Global Opportunity Analysis and Industry Forecast, 2020-2030

Connector Market Statistics 2030

The global connector market was valued at $62.3 billion in 2020, and is projected to reach $114.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030. Key drivers of the connectors market include rising urbanization and the growing dependency of businesses on data centers.

Further, increasing demand for consumer electronic devices and widespread usage of automation technology across various sectors such as industrial, defense, automobiles, etc is expected to propel the growth of the connectors market during the forecast period.

Moreover, the soaring telecom and automotive sector, the introduction of advanced safety features in automobiles, the rise of electrical components in vehicles, and the emergence of 5G and IoT technology will boost the market growth.

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Connector Market Trends
Increasing urbanization and a growing number of data centers

Due to rapid urbanization and growing digitization, the demand for network bandwidth has increased leading to a spur in fiber optics deployment. Moreover with the rising dependency of businesses on data centers for reliable long-term data backup the demand for connectors will be affected positively. Connectors are designed to integrate successfully into the data centers which are important connectivity hubs thereby reducing operating costs and boosting overall performance. Thus an increasing rate of urbanization and the growing number of data centers will accelerate the growth of the connectors market during the forecast period.

Increasing demand for consumer electronic devices and widespread usage of automation technology in various sectors

The increasing demand for consumer electronic items has skyrocketed the need for durable, user-friendly connectors. Gaming consoles, laptops, TV, and smartphones all require the usage of efficient connectors on an everyday basis. The sheer number of connected devices has increased manifold and the demand of the market is only going to rise further. Moreover, the expansion of industrial automation leading to rising connectivity requirements and increasing investment in defense, submarine cables by organizations, and usage in automobile, electronics sector, etc will significantly drive the growth of the connectors during the forecast period.

Soaring telecom, automobile sector and the emergence of 5G, IoT technology

Favorable telecom policies are contributing to the growth of the telecommunication sector. In addition to it, there is a growing demand for advanced safety features in automobiles along with increasing electrical components. This has necessitated the need for connectors and with the emergence of new technologies such as 5G, IoT the growth of the market is expected to rise significantly in the coming years. Thus soaring telecom and automobile sector will drive the growth of the connectors market during the forecast period.

Connector Market Share Analysis
Based on region, the Asia-pacific segment is expected to provide lucrative opportunities for growth in the connectors market share and will grow at a CAGR of 7.1% during 2020-2027 due to increasing smartphone penetration, the emergence of industrial automation, rising automobile production, and growing demand for consumer electronics.

Based on end-user, the telecom segment is expected to provide lucrative opportunities for growth in the connectors market share and will grow at the highest CAGR of 8.1% during the forecast period

Based on product type, the PCB connectors segment is expected to provide lucrative opportunities for growth in the connectors market share due to growing demand from defense, automobile, and electronics sectors, etc.

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This release was published on openPR.