Crimp Terminal Market Size and Trends: Global Outlook
Introduction
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As of 2023, the crimp terminal market was valued at USD 1.5 billion and is expected to grow to USD 2.4 billion by 2032, with a CAGR of 5.4% during the forecast period. Crimp terminals are known for their exceptional mechanical and electrical properties, which are vital for critical applications in modern vehicles and aircraft. The increase in electric vehicle (EV) production and advancements in aerospace technologies are boosting the demand for crimp terminals. These components ensure durable and efficient electrical connections, which are essential for system longevity. Furthermore, the growing need for smart grids that optimize energy distribution contributes to the market expansion.
