New Study Reports “Automotive Electrical Products Market Global Opportunities, Challenges, Strategies and Forecasts 2021-2031” has been added on Persistence Market Research.

This report provides in depth study of “Automotive Electrical Products Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Automotive Electrical Products Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.

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

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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.

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.

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