AUTOMOTIVE TERMINAL MARKET TO REACH USD 25 BILLION BY 2024 | CAGR 11.4% – FORENCIS RESEARCH

Automotive Terminal Market Size, Share, Trends, Growth, Analysis, Research

Global Automotive Terminal Market: Key Highlights

  • According to the new market research report Automotive Terminal Market by Type (Battery Terminal, Connectors), by Application (Battery System, Safety & Security), by Vehicle Type (Internal Combustion Engine (ICE), Electric Vehicles and Others), by Region (Asia Pacific, North America, Europe, Rest of the World) – Global Forecast 2019 to 2024”, the global Automotive Terminal Market is estimated to reach USD 25 Billion by 2024 at a CAGR of around 11.4% during the review period.
  • It is an electromechanical devices that can regulate different electronic systems or can be used to connect charger with cell or batteries in vehicles. This system comes in different sizes, designs, and specifications depending upon the demand of the end-user industry. Terminals are fitted at the endpoint of a wire with a connector or fastener.
  • The issues with battery terminal can impact the complete vehicle and to overcome this situation vehicle need to be serviced.

Automotive Terminal Market

Global Automotive Terminal Market: Key Market Dynamics

  • Automotive manufacturers are engaged in developing innovative technologies that would provide better connectivity solutions with the growing demand for luxurious and smart vehicles.
  • Safety is one of the biggest concerns in the automotive industry. Government standards are introduced to increase driver or onboard passenger’s safety. As per the World Health Organization (WHO), around 1.35 million people annually die due to road accidents.
  • Rise in demand for electric and autonomous vehicles has boosted the demand for electric systems. As per Edison Electric Institute, in 2018, the total sales of electric vehicles in the United States raised 81%, when compared to 2017.
  • Battery terminals are formed by highly conductive metal or lead. They are important in connecting battery cables and are the first point of contact between the vehicle’s electrical system and battery.

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Global Automotive Terminal Market: Regional Overview

  • Asia-Pacific

In the region, China is the world largest market for vehicles industries. According to China Association of Automobile Manufacturers in 2018, there was about 27 Million vehicles has been sold which includes 23.79 million passenger vehicle and 4.38 million of commercial vehicles. According to International Trade Administration, China is projected to sell 3 million of domestic band NEV BY 2025. As per Invest India, the sale of passenger vehicle has grown up by 2.7 percent and two wheelers by 4.86 percent and three wheelers by 10.27% in 2018.

Hence, the automotive terminal market in the Asia-Pacific region is projected to witness high demand due to the high production of vehicle in the region

  • Europe

In the region, UK is a global leader in autonomous, shared and electric product. Whereas European Union is a world leading producer for the motor vehicles sector. The European automotive is accounts for largest foreign investment in research and development. Moreover, Germany is one of the top leader in world automobile producer. Whereas France is also a fifth largest country in the European Union for the production of automobiles.

Global Automotive Terminal Market: Key Players Overview

  • Lear Corporation:

Lear Corporation is a global automotive technology in leader E-system and seating which help to enables in-vehicle experiences for the consumer all around the world. The company products includes custom and standards terminal with high performance range from signal to high power. In 2017, the company announced acquire EXO Technologies for the development of GPS technology with high performance for connected vehicle application and autonomous.

  • FURUKAWA ELECTRIC CO., LTD:

FURUKAWA ELECTRIC CO., LTD is an electric and electronic company which manufactures wires, cables and metals products. Also, the company helps in providing transmission infrastructure and functional materials to various end-user applications. The company connector category for the automobile sector. In 2017, the company automotive system expand lineup of corrosion-proof terminals for automobile wire harnesses. Also, in 2018 the company has develop Rakuraku Cable and Rakuraku Cable System to enhance the work efficiency.

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Published : 2020-01-21