The North America Automotive Connectors Market would witness market growth of 5.2% CAGR during the forecast period (2023-2030).In the year 2019, the North America market's volume surged to 301.9 million units, showcasing a growth of 3.1% (2019-2022).
The development of HVAC and air conditioning systems due to technological advancement is anticipated to affect connectors' growth throughout the forecast period positively. Market leaders and acquisitions are producing connectors to accommodate vehicle features. In addition, memory and data storage connectors are used in sophisticated automotive systems to facilitate Wi-Fi networks in automated vehicles. This is accelerating market expansion and the rising popularity of hybrid vehicles. In the upcoming years, the market is anticipated to be driven by developments in products such as adaptive front lighting, cruise control, park assistance, departure warning systems, and machine learning in self-driving vehicles.
Increased demand for better and more efficient transportation has enabled manufacturers to create and introduce innovative vehicles for performance in all conditions. As a result, automotive component manufacturers have been able to develop more efficient and effective components for installation in vehicles. This is anticipated to stimulate the expansion of the market.
The United States is a significant manufacturer for electric vehicles, and the country is transitioning toward adopting electric mobility. This is partially due to the abundance of technology and electric vehicle manufacturing startups and companies across the nation, like Tesla, Rivian, Lucid, General Motors, etc. In 2018, Mexico reported a 68 percent increase in EV sales, and hybrid vehicle sales surpassed 17,800 units compared to 2017, according to the most recent update by ITA in 2020. 955393 electric and hybrid vehicles were sold in 2019 from January through September. The rising adoption of electric vehicles across regional nations is anticipated to contribute to expanding the regional market.
The US market dominated the North America Automotive Connectors Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,824.6 million by 2030. The Canada market is poised to grow at a CAGR of 7.6% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 6.6% during (2023 - 2030).
Based on Application, the market is segmented into Safety & Security, Powertrain, Comfort, Convenience, & Entertainment (CCE), Body Wiring & Power Distribution and Navigation & Instrumentation. Based on Product, the market is segmented into PCB, IC, RF, Fiber Optic, and Others. Based on Connectivity, the market is segmented into Wire to Wire, Wire to Board and Others. Based on Vehicle Type, the market is segmented into Commercial Vehicles, and Passenger Cars. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Automotive Connectors Market is Projected to reach USD 15.2 Billion by 2030, at a CAGR of 5.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TE Connectivity Ltd., Yazaki Corporation, Aptiv PLC, Sumitomo Electric Industries, Ltd., Molex, LLC (Koch Industries, Inc.), Amphenol Corporation, Korea Electric Terminal Co., Ltd., Kyocera Corporation, Rosenberger Hochfrequenztechnik GmbH, and Japan Aviation Electronics Industry, Ltd.
By Application (Volume, Million Units, USD Million, 2019-2030)
By Product (Volume, Million Units, USD Million, 2019-2030)
By Connectivity (Volume, Million Units, USD Million, 2019-2030)
By Vehicle Type (Volume, Million Units, USD Million, 2019-2030)
By Country (Volume, Million Units, USD Million, 2019-2030)
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