Global Automotive Terminal Market Size Set to Reach USD 34.2 Billion by 2029

Published | 13 March 2023

Global automotive terminal market is flourishing because of a growing demand for automotive safety systems supported by government mandates and increasing number of electronic systems in a vehicle.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive terminal market size at USD 18.08 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automotive terminal market size to grow at a significant CAGR of 9.65% reaching a value of USD 34.24 billion by 2029. Major growth factors of global automotive terminal market include increase in automobile production and sales, as well as a rising number of electronic systems in them, and regulatory mandates for automotive safety systems. Emergence of different electronic systems in various vehicle applications, such as entertainment, lighting, battery, and security, is expected to fuel market expansion. Also, factors such as shifting consumer preferences for luxury automobiles, increased production and sales of electric vehicles, and expansion in the automotive sector are projected to catalyze demand for these systems during the evaluation period. Likewise, the perspectives of connected, semi-autonomous, and autonomous vehicles, as well as energy-efficient e-mobility, provide market participants with growth opportunities over the forecast period. However, terminals that are capable of handling vibration requirements and highly consolidated automotive terminal market are anticipated to restrain the overall market growth.

Global Automotive Terminal Market – Overview

Automobile terminal is an electromechanical device that connects the load to the batteries. The terminals are available in a variety of shapes, specifications, and sizes, and they may be modified to match the requirements of those who use them in automobiles. It is also applicable to printed circuit boards, integrated circuits, and other electronic devices. Automotive can be used to regulate various electronic components in a car or to connect a charger to a cell or batteries. Depending on the needs of the end-user sector, this system is available in a number of sizes, designs, and specifications. Terminals are joined to the end of a wire using a connector or fastener.

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Impact of COVID-19 on Global Automotive Terminal Market

COVID-19 adversely affected automotive terminal market. The pandemic has caused disruptions in the global supply chain, leading to shortages of raw materials and components. It affected the production of automotive terminals and other related products. Many automotive manufacturers had to temporarily shut down production facilities or slow down production due to lockdowns and other restrictions. It resulted in the reduced demand for automotive terminals and other components. Also, the economic impact of the pandemic has led to reduced consumer demand for vehicles, which has reduced the demand for automotive terminals. After a decline in 2019, automotive sales resumed growing in 2020. 2020 was a transitional year for the automotive sector, although sales further declined. However, after 2020, automotive sales witnessed a boost in sales. Also, the emergence of various electronic systems in various vehicle applications, such as entertainment, lighting, battery, security, and so on have further fueled the expansion of overall market during the forecast period.

Global Automotive Terminal Market – By Off-Highway Vehicle

Based on off-highway vehicle, global automotive terminal market is bifurcated into Agriculture Vehicle and Construction Vehicle. The agriculture vehicle segment held a higher market share. Agriculture vehicles include tractors, harvesters, sprayers, and other types of vehicles used in farming and agriculture. The demand for these vehicles and related components, including automotive terminals, is primarily driven by the global population growth, which is leading to an increased demand for food and agricultural products. The adoption of advanced technologies, such as precision farming and autonomous tractors, is also expected to drive the demand for automotive terminals in the agriculture vehicles segment.

Competitive Landscape

Major players operating in global automotive terminal market include Viney Corporation Ltd., Keats Manufacturing Company, Molex, PKC Group Ltd, FURUNITED KINGDOMAWA ELECTRIC CO. LTD., Lear Corporation, Delphi Technologies, Sumitomo Electric Industries, TE Connectivity, Koopman Logistics Group, Terminal Technologies, BLG LOGISTICS GROUP AG, IRISO ELECTRONICS COMPANY LTD, Terminal Supply Co., Ascon Engineering Industries, Vehicle Wiring Products Ltd., and KOREA ELECTRIC TERMINAL CO. LTD.  To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Automotive Terminal Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Automotive Terminal Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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