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Automotive Terminal Market Is Expected To Grow at a CAGR of 9.14% by 2030 - Report by Market Research Future (MRFR)

Market Research Future
Market Research Future

Automotive Terminal Market Growth Boost By Increased demand for electric vehicles

New York, US, Dec. 09, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Automotive Terminal Market by Current Rating, Region, Vehicle Type, and Application - Forecast till 2030, the global market for automotive terminals is predicted to flourish considerably during the review period from 2022 to 2030 at a healthy growth rate of approximately 9.14%. The reports further project that the market will acquire a size of around USD 17,600 million by the end of 2026.

Automotive Terminal Market Overview:

An automotive terminal refers to a device that is operated electronically. It is utilized to connect with either the battery in a car or the cell in a car. It is a crucial technique to charge both kinds of cars. As there are no such things as a standard automotive terminal, they come in various designs, sizes, shapes, etc. Their size and design are widely described by how they are utilized to charge cars. They have a connector or fastener at the end of the wire connecting them to the car's cell or battery. The connectors are of two kinds: permanent or temporary. An automotive Terminal is a connector used to connect electric devices in the car and charger with batteries of automotive vehicles. These kinds of terminals are usually produced in agreement with the size and requirement of the car and need. These are dependable and can survive the weather and other natural conditions. The global Automotive Terminal Market has demonstrated a massive expansion in recent years. The primary parameter boosting the performance of the market is the growing demand for electric vehicles among the population around the world.

Automotive Terminal Market Competitive Analysis

The catalog for the prominent participants across the global Automotive Terminal Market includes players such as:

  • Viney Corporation Limited (India)

  • TE Connectivity Ltd. (Switzerland)

  • Furukawa Electric Co., Ltd. (Japan)

  • Sumitomo Electric Industries, Ltd. (Japan)

  • PKC Group (Finland)

  • Delphi Plc (U.K)

  • Molex, LLC (U.S.)

  • Lear Corporation (U.S.)

  • Grote Industries (U.S.)

  • Keats Manufacturing Co. (U.S.)

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Furthermore, the increasing demand for automotive safety systems in compliance with government mandates and the presence of various stringent government regulations related to safety systems are also boosting the market's growth over the assessment period. Moreover, the availability of automotive terminals in several specifications, designs, and sizes based on the demand of the end-user industry and the rise in the requirement for innovative technologies offering enhanced connectivity solutions with the increasing demand for luxurious and smart vehicles are also predicted to boost up the growth of the market over the coming years. In addition, the factors such as changing preference towards luxury cars, increase in production and sales of electric vehicles, and growth of the automotive sector are also likely to catalyze the demand for these systems over the evaluation period. Moreover, the standpoint of connected, semi-autonomous, and autonomous vehicles and energy-efficient e-mobility offer beneficial opportunities to the market players over the review period. On the contrary, the long-term reliability difficulty for battery terminals is likely to limit the market's performance.

Automotive Terminal Market Report Scope:

Report Metric

Details

Growth Rate

CAGR of 9.14% from 2022 to 2030

Base Year

2021

Study Period

2022-2030

Key Market Opportunities

Increased concerns regarding energy efficient vehicles

Key Market Drivers

Increase in demand for electric vehicles

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Automotive Terminal Market USP Covered

Market Drivers

The global Automotive Terminal Market has shown massive development in latest years. The primary constraint enhancing the performance of the market is the expanding demand for electric vehicles among people around the world. Likewise, the improving demand for automotive safety systems in conformity with government mandates and the presence of various stringent government regulations related to safety systems are also boosting the market's growth over the assessment period. Moreover, the availability of automotive terminals in several specifications, designs, and sizes based on the demand of the end-user industry and the rise in the requirement for innovative technologies offering enhanced connectivity solutions with the increasing demand for luxurious and smart vehicles are also predicted to boost up the growth of the market over the coming years. In addition, the factors such as changing preference towards luxury cars, increase in production and sales of electric vehicles, and growth of the automotive sector are also likely to catalyze the demand for these systems over the evaluation period.

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Automotive Terminal Market Restraints

On the contrary, the long-term reliability difficulty for battery terminals is likely to limit the market's performance.

COVID-19 Impact

The global Automotive Terminal Market has recently faced several unexpected challenges, given the rise of the global health hazard in the form of COVID-19. On the other hand, with global industrial and financial activities returning to normal, the global market is anticipated to showcase noticeable development over the coming years.

Automotive Terminal Market Segment Analysis

Among all the current ratings, the less than 50-ampere segment is anticipated to secure the top spot across the global market for automotive terminals over the review era.

Among all the vehicle types, the passenger vehicle segment is predicted to secure the lead across the global market for automotive terminals during the assessment timeframe.

Among all the application areas, the safety & security segment is anticipated to secure the top spot across the global market for automotive terminals through the review timeframe.

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Automotive Terminal Market Regional Analysis

The global Automotive Terminal Market is analyzed across five critical geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.

The research reports by MRFR suggest that the Asia-Pacific region is anticipated to ensure the top spot across the global Automotive Terminal Market over the review timeframe. The central aspect boosting the development of the regional market is the production of the highest number of automotive terminals. Furthermore, the growing per capita income among emerging nations is also considered the driving aspect of the regional market.

The North American regional market for automotive terminals is predicted to demonstrate considerable development over the assessment period.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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