Surge in demand for high-speed Connector, rise in demand for Connector in automotive sector, and surge in investment in defense & submarine cables by various organizations drive the growth of the global Connector market.
Wilmington, Delaware, Sept. 18, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Connector Market by Product (PCB Connectors, I/O Connectors, Circular Connectors, Fiber Optic Connectors, RF Coaxial Connectors, and Others), End User (Consumer Electronics, Telecom, Automotive, Energy & Power, Aerospace & Defense, and Others), and Material (Copper, Aluminum, Stainless Steel, Plastic, and Others): Global Opportunity Analysis And Industry Forecast, 2024-2032”. According to the report, The global connector market was valued at $82.2 billion in 2023, and is projected to reach $141.1 billion by 2032, registering a CAGR of 6.3% from 2024 to 2032.
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Prime Determinants of Growth
The connector market is expected to witness notable growth owing to surge in demand for high-speed Connector, rise in demand for Connector in automotive sector, and surge in investment in defense & 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 & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| ase Year | 2023 |
| Market Size in 2023 | $82.2 billion |
| Market Size in 2032 | $141.1 billion |
| CAGR | 6.3% |
| No. of Pages in Report | 309 |
| Segments Covered | Product, End User, Material, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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The PCB Connector segment held the highest market share in 2023.
By product, the PCB Connector segment held the highest market share in 2023, accounting for more than one-fourth of the global Connector 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 fiber optic Connector segment is projected to manifest the highest CAGR of 8.29% from 2024 to 2032, due to increasing demand for high-speed data transmission, rising adoption of fiber optic networks in telecommunications, and growing investments in data centers.
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The automotive segment held the highest market share in 2023.
By end user, the automotive segment held the highest market share in 2023, accounting for nearly one-fourth of the global Connector market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in demand for automotive safety systems has a direct influence on the demand for automotive Connector. However, the telecom segment is projected to manifest the highest CAGR of 7.58% from 2023 to 2032.
The copper segment held the highest market share in 2023.
By material, the copper segment accounted for the largest share in 2023, contributing to nearly one-third of the global Connector 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 7.81% from 2024 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 Connector presents a wide array of opportunities, enhancing connectivity solutions for a diverse range of industries and end users.
Asia-Pacific held the highest market share in 2023.
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for more than two-fifths of the global Connector 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 7.11% from 2024 to 2032.
Key Industry Development –
- In 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 Connector.
- In July 2023 – ABB announced the launch of the 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.
- In 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.
- In 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.
- In 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.
- In 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.
- In 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 Connector from Nippon Telegraph and Telephone Corporation.
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Leading Market Players: –
- Koch Industries, Inc. (MOLEX)
- Japan Aviation Electronics Industry, Ltd.
- Foxconn Interconnect Technology Ltd
- Huawei Technologies Co., Ltd.
- Luxshare Precision Industry Co., Ltd.
- 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, and agreements 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 2023 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 global connector market and Connector for US 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, and connector market size by country, Connector Sector Analysis, Connector Market Data, Connector Market Insights.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the Connector Market Share by Companies, Cable Connectors, and Fiber Optic Connectors.
- 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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Connector Market Key Segments:
By Product
By End User
By Material
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (UK, Germany, France, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, and Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)
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