fuse boxes. Fuse boxes take full advantage of electrification in cars by modifying architecture to offer optimized solutions for better wire harnessing. Not only passenger vehicles but also commercial vehicles are generating the demand for high voltage fuse boxes. For instance, in February 2021, EG Electronics, a heavy vehicle power component manufacturer, introduced a new high voltage Fusebox 800 AMP for electric trucks. Moreover, due to the increasing electrification, vehicle manufacturers are shifting toward 48 V electrical architectures for modern vehicles to provide sufficient power, which is driving the market.
Owing to the outbreak of COVID-19, electronics equipment have been affected massively. The virus outbreak has disrupted the supply chain in various countries in this region. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit the spread of COVID-19 among its citizens. European countries represent a major share in the market as this region has the highest road safety standards in the world. However, due to the disrupted supply chain of hardware components such as automotive electrical connectors, the market has been significantly affected as the deployment of these components has been delayed. Due to COVID-19, the manufacturing of various consumer electronics devices and production of automobiles have seen a sharp decline in European countries and is expected to be under stress in 2020 and is anticipated to require a substantial duration of time to stabilize. Furthermore, the recent imposition of containment measures, owing to the spread of newly mutated strains, might further hamper the market in this region.
Additionally, the pandemic also negatively impacted investment capacity, with the transition to alternative powertrains and the digital transformation of the industry requiring large investment and restructuring. Thus, the spread of the newly mutated strain of COVID-19 was anticipated to negatively affect the automotive electrical connectors market till the first two quarters of 2021.
Strategic insights for the Europe 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$ 312.24 Million |
| Market Size by 2028 | US$ 566.47 Million |
| Global CAGR (2021 - 2028) | 8.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe 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 Europe Automotive Electrical Connector Market is valued at US$ 312.24 Million in 2021, it is projected to reach US$ 566.47 Million by 2028.
As per our report Europe Automotive Electrical Connector Market, the market size is valued at US$ 312.24 Million in 2021, projecting it to reach US$ 566.47 Million by 2028. This translates to a CAGR of approximately 8.9% during the forecast period.
The Europe 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 Europe Automotive Electrical Connector Market report:
The Europe Automotive Electrical Connector Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Automotive Electrical Connector Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Automotive Electrical Connector Market value chain can benefit from the information contained in a comprehensive market report.
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