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Automotive Terminals Market Size
The global automotive terminals market size was valued at USD 22.4 billion in 2023 and is projected to grow at a CAGR of 8.6% between 2024 and 2032, due to the growing demand for electric vehicles (EVs). As governments worldwide push for cleaner energy solutions and stricter emissions regulations, automakers are rapidly shifting toward EV production. These vehicles require advanced electronic systems, which in turn, depend heavily on automotive terminals to connect various components like battery management systems, telematics control units, power electronics, and sensors.
The rising consumer preference for EVs, coupled with increased investments in charging infrastructure, is significantly boosting the demand for terminals, further propelling market growth.
For instance, according to GMI, automotive telematics control unit (TCU) market size was valued at USD 11.3 billion in 2023 and is anticipated to register a CAGR of 13% between 2024 and 2032. Thus, the rapid shift to electric powertrain is anticipated to generate demand for EV terminals in the coming years.
Another key driver for the automotive terminals market is the increasing integration of advanced driver assistance systems (ADAS) in vehicles. As safety regulations tighten and consumer demand for smart vehicle technologies rises, automakers are incorporating more electronic components, sensors, and cameras that rely on terminals for connectivity. This trend is boosting the need for reliable, high-performance automotive terminals to support complex ADAS functionalities.
What is the market share of the OEM segment in the automotive terminals industry?
The OEM segment held more than 85% of the market share in 2023, due to significant production volumes and investment in advanced technologies. OEMs drive the demand for integrated terminal solutions as vehicles increasingly feature electrification and complex electronic systems.
How is the market segmented based on vehicle type?
The passenger vehicle segment accounted for over 80% of the market share in 2023 and is expected to exceed USD 30 billion by 2032, driven by the increasing demand for personal mobility and convenience, especially in emerging economies.
How big is the global automotive terminals market?
The market size of automotive terminals reached USD 22.4 billion in 2023 and is set to grow at a CAGR of 8.6% from 2024 to 2032, led by the increasing demand for electric vehicles (EVs).
Who are the leading players in the automotive terminals industry?
The major players in the industry include 3M Company, Amphenol Corporation, AVX Corporation, Delphi Technologies, Molex LLC, Nexans S.A., Robert Bosch GmbH, Sumitomo Electric Industries, TE Connectivity Ltd., and Yazaki Corporation.
What is the significance of China's involvement in the automotive terminals market?
China market accounted for 60% of the revenue share in 2023 and is poised to surpass USD 10 billion by 2032, due to China's position as the largest automotive manufacturing hub globally, supported by a vast network of suppliers and manufacturers.