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