Connector Market Projected to Reach $177.7 Billion, Globally, By 2032 at 7.9% CAGR: Allied Market Research

Oct 29, 2023

The growth of the global connector market is driven by factors such as 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.

Portland, OR, May 03, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Connector Market By Product Type (PCB Connectors, I/O Connectors, Circular Connectors, Fiber Optic Connectors, RF Coaxial Connectors, and Others) and End User (Consumer Electronics, Telecom, Automotive, Energy and Power, Aerospace and Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global connector industry generated $83.2 billion in 2022, and is anticipated to generate $177.7 billion by 2032, witnessing a CAGR of 7.9% from 2023 to 2032.

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Prime determinants of growth

The growth of the global connector market is driven by factors such as 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. On the other hand, growth in the connector market is expected to be restrained by challenges in detecting and resolving faults in transmission connectors used for long-distance communication. Moreover, during the forecasted period, the connector market is anticipated to witness several opportunities due to surge in the number of data centers.

Report Coverage and Details:

Report Coverage

Details

Forecast Period

2022–2032

Base Year

2022

Market Size in 2022

$83.2 billion

Market Size in 2032

$177.7 billion

CAGR

7.9%

No. of Pages in Report

297

Segments Covered

Product Type, End User, and Region.

Drivers

Surge in demand for high-speed connectors

Rise in demand in the 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 had caused significant disruptions in the global supply chains, including those for connectors. Many factories had been shut down or operating at reduced capacity, leading to shortages of key components.

The impact of the pandemic on the connector market had witnessed few changes in consumer behavior. With many people working from home and relying on remote communication technologies, there had been an increased demand for connectors used in telecommunications and data centers during the pandemic.

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

Based on product type, the PCB connectors segment held the highest market share in 2022, accounting for nearly one-fourth of the global connectors market revenue, and is estimated to maintain its leadership status throughout the forecast period, as it has high demand for the development of new connector technologies that can support emerging applications such as 5G and Industry 4.0. However, the fiber optic connectors segment is projected to manifest the highest CAGR of 9.6% from 2023 to 2032, as it offers a cost-effective solution to transfer the data to various end users.

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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 market revenue, owing to the advancements in technology, increase in demand for energy-efficient solutions, and growth in demand from electric vehicles (EVs). Moreover, the telecom segment is projected to manifest the highest CAGR of 9.22% from 2023 to 2032, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in use of advanced devices such as cell phones, cameras, and other electronic gadgets.

Asia-Pacific to maintain its dominance by 2032.

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 connector market revenue. The same region is expected to witness the fastest CAGR of 8.44% from 2023 to 2032, and is likely to dominate the market during the forecast period, owing to surge in the billion-dollar investment projects in infrastructure, energy, telecommunications, and other industries by prominent companies in this region.

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Leading Market Players:

3M

ABB LTD.

AMETEK INC.

AMPHENOL CORPORATION

APTIV PLC

FOXCONN INTERCONNECT TECHNOLOGY LIMITED (FIT)

HIROSE ELECTRIC CO., LTD.

HUAWEI TECHNOLOGIES CO. LTD.

JAPAN AVIATION ELECTRONICS INDUSTRY LTD.

J.S.T. MFG. CO., LTD.

KOCH INDUSTRIES, INC. (MOLEX)

LUXSHARE PRECISION INDUSTRY CO., LTD.

NEXANS

PRYSMIAN S.P.A.

TE CONNECTIVITY

The report provides a detailed analysis of these key players of the global connector market. These players have adopted different strategies such as acquisition, branding, product development, contracts, 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 opportunities.

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 market.

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.

Connector Market Key Segments:

By Product:

PCB Connectors

I/O Connectors

Circular Connectors

Fiber Optic Connectors

RF Coaxial Connectors

Others

By End User:

Consumer Electronics

Telecom

Automotive

Energy and Power

Aerospace and Defense

Others

By Region:

North America (U.S., Canada, and Mexico)

Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)

Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)

LAMEA (Latin America, Middle East and Africa)

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