Connector Market Expected to Reach $168.0 Billion, Globally, By 2031 at 7.9% CAGR: Allied Market Research

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Nov 08, 2023, 03:35 ET

Surge in demand for high-speed connectors, rise in demand in automotive sector and increase in investment in defense and submarine cables by various organizations drive the growth of the global connectors market.

WILMINGTON, Del., Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Connector Market By Product, End User, and Material: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global connector market was valued at $79.8 billion in 2022, and is projected to reach $168 billion by 2032, registering a CAGR of 7.9% from 2023 to 2032.

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236 - Tables
103 - Charts
480 - Pages

Prime Determinants of Growth

The connector market is expected to witness notable growth owing to surge in demand for high-speed connectors, rise in demand in automotive sector and rise in investment in defense and submarine cables by various organizations. Moreover, surge in number of data centers is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, complex fault detection and removal process of errors limits the growth of the connector market.

Report Coverage and Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$79.8 billion
Market Size in 2032	$168.0 billion
CAGR	7.9 %
No. of Pages in Report	480
Segments covered	Product, End User, Material, and Region
Drivers	Surge in demand for high-speed connectors
	Rise in demand in automotive sector
	Rise in investment in defense and submarine cables by various organizations
Opportunities	Surge in number of data centers
Restraints	Complex fault detection and removal process of errors

COVID-19 Scenario:

The COVID-19 pandemic caused disruptions in the global supply chains, resulting in a decreased demand for specific types of connectors in industries such as automotive and aerospace. This created challenges for manufacturers due to lockdowns and restrictions.
Nevertheless, the connectors industry demonstrated resilience and adaptability. There was an increase in demand for connectors used in healthcare and medical equipment, as well as for data centers and telecommunication infrastructure.
The surge in remote work and reliance on digital technologies further amplified the need for connectors supporting these applications.

The PCB connectors segment to maintain its leadership status throughout the forecast period

Based on product, the PCB connectors segment held the highest market share in 2022, accounting for more than one-fourth of the global connectors market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the growth of the electronics industry along with advances in semiconductor technology. Increased demand for automotive electronics is expected to drive the market during the forecast period. However, the patchcord segment is projected to attain the highest CAGR of 10.2% from 2023 to 2032, due to increase in demand for rapid data transmission in sectors such as telecommunications, data centers, and cloud computing, which propels the adoption of advanced patchcord technologies.

The automotive segment to maintain its leadership status throughout the forecast period

Based on end user, the automotive segment held the highest market share in 2022, accounting for nearly one-fourth of the global connector industry revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increase in demand for automotive safety systems which has a direct influence on the demand for automotive connectors. However, the telecom segment is projected to attain the highest CAGR of 8.3% from 2023 to 2032.

The copper segment to maintain its lead position during the forecast period

Based on material, the copper segment accounted for the largest share in 2022, contributing to nearly one-third of the global connectors market revenue, due to their exceptional electrical conductivity, have experienced a surge in adoption with the increasing demand for high-speed data transmission across industries. However, the others segment is expected to portray the largest CAGR of 10.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to the use of brass, titanium, nickel, and gold materials in connectors presents a wide array of opportunities, enhancing connectivity solutions for a diverse range of industries and end users.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global connectors market revenue, owing to huge investment in infrastructure, energy, and technology development. The second largest economy of the world, China is preferred for setting up the manufacturing plants including Prysmian, one of the largest cable manufacturing companies of the world. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.4% from 2022 to 2031.

Key Industry Development:

August 2023 - Molex, a leading global connectivity and electronics solutions provider, has captured a prestigious IoT Product Award at the recent OFweek 2023 (8th) IoT / AI Conference recently hosted in Shenzhen, China. Molex received the award for Mezz Pro and Mirror Mezz Enhanced high-speed connectors.
July 2023 - ABB announced the launch of world's first full range of hinged high voltage connector backshells to heavy-duty electric vehicles (EV). Harnessflex EVO connector interfaces increase cable-to-connector stability in high voltage applications.
June 2023 - FIT Hon Teng, a subsidiary of HonHai, has received the "Red Dot Design Award", known as the "Oscar of the Design Industry." FIT focused on the hottest topic of AI and showcased its excellent design capabilities with its innovative 800G high-speed connector under the theme "FITCONN," winning the Design Concept Award. This innovative solution not only adheres to the specifications and design rules of existing data centers but also greatly improves data transmission efficiency.
April 2022 - The Ministry of Industry and Information Technology issued the green manufacturing list for 2021 on January 15. Luxshare Electronic Technology (Kunshan) Ltd., Huzhou Jiuding Electronic Co., Ltd., and Jiangxi Luxshare Intelligent Manufacture Co., Ltd., all subsidiaries of Luxshare ICT, have been awarded the National Green Factory award.
January 2022 - Hirose Electric Co., Ltd.won the Supplier of The Year Award for the electromechanical field in recognition of being one of the most outstanding suppliers by Continental.
November 2021 - Hirose's compact FPC-to-board connector, the BM50 Series, is recognized as a CESInnovation AwardsHonoree in the Mobile Devices & Accessories category.The BM50 Series is an innovative connector with 15A high power supply capacity and a compact size that reduces the PCB mounting space by approximately 30%*2compared to the existing products.
July 2021 - Hirose received a certificate of gratitude from IEEE (awards program to honor historical and groundbreaking technological innovations) for its significant contribution to the R&D of physical contact connection technology and fiber optic connectors from Nippon Telegraph and Telephone Corporation.

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Leading Market Players:

Koch Industries, Inc. (MOLEX)
Aptiv PLC
Japan Aviation Electronics Industry, Ltd.
ABB Ltd.
TE Connectivity
Nexans
J.S.T. Mfg. Co., Ltd.
Prysmian S.p.A.
Amphenol Corporation
Foxconn Interconnect Technology Ltd
Huawei Technologies Co., Ltd.
Luxshare Precision Industry Co., Ltd.
Ametek Inc.
3M
Hirose Electric Co., Ltd.

The report provides a detailed analysis of these key players of the global connector market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the connector market analysis from 2022 to 2032 to identify the prevailing connector market forecast.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the connector market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global connector market growth.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global connector market trends, key players, market segments, application areas, and market growth strategies.

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