Connector Global Market Report 2024

The connector market size has grown strongly in recent years. It will grow from $79.1 billion in 2023 to $86.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period can be attributed to several key factors. These include the rapid expansion of telecommunications, driven by increasing connectivity demands. The computing revolution, marked by advancements in computing technology, also played a significant role in fostering growth. The emergence of high-speed data transmission capabilities further contributed to the expansion, meeting the growing need for efficient data exchange. Additionally, the integration of electronics in automotive systems and the boom in consumer electronics significantly influenced the overall growth during the historic period.

The connector market size is expected to see strong growth in the next few years. It will grow to $110.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated expansion during the forecast period is primarily driven by the deployment of 5G technology, the proliferation of electric vehicles (EVs) and corresponding charging infrastructure, the expansion of the Internet of Things (IoT), integration of edge computing, and the incorporation of artificial intelligence (AI) and machine learning (ML). Key trends expected in the forecast period encompass the miniaturization and high-density connectors, accelerated high-speed data transmission, the emergence of Industry 4 and IoT, heightened emphasis on reliability and durability, and progress in materials and sustainability.

The anticipated growth in the automotive industry is poised to drive expansion within the connector market in the foreseeable future. The automotive sector encompasses a spectrum of activities including vehicle design, manufacturing, marketing, and servicing, spanning passenger cars, light trucks, and commercial vehicles. Connectors play a crucial role in the electrical systems of vehicles, facilitating the transmission of power and signals between components, thereby ensuring reliable and secure connections. This contributes significantly to the efficiency and safety of the vehicle's electrical infrastructure. As reported by the Society of Motor Manufacturers and Traders (SMMT) in June 2023, sales of passenger cars in the UK surged by 25.8%, climbing from 140,958 units in 2022 to 177,266 units in 2023. Consequently, the burgeoning automotive industry propels the growth of the connector market.

Key players within the connector market are strategically focused on innovating solutions incorporating advanced technologies, such as high-voltage connector backshells, to establish a competitive advantage. High-voltage connector backshells function as protective enclosures affixed to the rear of high-voltage connectors. For example, in July 2023, ABB Ltd., a Switzerland-based automation firm, unveiled the Harnessflex EVO Connector Interfaces tailored for heavy-duty electric vehicles (EVs). These interfaces enhance cable-to-connector stability in high-voltage scenarios, safeguard critical wiring, and elevate performance and reliability in such applications. The distinctive orange color of the Harnessflex EVO Connector Interfaces signifies robust cable-to-connector strain relief coupled with superior mechanical performance, effectively mitigating debris intrusion and bolstering overall functionality.

In January 2021, Bel Fuse Inc., a prominent electronic connector manufacturing company headquartered in the United States, finalized the acquisition of rms Connectors Inc. The financial terms of the transaction were not disclosed. This strategic acquisition enriches the existing military and aerospace product line offered by Bel's Cinch Connectivity Solutions group by expanding the range of Mil-Spec-qualified connectors available, notably including the MIL-DTL-83723 Series III connector family. rms Connectors, also based in the US, specializes in manufacturing cylindrical electrical connectors crafted from aluminum and stainless steel.

Major companies operating in the connector market report are Japan Aviation Electronics Industry, Ltd., Koch Industries Inc. (Molex LLC), 3M Company, Luxshare Precision Industry Co., Ltd., Prysmian Group, TE Connectivity Ltd., Yazaki Corporation, Amphenol Corporation (Amphenol RF), Nexans SA, Ametek Inc., Phoenix Contact, Molex LLC, Smiths Interconnect, ITT Inc., JAE Electronics Inc., Foxconn Interconnect Technology Limited (FIT), Hirose Electric Co. Ltd., Wurth Elektronik, AVX Corporation, Panduit, Harting Technology Group, Samtec Inc., Cinch Connectivity Solutions, Delphi Technologies, J.S.T. Mfg. Co. Ltd., Axon Cable S.A.S, CUI Global Inc.

Asia-Pacific was the largest region in the connector market in 2023. The regions covered in the connector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the connector market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A connector is a device designed to establish a link between different components, facilitating the transfer of information, power, or signals between them. These electromechanical components play a crucial role in creating either an electrical or mechanical connection within various circuits or systems.

The primary types of connector products encompass PCB connectors, I/O (input/output) connectors, circular connectors, fiber optic connectors, RF coaxial connectors, rectangular connectors, solar connectors, and patch cords. PCB connectors serve as electrical interfaces facilitating the connection and transmission of signals between printed circuit boards in electronic devices. These connectors are constructed from various materials, including copper, aluminum, stainless steel, plastic, and others. End-users span multiple industries, including consumer electronics, telecommunications, automotive, energy and power, aerospace and defense, among others.

The connector market research report is one of a series of new reports that provides connector market statistics, including connector industry global market size, regional shares, competitors with a connector market share, detailed connector market segments, market trends and opportunities, and any further data you may need to thrive in the connector industry. This connector market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The connector market consists of sales of audio connectors, network connectors, electrical connectors, and more. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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