Wilmington, Delaware, United States, March 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Automotive junction box industry report by TMR suggests that the global market size was valued at US$ 42.5 Bn in 2022. It is estimated to expand at a CAGR of 7.5% from 2023 to 2031 and reach US$ 81.4 Bn by the end of 2031.
Various parameters including growth drivers, emerging trends, regional landscape, competitive analysis, and profiled players are examined through an extensive market survey. Deep insights into the market prove to be beneficial for the key players to take appropriate business decisions.
Automotive junction box protects multiple connections by securing them. These boxes secure electric connections and ensure that any threat can be accessed and fixed without any hassles. These junction boxes are also being installed into house hold electronic modules. Rise in adoption of the automotive junction box in the automotive sector is estimated to create unprecedented growth opportunities for the global business.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 42.5 Bn | |
| Estimated Value | USD 81.4 Bn | |
| Growth Rate - CAGR | 7.5 % | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 230 Pages | |
| Market Segmentation | By Technology Type, Function, Component, and Vehicle Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Aisin Seiki Co. Ltd., BorgWarner Inc., Continental AG, Denso Corporation, Eaton Corporation Plc, Hilite International, Hitachi Astemo, Ltd., Onsemi, Maxwell Technologies Inc, Mechadyne International Ltd, Robert Bosch Gmbh | |
Automotive Junction Box Market: Growth Drivers
Rise in sale of commercial and passenger vehicles to propel industry growth: Increase in sales of passenger and commercial vehicles is driving the automotive junction box market. Concurrently, the surge in application of electronic components in automobiles has led to the voluminous growth of the automotive junction box market. Novel innovations and rise in penetration of electrification in vehicles have created significant opportunities for the global industry.
Market penetration of EVs to boost business growth: Advent of electrically powered vehicles in the automotive industry has led to the integration of advanced electric components to strengthen the safety aspect. Automobile manufacturers are enhancing consumer experience by introducing novel features such as electric power steering systems. This is projected to boost the growth of the global market. Technological advancements in the automotive sector have led to low maintenance costs and improvements in fuel efficiency. Thus, the automotive junction box market is likely to witness unprecedented growth in the near future.
Key Findings of Automotive Junction Box Market
Smart junction box technology segment to replenish major revenue share: Electronics and telematics solutions are being increasingly integrated into medium-sized and low-budget cars. This has opened new growth avenues for the global market. Deployment of microcontroller-based technology in vehicles is estimated to increase the demand for automotive junction boxes.
Passenger vehicles segment to exhibit significant growth: Integration of assisted technologies such as ADAS in passenger vehicles is expected to accelerate segment growth. Additionally, rise in spending capacity of individuals in developing countries across the globe has led to a growth in sales of passenger cars. Hence, the passenger vehicle segment is likely to witness exponential growth during the forecast period.
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Automotive Junction Box Market: Regional Dynamics
Asia Pacific is expected to account for a major market share due to the rapid growth of the automotive industry in the region. Countries such as India, Japan, South Korea, and China are shifting toward the use of electric vehicles. This is likely to create ample growth opportunities for the worldwide market.
Europe is anticipated to follow Asia Pacific in a growth trajectory due to rise in sales of electric cars in the region. The market in countries such as France, Italy, the U.K., and Germany is driven by the expansion of the automobile industry. Consequently, Europe is a home for various OEMs and suppliers. Therefore, this region may experience lucrative growth from 2023-2031.
North America is estimated to record exponential sales in the LCVs and SUVs categories. Furthermore, key manufacturers in countries such as the U.S. are concentrating on the development of superior vehicle components. This is projected to positively impact market growth.
Automotive Junction Box Market: Competitive Scenario
Key players operating in the automotive junction box market are relentlessly focusing on the development of novel technologies through R&D activities. They are striving to improvise the product quality through consistent research. New products with enhanced features are being launched, which may generate profitable business for the global market. Promotional activities and advertisement campaigns play a crucial role in market expansion.
Strategic collaborations with mergers, acquisitions, joint ventures, and startups have led to product portfolio expansion. The formulation of novel growth strategies is expected to bring exponential growth to the global market.
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Some of the leading players in the global industry are:
- Mechadyne International Ltd
- Schaeffler Technologies Ag& Co
- Valeo SA
- Mitsubishi Industrial Automation
- Hilite International
- BorgWarner Inc
- Robert Bosch Gmbh
- Continental AG
- Eaton Corporation Plc
- BorgWarner Inc
- Aisin Seiki
- Hitachi Astemo
Automotive Junction Box Market: Segmentation
Technology Type
- Passive Junction Box
- Smart Junction Box
Function
- Automotive Power
- Switching
- Vehicle Body Control
Component
- AC Power Plugs & Sockets
- Cable Tray
- Electrical Conduit
- Mineral Insulated Copper Clad Cable
- Multi-Way Switching
- Steel Wire Armored Cable
- Ring Circuit
- Thermoplastic Sheathed Cable
Vehicle Type
- Passenger Vehicles
- Hatchback
- Sedan
- SUVs
- LCVs
- Heavy Duty Trucks
- Buses & Coaches
- Agricultural Equipment
- Construction & Mining Equipment
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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