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Automotive Connectors Market Trends

Report ID: GMI7486
Published Date: Nov 2023
Report Format: PDF

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Automotive Connectors Market Trends

Increasing demand for high-speed data connectivity will carve a healthy growth trajectory for the automotive connectors industry. As indicated by findings from a survey conducted by LexisNexis Risk Solutions, approximately 80% of individuals purchasing a car opted for a complimentary trial of the vehicle's connected services when presented by the dealer. Following the conclusion of their free trial, nearly 50% of these buyers transitioned to a paid subscription.

Automotive connectors capable of supporting high data transfer rates are becoming essential for applications such as advanced driver-assistance systems (ADAS), in-car infotainment, and vehicle-to-everything (V2X) communication. With the rise of connected and autonomous vehicles, there is a growing demand for high-speed data connectivity within vehicles, which will propel automotive connector sales through 2032.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive connectors reached USD 7.9 billion in 2022 and is set to grow at 7% CAGR through 2032, driven by the increasing demand for electric vehicles.

The commercial vehicles segment accounted for a market share of around 55% in 2022, owing to the increasing integration of advanced technologies including telematics and GPS systems in vehicles.

Asia Pacific market was valued at around USD 3.1 billion 2022, led by region's robust automotive sector alongside technological innovations.

Amphenol Corporation, Aptiv, HIROSE ELECTRIC CO., LTD., Molex, Sumitomo Electric Industries, Ltd. are some of the major industry contenders.