NEW YORK, Dec. 2, 2020 /PRNewswire/ -- The global automotive electrical products market is likely to expand steadily, primarily due to swelling popularity of electric vehicles (EVs), concludes Persistence Market Research's (PMR) recently published report on the subject.
As vehicular emission standards toughen, governments are transitioning from conventional diesel, gasoline, and petrol automobiles to more sustainable alternatives. As a result, ownership of EVs is peaking. Estimates suggest more than 500 different EV models by 2022, reaching 8.5 million unit sales by 2025.
These highly sophisticated vehicles require advanced engine and charging setups, thus providing immense traction to the automotive electrical products market dealing in charging cables, connectors, batteries, and other assembly parts. Despite COVID-19-induced sluggishness, the market is expected to climb steadily across the long-term forecast period.
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Key Takeaways from Automotive Electric Products Market Study
- The global automotive electrical products market is projected to expand at a moderate CAGR through 2030.
- North America to retain lucrativeness due to presence of numerous automotive startup companies.
- Automotive connectors to find extensive application for connecting sensors, actuators, and control units of vehicular electrical assemblies.
- Heavy commercial vehicles to generate credible growth opportunities in automotive electrical products market.
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"Increasing vehicle ownership is prompting automotive manufacturers to integrate technological advancements to ensure safety and avoid accidents, thus accentuating the importance of automotive electrical products," remarks a PMR analyst.
Market Interspersed with Numerous Automotive Start-Up Companies
With electric becoming the new normal, the global automotive industry landscape is being rapidly penetrated by various startup companies vying for a significant chunk of the revenue pie across all continents. With global EV sales projected to reach 250 million units by 2030, the automotive electrical products market is poised to witness significant developments.
Technological disruptions such as additive manufacturing, big data & data analytics, electrification, shared mobility, automation, and artificial intelligence have played an instrumental role in motivating the formulation of numerous electrical products and allied services manufacturers.
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Examples of some startup companies include RevitsOne (India), Procon Analytics (U.S), Apostera (Germany), V2X Network (U.K), Intvo (U.S), Udlev (U.S), Unit8 (Switzerland) and DAV (Israel) among others. Existing manufacturing giants are therefore concentrating on partnering with these vendors to effectively leverage their services.
Automotive Electrical Products Market: Competitive Landscape
Prominent manufacturers in the automotive electrical products market depend on strategic partnerships, collaborations, acquisitions, and product launches to carve a footing in this space. In addition, they seek to penetrate developing and emerging countries as they have a very large customer base, as such, yielding significant revenue prospects.
- In November 2020, Broadcom Ltd. launched its first automotive IEEE 802.3ch multigigabit physical and multilayer switches equipped with MACsec support. The solution is specifically designed for addressing 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, along with a syringe to pre lubricate the turbocharger before installation. The company also manufactures starters, alternators, hydraulic steering, and EPAS accessories.
Explore More Valuable Insights on Automotive Electrical Products Market
Persistence Market Research, in its new report, offers an impartial analysis of the global automotive electrical products market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on 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), across seven regions.
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