The global automotive electrical products market is expected to grow at a Moderate CAGR through 2030.
This press release was originally issued by Release Wire
New York, NY—(Release Wire) — 03/30/2022 — New York: The global automotive electrical products market is likely to grow steadily, mainly due to the growing popularity of electric vehicles (EVs), concludes the recently published report by Persistence Market Research (PMR) on the subject.
As vehicle emissions standards tighten, governments are shifting from conventional diesel, gasoline and gas-powered automobiles to more sustainable alternatives. As a result, electric vehicle ownership is peaking. Estimates suggest more than 500 different electric vehicle models by 2022, reaching 8.5 million units sold by 2025.
These highly sophisticated vehicles require advanced engine and charging configurations, thus providing immense traction to the automotive electrical products market dealing with charging cables, connectors, batteries, and other assembly parts. Despite the COVID-19 induced sluggishness, the market is expected to climb steadily throughout the long-term forecast period.
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Key Insights from Automotive Electrical Products Market Research
– The global automotive electrical products market is expected to expand at a Moderate CAGR through 2030.
– North America will maintain its profitability due to the presence of many automotive startups.
– Automotive connectors to find wide application for connecting sensors, actuators and control units of vehicle electrical assemblies.
– Heavy Duty Vehicles to generate credible growth opportunities in the Automotive Electrical Products market.
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“The increase in vehicle ownership is pushing automakers to incorporate technological advances to ensure safety and avoid accidents, thus increasing the importance of automotive electrical products,” noted a PMR analyst.
Market dotted with many automotive start-ups
With electricity becoming the new norm, the global automotive industry landscape is rapidly being penetrated by various startups vying for a major slice of the pie across all continents. With global electric vehicle sales expected to reach 250 million units by 2030, the automotive electric products market is poised for significant developments.
Technological disruptions such as additive manufacturing, big data and data analytics, electrification, shared mobility, automation and artificial intelligence have been instrumental in motivating the formulation of many manufacturers of electrical products and related services.
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Examples of some startups include RevitsOne (India), Procon Analytics (US), Apostera (Germany), V2X Network (UK), Intvo (US), Udlev (US), Unit8 (Switzerland) and DAV (Israel) among others. The existing manufacturing giants are therefore focusing on partnering with these vendors to effectively leverage their services.
Automotive Electrical Products Market: Competitive Landscape
The major manufacturers in the automotive electrical products market depend on strategic partnerships, collaborations, acquisitions, and product launches to carve out a foothold in this space. In addition, they seek to penetrate developing and emerging countries because they have a very large customer base, which gives them significant revenue prospects.
– In November 2020, Broadcom Ltd. released its first automotive IEEE 802.3ch multigigabit physical and multilayer switches equipped with MACsec support. The solution is specifically designed to meet the ever-increasing demand for in-vehicle data security, time-sensitive networking, and high-bandwidth networking.
– In August 2019, BBB Industries Inc. unveiled its “JOB-IN-A-BOX” kit to service its OE-TURBOPOWER turbochargers. The kit consists of studs, o-rings and gaskets, as well as a syringe to pre-lubricate the turbocharger before installation. The company also manufactures starters, alternators, hydraulic steering and EPAS accessories.
Explore more valuable insights into the Automotive Electrical Products Market
Persistence Market Research in its new report offers an unbiased analysis of the global Automotive Electrical Products market, presenting historical data (2015-2019) and estimation statistics for the period 2020-2030. The study offers compelling insights into the automotive electrical products market based on product (light equipment, automotive batteries, automotive connectors, alternators & starters, ignition system & parts, and others) and vehicle (passenger vehicles, light commercial vehicles and heavy commercial vehicles), in seven regions.
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