Connector Market Research, 2032
The global connector market was valued at $79.8 billion in 2022, and is projected to reach $168 billion by 2032, growing at a CAGR of 7.9% from 2023 to 2032.
Connectors are essential electromechanical elements that act as crucial intermediaries within electronic and electrical systems. Their primary function is to establish a secure and dependable connection between different devices, enabling the transmission of signals, power, or data. Connectors are available in a diverse array of types and configurations, each tailored to specific applications. They are distinguished by their pin arrangements, contact materials, and housing designs, all of which enable them to effectively bridge connections in various electronic and electrical circuits.
A major application of connectors is in the realm of telecommunications, where they play a vital role in setting up and maintaining communication networks. This allows for the efficient transmission of voice, data, and video signals using rca cable, rj45, and quick connector for smartphones and electrical appliances. Connectors are widely utilized in a range of telecommunication equipment, including routers, switches, modems, and fiber optic transceivers such as rj45, and quick connector for data centers. Telecom connectors guarantee reliable connections between different network components, contributing to the smooth operation of modern communication systems. Another significant area where connectors are indispensable is in the automotive industry which is anticiopated to be garner the highest connector market share during the forecast period. Connectors play a critical role as electronic systems become increasingly integrated into vehicles. They facilitate the connection of various components such as sensors, control units, lighting systems, and entertainment systems.
Connectors in automobiles are essential for ensuring the efficient functioning of vital functions, from engine management to safety systems. There is a growth in demand for specialized connectors designed to withstand the challenges of the automotive environment with the advancement of automotive technology. Moreover, connectors play a crucial role in the aerospace and defense sectors, where reliability and durability are of utmost importance. They are deployed in avionics systems, radar equipment, communication systems, and various electronic subsystems of aircraft and military equipment. Their ability to maintain secure connections even in extreme conditions, such as high vibrations and fluctuating temperatures, is vital for the safety and performance of aerospace and defense applications.
In the field of consumer electronics, connectors are integral to the design and assembly of devices such as smartphones, laptops, rca cable connector for televisions, and gaming consoles. They facilitate the interconnection of various internal components, including microprocessors, memory modules, displays, and cameras. This ensures the seamless operation of consumer electronics, guaranteeing they deliver the desired performance and functionality to end-users. Miniature connectors have gained prominence in this industry as the demand for smaller, more portable electronic devices continues to grow. They allow for compact and lightweight designs without compromising on connectivity or performance.
The global connector market is anticipated to witness significant growth during the forecast period. Factors such as rapid urbanization along with growth in demand for consumer electronic devices, high usage of automation technology across various sectors including industrial, defense, and automotive segment driving the growth of the market. In addition, the automotive segment is fueled by adoption of advanced safety features & the increase in 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 market.
The connector market size is segmented into product, end user and material.
The PCB connector segment is expected to register the largest revenue of $21,565.6 million in 2022. This is due 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.
Patchcords segment is expected to register the highest CAGR of 10.23%. This is due to surge in demand for fast data transmission in fields like telecommunications, data centers, and cloud computing that drives the market for innovative patchcord technologies. Moreover, the extensive proliferation of IoT devices and the ongoing expansion of 5G networks have created an increased requirement for reliable and high-quality patchcords.
The automotive segment accounted for the largest share of 24.25%. The rise in need for automotive safety systems has directly impacted the demand for automotive connectors, thereby fueling market expansion. Various types of connectors are extensively employed by automotive companies in their products.
Telecom segment is expected to register the highest CAGR of 8.29%. This is due to increase in needs for rapid data transfer, the expansion of 5G networks, and the widespread use of IoT devices. This underscores the necessity for dependable and effective connectivity solutions.
The copper segment accounted for the largest share of 32.7%. This is due to the rise in need for swift data transfer across various sectors. Copper is recognized for its outstanding electrical conductivity, this trend is especially prominent in fields such as telecommunications, data centers, and innovative technologies such as 5G networks. Others segment is expected to register the highest CAGR of 10.37%. This is due to titanium, gold, nickel, and brass materials in connectors offer diverse opportunities, advancing connectivity solutions across industries.
Asia-Pacific garnered the largest share of 8.38%. This is due to the swift industrialization, notably in nations such as China and India, has increased the requirement for electronic devices and infrastructure, amplifying the necessity for connectors. Furthermore, this region serves as a crucial point for the production and assembly of diverse sectors such as automotive, telecommunications, and consumer electronics, all of which are heavily dependent on connectors. In addition, supportive governmental policies, investments in technological progress, and a growth in consumer population bolster the Asia-Pacific leading position of this region in the market.
Competitive analysis and profiles of the major global connector market players that have been provided in the report include are Koch Industries, Inc. (MOLEX), Aptiv PLC, Japan Aviation Electronics Industry, Ltd., ABB Ltd., TE Connectivity, Nexans, J.S.T. Mfg. Co., Ltd., Prysmian S.p.A., Amphenol Corporation, Foxconn Interconnect Technology Ltd, Huawei Technologies Co., Ltd., Luxshare Precision Industry Co., Ltd., Ametek Inc., 3M, and Hirose Electric Co., Ltd.
Country-wise, the U.S. acquired a prime share in the market in the North American region and Mexico is expected to grow at a significant CAGR during the forecast period.
In Europe, rest of Europe dominated the market share, in terms of revenue, in 2022 and is expected to follow the same trend during the forecast period. However, the France is expected to emerge as the fastest-growing country in Europe's connector market with a CAGR of 8.35%, respectively.
In Asia-Pacific, China is expected to emerge as a significant market for the connector market industry, owing to a significant rise in investment by prime players due to increase in growth of manufacturing and rise in demand for automotive parts such as ADAS system, installing IoT devices and others.
In the LAMEA region, Latin America held significant market share in 2022. The LAMEA connector market has witnessed an improvement, owing to the growth in inclination of prime vendors toward utilizing the connector across this region in various applications such as healthcare, automotive, and others. Moreover, the Africa region is expected to grow at a high CAGR of 8.79% from 2023 to 2032.
Historical Data & Information
The global connector market is highly competitive, owing to the strong presence of existing vendors. Vendors of the market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in the market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Developments/ Strategies
Koch Industries, Inc. (MOLEX), Aptiv PLC, Japan Aviation Electronics Industry, Ltd., ABB Ltd., TE Connectivity, Nexans, J.S.T. Mfg. Co., Ltd., Prysmian S.p.A., Amphenol Corporation, Foxconn Interconnect Technology Ltd, Huawei Technologies Co., Ltd., Luxshare Precision Industry Co., Ltd., Ametek Inc., 3M, and Hirose Electric Co., Ltd. The key strategies adopted by the major players of the Connector market are product launch and business expansion.
- In October 2023, Amphenol will showcase its latest innovation in the field of connectors for electric vehicles at the Avnet Green Days: e-Mobility 2023 event in Hanoi and Ho Chi Minh, Vietnam, from October 24th to October 27th. The showcased products are DuraEV, MicroSpace High Voltage Crimp-to-Wire Connector, MicroSpaceXS 1.27mm Waterproof Crimp-to-Wire/Wire-to-Wire Connector, MicroSpace Crimp-To-Wire Connector, WireLock, USB, Ve-NET, NETBridge+, and HSBridge+.
- In August 2023, Molex, a leading global connectivity and electronics solutions provider, has captured a prestigious IoT Product Award at the recent OFweek 2023 (8th) IoT / AI Conference recently hosted in Shenzhen, China. Molex received the award for Mezz Pro and Mirror Mezz Enhanced high-speed connectors.
- In July 2023, ABB announced the launch of world's first full range of hinged high voltage connector backshells to heavy-duty electric vehicles (EV). Harnessflex EVO connector interfaces increase cable-to-connector stability in high voltage applications.
- In June 2023, FIT Hon Teng, a subsidiary of HonHai, has received the "Red Dot Design Award", known as the "Oscar of the Design Industry." FIT focused on the hottest topic of AI and showcased its excellent design capabilities with its innovative 800G high-speed connector under the theme "FITCONN," winning the Design Concept Award. This innovative solution not only adheres to the specifications and design rules of existing data centers but also greatly improves data transmission efficiency.
- In March 2023, Hirose Electric announced the launch of the IT14 Series, a hermaphroditic board-to-board connector that supports up to 112Gbps PAM4 transmission speed. IT14 is the licensed second source for “Mirror Mezz”, which was developed by connector manufacturer Molex in 2018 for applications such as servers, data communications, and telecommunications equipment.
- In September 2022, Molex, a leading global electronics leader and connectivity innovator, announced its first-to-market, pluggable module solution for co-packaged optics (CPO). Its newExternal Laser Source Interconnect System(ELSIS) is a complete system of cage, optical and electrical connectors with a pluggable module that uses proven technology to speed the development of hyperscale data center.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the connector market analysis from 2022 to 2032 to identify the prevailing connector market forecast.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the connector market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global connector market growth.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global connector market trends, key players, market segments, application areas, and market growth strategies.
Connector Market Report Highlights
Market Size By 2032
USD 168 billion
CAGR of 7.9%
2022 - 2032
By End User
Key Market Players
Amphenol Corporation, Luxshare Precision Industry Co., Ltd., J.S.T. Mfg. Co., Ltd., ABB Ltd., TE Connectivity, Foxconn Interconnect Technology Limited (FIT), Prysmian S.p.A., Koch Industries, Inc. (MOLEX), Ametek, Inc., 3M, Nexans, Huawei Technologies Co. Ltd., Aptiv PLC, Japan Aviation Electronics Industry, Ltd., Hirose Electric Co., Ltd.
According to the insights of the CXOs of leading companies, a connector is an electromechanical device, which joins one conductor electrically & mechanically with another conductor. Generally, it covers a wide range of devices, such as joining small conductors in communication circuits, or at the other extreme, busbars, and large cables.
It is extensively used on circuits for computers, communications, consumer electronics, and industrial machinery. It may join two lengths of flexible copper cable or wire, or to connect a cable or wire to an electrical terminal. However, in computing, a connector is generally known as a physical interface (physical layer of OSI model in networking).
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Product launch, acquisition, partnership, and expansion are expected to be the prominent strategies adopted by the market players. Asia-Pacific accounted for a major share of the market in 2022, owing to the presence of major players in the region. Moreover, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of connector market in a variety of fields.