Connector Market Expected to Reach $141.1 Billion by 2032

According to a new report published by Allied Market Research, titled, “Connector Market, by Product, End User, Material: Global Opportunity Analysis and Industry Forecast, 2024-2032" The connector market was valued at $82.2 billion in 2023, and is estimated to reach $141.1 billion by 2032, growing at a CAGR of 6.3% from 2024 to 2032.

A connector is a device that links electrical circuits to facilitate the transmission of power, signals, or data between different components or systems. Widely used in electronics, telecommunications, automotive, and industrial applications, connectors enable easy assembly, maintenance, and upgrading of devices by providing detachable and reusable connections. They come in various types, such as plugs, jacks, and ports, tailored for specific applications like USB, HDMI, or automotive connectors. By ensuring reliable and secure connections, connectors prevent power loss, signal degradation, or interference. As electronic devices become smaller and more complex, the need for high-performance, durable, and miniaturized connectors is increasingly important in meeting the demands of modern technology.

An electrical connector is an electromechanical gadget used for joining circuits. It consists of jacks (female end) and plugs (male end). The established connection may be permanent joint between devices or act as temporary, for portable gears. An adapter can be used to efficiently bring together different connectors. These connectors significantly reduce effort, time, and manpower needed for assembling, manufacturing, and installing devices, their components as well as wiring. There are various types on connectors available in market: PCB Connectors, I/O Connectors, circular connectors, fiber optic connectors, and RF coaxial connectors among others. Also, connectors such as BNC connector, XLR connector, and wire connectors like standard & high temp screw-on electrical wire connectors, screw-on wire connectors, wing wire connectors, and push-in wire connectors, are widely used in various applications. The BNC connector is used for signal connections such as: radio antennas, nuclear instrumentation, analog and serial digital interface video signals, among others. However, XLR connector is used to connect XLR cable which is primarily found on professional audio, video, and stage lighting equipment’s.

The global connector industry is anticipated to witness significant growth during the forecast period. Factors such as rapid urbanization along with rise in demand for consumer electronic devices, high usage of automation technology across various sectors including industrial, defense, and automotive segment drive the growth of the connector market. In addition, the automotive segment is fueled by adoption of advanced safety features & the increasing number of electronic components in vehicles, and rise in the number of autonomous vehicles globally. However, volatility in the raw material prices such as copper, is a major restraint to global connector industry. In addition, surge in demand from telecom and automotive sector owing to emerging 5G, and IoT technology is expected to create opportunities for the connector market report.

Moreover, developing nations tend to witness high penetration of connector market products, especially in the consumer electronic and telecommunication segment. Factors such as high demand for high-speed connectors, and surge in digitalization worldwide owing to COVID-19 pandemic contribute toward the connector market growth in the coming years.

The global connector market forecast is segmented into product type, end user, and region. By product type, the market is divided into PCB Connectors, I/O connectors, circular connectors, fiber optic connectors, RF coaxial connectors, and others. By end user, the market is segregated into consumer electronics, telecom, automotive, energy & power, aerospace & defense, and others.

Region wise, the connector market insights trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2023. Also, between 2023 and 2032, the connector market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as China, India, South Korea, Japan, among others.

KEY FINDINGS OF THE STUDY

• The telecom segment is projected to be the major application during the forecast period followed by automotive. The growing electronic vehicle, 5G and IoT technology is anticipated to drive the connector market trends growth in the future.
• The Asia-Pacific and North America collectively accounted for more than 68% of the connector market share in 2023.
• Asia-Pacific is anticipated to witness highest growth rate for connector market value during the forecast period.
• U.S. and Canada were the major shareholder in the North America cable connectors market, accounting for approximately 89.9% share in 2023.

The key players profiled in the report include 3M, ABB Ltd., Ametek Inc., Amphenol Corporation, Aptiv PLC, Huawei Technologies Co. Ltd., Japan Aviation Electronics Industry Ltd., Nexans, Prysmian S.P.A., and TE Connectivity Ltd. These players have adopted various strategies such as product launch, acquisition, partnership, and expansion to expand their foothold in the connector industry report.