The connector market size is expected to surpass USD 75 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
The connector industry is expected to witness significant growth owing to rising demand for 3C (Computer, Consumer electronics, and Communication) applications. Enhanced mechanical properties, ease of installations, and reliability & durability are some of the prominent factors favoring market demand. The flourishing automotive, telecommunication, and computer networking sectors have significantly boosted the adoption of connectors for electrical & electronic applications. In addition, rapid digitalization favored by the increasing penetration of smart devices have further fostered the market demand across the telecommunication industry.
Growing demand of low-cost consumer electronics will significantly boost the adoption of I/O connectors
The Input/output (I/O) connectors are majorly installed on back panels of the systems which acts as a gateway through which the computer system communicates with peripheral devices, such as a keyboard, printer, mouse, and monitor. Over the last few years, the major market players have invested aggressively to update and upgrade the existing technology to offer quick & reliable data transmission, which will thereby drive the market outlook. Furthermore, the growing deployment of different types of products including USB Type C, micro connectors, HDMI, RJ45, amongst others for maximum data or power transmission across various electrical devices will fuel the connector market growth in the forthcoming years.
In addition, multiple warehousing and manufacturing facilities across the globe have undergone refurbishment procedure to integrate robotics and automation in order to minimize the workforce. These facilities have installed a number of industrial robotic arms, integrated with high speed IO connectors to quickly accomplish the desired task. Moreover, the omnipresent use of computers & peripherals for computer applications and increasing prevalence of smartphones in consumer electronics space will further augment the industry statistics over the forecast timeline.
Expanding automotive sector coupled with growing demand of electronic devices in a vehicle will boost the connector market trends
Growing electrification across various vehicle segments will boost the demand for connectors in the automotive segment. The rising demand for advanced electrical functionality, and safety requirements in a vehicle will further augment the market share. Moreover, growing awareness pertaining to eco-friendly mobility has enhanced the sales of electric vehicles (EV), which will drive the demand for automotive connect. Furthermore, increasing investments towards research & development has enabled the companies to foster state of the art vehicle technologies to cater the future mobility need and thereby enhance the growth of automotive connector industry
Growing investments toward the development of telecom & industrial infrastructure will propel the market growth across Asia Pacific
Asia Pacific countries such as India, China, and Japan are the pioneers of automobile and IT-Telcom sector. The rising FDI investments for the development in telecom sector along with shifting focus towards the establishment of additional manufacturing facilities for EV (Electric vehicles) will positively drive the product demand. Over the past few years, major Chinese manufacturers are constantly dominating the connector market across the region. Reduced cost and high reliability offered by major market players will significantly boost the business growth across the region. Moreover, the rapid penetration of connectors across various commercial, industrial, and consumer electronics industries will augment the business landscape.
Eminent market players operating across connector market includes TE Connectivity, Aptiv PLC, Molex Inc, Amphenol Corporation, Foxconn Technology Group, Luxshare Precision Industry Co., Ltd, Yazaki Corporation, Japan Aviation Electronics Industry, Ltd., Rosenberger Group, GTK UK Ltd., 3M, AVX corporation, Ametek Inc., amongst others. Ongoing technological advancements coupled with strategic mergers & acquisitions are some of the prominent initiatives undertaken by the major market players operating across the industry to endure a competitive edge over other industry participants. TVJ Bureau