Smart Terminals with High-Performance Elevating Automotive Experience:
The automotive industry is expanding largely in the past few decades induced by diverse technical and mechanical changes incorporated in the vehicles. These changes have marked the elevation of the manufacturing of subsidiary parts infused with more advanced materials to achieve a higher efficacy. The automotive terminal market experiences huge demand keeping up with the internet of things (IoT) technology trend in modern market environment. Concurrently, intelligent terminals integrated with sensors are rapidly acquiring a prominent place in the automotive industry. E-mobility is a wide field and involves distinct commodities such as battery cables, automotive ethernet, maf sensor, and air flow meter. Precise monitoring and measuring of current, voltage, temperature, positioning and other vital criteria ensures safety and eliminates any uncertain circumstances during assembly or application. Battery terminals are majorly accompanied by these intelligent technologies and have been used in several automotive configurations such as engines, lighting, and infotainment systems dashboards. Currently, very few manufacturing companies are distributing sensors-based automotive terminals across the world. For instance, the United States-based automotive parts manufacturing company, MTA SPA delivers specific battery terminals with the sensor which include five definite products for automotive OEMs. Besides, as the world is inclining towards the arrival of autonomous and connected vehicles in the market, this revolutionary enhancement will uplift the overall driving experience of the customers. Significantly, this feature is disrupting the current progress of the automotive terminal market and in recent times it will eventually increase the demand prospects in the forthcoming years.
Current Global Automotive Terminal Market Scenario:
The global automotive terminal market size stood at $13.5 billion as of 2018 aided by the growth of the automotive sector in many regions across the globe. Approximately 26 million commercial vehicles were traded in the year 2018. This signifies the large dependency on the automotive terminal market to produce these vehicles which show a direct thrust to the economic output of the niche market. Relying solely on the efficacy of the Ethernet connection, vehicles require specific terminals to maintain a better electrical connection. With this rising demand from the end-users throughout the world, the automotive terminal market is anticipated to increase at 10% CAGR during the forecast period of 2019-2025. Additionally, automotive OEMs are largely benefited by the varied range of terminals available in the market such as mass air flow (MAF) sensor terminal and terminals for battery cable. However, the engine and emission control segment generates huge demand for terminals in vehicles. In India, the auto component industry leveraged a huge revenue of around $51.2 billion during FY 2017-18. This is simultaneously reflective of the profit leveraged by the engines and emission control components of automotive worldwide. Concurrently, the application of terminals in engines and emission control is estimated to grow at a considerable CAGR of 13% through to 2025.
Rapidly Increasing Automotive Sector and Geographical Study:
The automotive terminal market growth is facilitated by the incrementing business of the automotive industry across the globe. As the worldwide population is shifting from savings to spending culture, there is a huge space for the automotive industry to expand and flourish extensively. Subsequently, there is a large scale production and sales of different automotive vehicles across the world which is constantly stirring the automotive terminal market demand in recent years. Globally, 96 million number of vehicles were manufactured and nearly 95 million vehicles were sold in the year 2018. This also signifies the included demand for the automotive terminals in the manufacturing of the vehicles which boosts the niche market growth scopes. However, APAC is leading the race of automotive terminal manufacturing and supply in recent times. It contributed a major regional share of 31.8% to the global automotive terminal market in 2018. Among other countries in the APAC region, India is currently advancing its pace to acquire huge economic output and emerge as a massive automotive industrial center in the world. India is estimated to become the fourth largest auto components industry by the year 2025. As a result, this positively propels the domestic auto terminal market size. Additionally, Asia is the largest importer of automotive components in the world which accounts for 60% of the global imported share. Resultantly, a huge automotive sector and healthily growing economic status of APAC is generating huge prospects and will continue to experience a surge in demand for automotive terminals in the forecasted years.
The Pioneering Companies in the Automotive Terminal Market:
Several key companies are investing in R&D activities and other innovational product manufacturing thereby increasing their scope of opportunity to expand. Consequently, huge revenue prospects, these companies are constantly contributing to the automotive terminal market share. The automotive terminal market top 10 companies include Delphi Technologies, PKC Group, Sumitomo Electric Industries, Grote, Lear Corporation, The Furukawa Electric Co., Ltd., Molex, Keats Manufacturing Co., TE Connectivity Inc., and Viney Corporation Ltd.