January 21, 2021

Persistence

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
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NEW YORK, Nov. 23, 2020 /PRNewswire/ — A new study by Persistence Market Research (PMR) on the global automotive active grille shutter market predicts a sluggish albeit upward growth trajectory on the back of growing concerns over rising emission levels from passenger, light, and heavy commercial vehicles.

With world fuel consumption continuously rising, demand for efficient automotive solutions increases at the same pace. Light-duty vehicles are often equipped with gasoline-powered spark ignition engine powertrains, and this makes them highly fuel-intensive. This brings the need for regular engine maintenance, which includes regulation of fuel burning, in turn, catalyzing the usage of active grille shutters.

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Key Takeaways from Automotive Active Grille Shutter Market Study

  • Europe is likely to remain a dominant region in the global automotive active grille shutter market, owing to exhaustive implementation of emission standards.
  • Passenger vehicles to retain lucrativeness, attributed to rising ownership of high-end luxury cars.
  • Horizontal vane active grille shutters to capture substantial market share by type.
  • The COVID-19 pandemic is expected to decelerate expansion, owing to prevailing sluggishness due to automotive production shortfalls

 “Manufacturers are increasingly foraying into emerging economies, as passenger vehicle ownership rises amid surging disposable income, providing credible growth opportunities to potential vendors in the automotive active grille shutter market space,” says a PMR analyst.

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Demand to Surge in Wake of Improved Aerodynamic Performance

Demand for automotive active grille shutters is increasing due to automotive ownership rising across the world. In the year 2019, sales of automotive across the world were more than 65 million vehicles. This has led to a simultaneous increase in the usage of automotive assembly parts such as active grille shutters. These shutters offer excellent aerodynamic performance.

Active grill shutters typically offer up reduction in vehicular weight and improvement in aerodynamic performance. Most luxury car companies equip their vehicles with the most advanced active grille shutters, which aid in the regulation of airflow so as to manage connective heat transfer.

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Automotive Active Grille Shutter Market: Competitive Landscape

As per PMR’s analysis, the global automotive active grille shutter market is characterized by the presence of players such as Broze Fahrzeugteile GmbH, Johnson Electric Holding Ltd., Mirror Controls International, Sonceboz SA, Rochling Automotive, Magna International Inc., SRG Global, HBPO, Shape Corporation, Valeo Inc., and Others. These players largely focus on new product offerings, strategic collaborations, joint ventures, acquisitions, and technological innovations.

·  In September 2020, Magna International announced the acquisition of a majority ownership of Honglizhixin (HLZX), a prominent automotive seat supplier to the Chinese automobile industry, with the intention of deepening seat distribution networks throughout Mainland China.

·  In 2017, SRG GlobalTM inaugurated a new innovation center in Taylor, Michigan, USA, for the purpose of augmenting existing research capacities. The facility is specifically designed for prototyping, experimentation, and testing of products.

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