Report : Asia Pacific Automotive Electrical Connector Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Cable Lugs, Battery Clamps, High Voltage Busbars, and Fuse Boxes), Vehicle Type [Passenger cars, Light Commercial Vehicle (LCV), & Medium and Heavy Commercial Vehicle (M&HCV)], and Powertrain Type [Internal Combustion Engine (ICE), Electric Vehicle (EV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)]
The passenger vehicle segment by vehicle type is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific Automotive Electrical Connector Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, Vehicle Type, By Powertrain Type and Country.” The Asia Pacific automotive electrical connector market is expected to reach US$ 1,109.48 million by 2028 from US$ 553.75 million in 2021; it is estimated to grow at a CAGR of 10.4% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific automotive electrical connector market and the factors driving market along with those that act as hindrances.
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.
Based on type, the Asia Pacific automotive electrical connectors market is segmented into cable lugs, battery clamps, high voltage busbars, and fuse boxes. Based on vehicle type, the Asia Pacific automotive electrical connectors market has been segmented into passenger vehicle, light commercial vehicle (LCV), and medium and heavy commercial vehicle (M&HCV). In terms of powertrain type, the Asia Pacific automotive electrical connectors market is segmented into internal combustion engine (ICE), electric vehicle (EV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). Geographically, the Asia Pacific automotive electrical connector market is sub-segmented into India, China, Australia, South Korea, Japan and Rest of APAC.
INTERCABLE srl, Connor Manufacturing, Amphenol Corporation, Emerson Electric Co., Rogers Corporation, Molex, LLC, TB&C, Difvan, and TE Connectivity Ltd. are among the leading companies operating in the Asia Pacific automotive electrical connector market.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com