Connectors: Key market research findings
- Growing demand for automotive connectors
- Rise in usage of miniaturized connectors
Technavio has released a new market research report on the global connector market, which is expected to grow at a CAGR of around 6% between 2016 and 2020. The growth of the connectors market can be primarily attributed to its end-users such as automotive, telecommunications, and industrial sectors. APAC dominates the global market for connectors, accounting for 54% of the overall market share. Much of the region’s growth can be attributed to the rapid growth of end-user segments, especially consumer electronics and automotive, leading to highest connector production capacity in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Growing use of advanced components in vehicles such as premium audio systems, advanced driver assistance systems, on-board diagnostic systems, infotainment systems, and electronic transmission, have necessitated the use of automotive connectors for appropriate functioning. Moreover, stringent carbon regulations and growing safety concerns have boosted the demand for emission sensors and on-board diagnostic, thus increasing the need for automotive connectors. Vendors are also coming up with innovative automotive connector technologies, which offer space and minimize the costs of automotive electronic systems,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
Miniaturization of electronic devices has led to the rise in demand for miniaturized and reliable connectors. These connectors minimize the space requirements of devices, while reducing their weight. This has led manufacturers to develop lighter, smaller, and higher-power connectors. For instance, Omnetics offers micro and nano-sized connectors, which are specially designed for rugged applications in the defense/military sectors.
The key vendors in the global connectors market include Amphenol, Delphi, Hon Hai, Molex and TE Connectivity. This market is going through consolidation, where major vendors are focusing on mergers and acquisitions to increase their market share and broaden product portfolios. Intense competition prevails in this market, as smaller vendors offer various advantages to end-users in the form of more advanced technology with respect to a particular product, competitive pricing, or lead times
A more detailed analysis is available in the Technavio report, Global Connector Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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