Press Fit Connector Market to Reach $13.5 Billion, Globally, by 2032 at 4.8% CAGR: Allied Market Research
The press fit connector market is driven by factors such as an increase in adoption of electronics and infotainment systems in automotive sector and surge in demand for electronic systems and durable electricals.
PORTLAND, Ore., Sept. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Press Fit Connector Market by Material, Application): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the press fit connector market was valued at $ 8.7 Billion in 2022 and is estimated to reach $13.5 Billion by 2032, exhibiting a CAGR of 4.8% from 2023 to 2032.
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Prime Determinants of Growth
The press fit connector market is driven by factors such as an increase in adoption of electronics and infotainment systems in automotive sector and surge in demand for electronic systems and durable electricals. On the other hand, with high mechanical stress it is less secure and leads to intermittent connections or complete failure to restrain the market growth during the forecast period. Nevertheless, adoption of high-speed data transfers solutions in aerospace and defense sector will provide lucrative opportunities in the upcoming years.
Report Coverage & Details:
The stainless-steel segment to maintain its leadership status throughout the forecast period.
Based on material, the stainless-steel segment held the highest market share in 2022, accounting for more than two-thirds of the global press fit connector market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to showcase the fastest CAGR of 5.0% from 2023 to 2032. The market for stainless steel press-fit connectors is mainly propelled by the rising need for dependable and effective joining solutions across several sectors, including plumbing, electronics, and automotive. These connectors are a popular option for situations where reliable connections are required because of their benefits such as easy installation, corrosion resistance, and good mechanical integrity.
The automotive segment to maintain its leadership status throughout the forecast period.
Based on application, the automotive segment held the highest market share in 2022, accounting for more than half of the global press fit connector market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would cite the fastest CAGR of 5.29% from 2023 to 2032. The adoption of press-fit connections in the automobile sector is being driven by the growing complexity of vehicle systems, including cutting-edge infotainment, safety, and engine technology.
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 nearly half of the global press fit connector market revenue. This is due to a rising reliance on fast, dependable communication networks. In many industries, including telecommunications, networking, data centers, and wireless communication, these connectors offer a solderless alternative for creating secure connections that are essential for data transmission applications. However, the LAMEA region would cite the fastest CAGR of 5.93% from 2023 to 2032.
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Leading Market Players:
The report provides a detailed analysis of these key players of the global press fit connector market. These players have adopted different strategies such as product development and product launch 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:
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Press Fit Connector Market Key Segments:
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