Market Trends of Automotive Terminal Industry
This section covers the major market trends shaping the Automotive Terminal Market according to our research experts:
Growing Demand for More Electrified Features Driving the Market Growth
Increase in number of electrical features in the vehicle and demand for electric vehicles will drive the growth for automotive terminal market during the forecast period. The rise in demand for luxurious and comfort features in the vehicles have increased the demand for electric systems in the vehicle. Features like safety and security system, infotainment system, lighting system, body control and interiors systems etc. As electric content in cars has increased steadily in the last two decades, vehicle electronics has become a key product differentiator for automakers in recent years. In developing countries, the adoption of advanced safety features in vehicles is fueled largely by the regulatory bodies and consumer interest. With increasing adoption of advanced safety features, the number of electronic devices increasing in the vehicle. Also, cameras and other security sensors required terminals which are connecting to the battery packs in vehicles. With increasing electric features in vehicles, the demand for terminals are likely to grow in the global market during the forecast period.
Asia Pacific Captures Major Market Share
The region accounts for almost 60% of world's population and major developing economies of the world like China and India. During the forecast period these economies are expected to grow much faster owing to the activities in construction, transportation, industrialization etc. This will increase the demand for automobiles in the region during the forecast period. Governments in Asia-Pacific have been focusing on to mandate some of the new active and passive safety features of vehicles and other electrical features, which in turn will drive the growth of automotive terminal market in the region in the coming years.
