PUBLISHER: BIS Research | PRODUCT CODE: 1357046
PUBLISHER: BIS Research | PRODUCT CODE: 1357046
“Global Electronic Connector Market to Reach $123.90 Billion by 2032.”
The global electronic connector market is projected to reach $123.90 billion by 2032 from $78.98 billion in 2022, growing at a CAGR of 4.66% during the forecast period 2023-2032. The growth in the global electronic connector market is expected to be driven by increasing demand for advanced and efficient electronic connectors from applications such as automotive and transportation, computers and peripherals, and telecommunications.
KEY MARKET STATISTICS | |
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Forecast Period | 2023 - 2032 |
2023 Evaluation | $82.22 Billion |
2032 Forecast | $123.90 Billion |
CAGR | 4.66% |
An electronic connector functions as a component facilitating a seamless connection between electrical circuits, and its sales in the market are growing moderately due to the diversity of electronic connectors in various applications. Key market development activities are expected to be boosted by the emergence of electric vehicles, autonomous vehicles, the fifth generation of cellular mobile communications (5G), the Internet of Things (IoT), and Robotics.
The electronic connector market is in the maturity phase. Surging demand for high-performance electronic connectors in advanced electronic devices is pushing the electronic connector market. The electronic connector market is also driven by the implementation of Industry 4.0 by manufacturing industries.
The automotive and transportation segment dominated the global electronic connector market in 2022. The automotive and transportation segment is expected to be the largest segment in the forecast period, as the number of electronics components per vehicle is expected to rise significantly in the upcoming years. Electronic connectors play a pivotal role within the transportation sector, facilitating the operation, safety, and connectivity of diverse transportation methods and systems.
Based on the product type segment, the electronic connector market is expected to be dominated by the printed circuit board (PCB) connectors segment during the forecast period due to obligatory demand from various applications for connecting different PCBs and having communication between them. However, the growing demand for compact and efficient devices from consumers is propelling growth in the PCB connectors segment within the electronic connector market. With the emergence of e-mobility applications, it is expected to see a substantial rise in the product launches of high-voltage PCB connectors in the forecast period (2023-2032) of the electronic connector market.
In the year 2022, China was the largest region in the electronic connector market due to the significant automotive production and large-scale telecommunications industry in the country. However, the Rest-of-the-World and Asia-Pacific and Japan electronic connector markets are expected to grow at a high growth rate during the forecast period (2023-2032). The rapid adoption of electric vehicles in China is expected to drive the China electronic connector market substantially in the forecast period (2023-2032).
The following are the drivers for the electronic connector market:
The market is expected to face some limitations due to the following restraints:
Product/Innovation Strategy: The product segment helps the reader understand the different types of electronic connector products available by product type (I/O connectors, printed circuit board (PCB) connectors, RF coaxial connectors, fiber optic connectors, and others (circular connectors, rectangular connectors, and others)), by application (computers and peripherals, consumer electronics, automotive and transportation, telecom, energy and power, others (industrial, military, and medical, among others)). Increasing automotive and transportation demand worldwide is pushing the sales of electronic connector systems. Therefore, the electronic connector business is a high-investment and high-revenue generating model.
Growth/Marketing Strategy: The global electronic connector market is exponentially growing, with enormous opportunities for the market players. Some strategies covered in this segment are product launches, partnerships and collaborations, business expansions, and investments. The companies' preferred strategies have been product launches, partnerships, and collaborations to strengthen their positions in the global electronic connector market.
Competitive Strategy: Key players in the global electronic connector market analyzed and profiled in the study involve electronic connector-based product manufacturers and start-ups. Moreover, a detailed competitive benchmarking of the players operating in the global electronic connector market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
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