Cable Trade Fair 2024 Industry News: Global Connector Market Expected to Grow at a CAGR of 7.9%
Allied Market Research has published a report, and based on its conclusions, Cable Trade Fair 2024 has learned that the global connector market was valued at $79.8 billion in 2022 and is projected to reach $168 billion by 2032, with a compound annual growth rate (CAGR) of 7.9% from 2023 to 2032.
Significant growth in the connector market is anticipated due to increased demand from the automotive industry and greater investment from various organizations in defense and submarine cables.
The growth of the electronics industry, coupled with advancements in semiconductor technology, is expected to drive demand for automotive electronic products during the forecast period. The PCB connector segment held the highest market share in 2022, accounting for over a quarter of the global connector market revenue, and is expected to maintain its leadership throughout the forecast period.
However, the jumper segment is expected to achieve the highest CAGR of 10.2% from 2023 to 2032 due to the growing need for fast data transmission in industries such as telecommunications, data centers, and cloud computing, promoting the adoption of more advanced jumper technology.
Cable Trade Fair 2024 has learned that the report predicts the telecommunications sector is expected to achieve the highest CAGR of 8.3% from 2023 to 2032. The automotive segment held the largest market share in 2022, accounting for nearly a quarter of the global connector industry revenue, which correlates with the growing demand for automotive safety systems and is expected to maintain its leadership throughout the forecast period.
In 2022, the copper segment accounted for the largest share, representing nearly one-third of the global connector market revenue. Due to its excellent conductivity, the adoption rate has surged with the increasing demand for high-speed data transmission across various industries.
From 2023 to 2032, other segments are projected to have the highest CAGR of 10.4%, as materials like brass, titanium, nickel, and gold are extensively used in connectors, enhancing demand across various industries, thus sustaining their leading position throughout the forecast period.
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