The Automotive Connectors Market was estimated to be USD 4.38 billion in 2016, and is projected to reach USD 6.28 billion by 2021. The market, in terms of value, is growing at a CAGR of 7.46% from 2016 to 2021. The growing trend of vehicle electrification is expected to foster the growth of the automotive connectors market.
In recent times, there have been a limited number of innovations in the automotive connectors market. For instance, flexible printed circuits are a cost-effective application used in automotive electronics and help to simplify modular assembly, interconnection and eliminate bulky cable ties. Flexible circuit application allows the use of much smaller connectors in a vehicle than the traditional one. This offers the benefits of space utilization and weight and has resulted in the growing demand for automotive connectors.
The board to board connection segment is estimated to be the fastest growing market of the automotive connectors market, by connection type. The board to board connectors connect printed circuit boards (PCBs) without the use of wires. The demand for PCBs is growing because of increasing accessories in vehicles such as airbag deployment, anti-lock braking system, audio, video equipment, and safety and security features.
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The market for sealed connectors is growing fast, as compared to unsealed connectors. Sealed connectors are more reliable and safer as these are designed with environmental seals to keep out moisture and grit and are resistant to temperature and vibration.
Safety and security is the fastest growing application in the automotive connectors market. The increasing number of advanced safety and security technologies in a vehicle such as airbags and anti-skid braking system has helped in the growth of this market.
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Asia-Pacific is estimated to be the fastest growing market for automotive connectors. The automotive connectors market is projected to grow at the fastest rate in emerging economies such as China. Recent infrastructure developments and industrialization activities in emerging economies have opened new avenues, opportunities, and markets for OEMs. The increasing purchasing power has stimulated the demand for automobiles in the region. The growing electrification in vehicles, coupled with the increasing vehicle production, is propelling the growth of the automotive connectors market in the region.