The connector market is experiencing significant growth and is expected to reach $98.0 billion by 2030, up from $74.1 billion in 2023. This growth is driven by various industries such as transportation, telecom/datacom, computer and peripheral, industrial, and consumer electronics.
One of the key drivers of growth in the connector market is the increasing electronic content in vehicles. As vehicles become more advanced and connected, the demand for connectors that can support this technology is increasing. Additionally, the growing need for safety systems in vehicles is also contributing to the demand for connectors.
In terms of product types, PCB connectors are expected to remain the largest segment in the connector market. This is due to the growth in the computer, consumer electronics, and communication industries, which are major users of PCB connectors. Other types of connectors such as fiber optic connectors, rectangular I/O, and RF coax connectors are also expected to see growth in the coming years.
The transportation industry is expected to remain the largest end-use industry for connectors and is projected to witness the highest growth during the forecast period. This is driven by the increasing electronic content in vehicles, the growing demand for safety systems, and the rising popularity of hybrid and electric vehicles.
In terms of regions, Asia Pacific is expected to remain the largest market for connectors and is also expected to witness the highest growth. This growth is supported by the increasing automotive production in the region.
Key players in the connector market include TE Connectivity, Amphenol Corporation, Molex Incorporated, and Hon Hai Precision Industry, among others. These companies are leading the market with their innovative products and solutions.
Overall, the connector market is poised for significant growth in the coming years, driven by advancements in technology and increasing demand from various industries. Companies operating in this market have an opportunity to capitalize on these trends and expand their business.