Cable Connector Market is set to grow at a CAGR 8.30%, estimated to reach of USD 160.93 billion by 2030
The cable connector market is estimated to reach USD 160.93 billion by 2030, registering a CAGR of 8.30% during the forecast period of 2022–2030. The Cable connectors are the connecting devices that are extremely inevitable in the technological world. Efficient connectivity is required for secured and quality data transfer. The Cable connectors are intensively used in the end-user industries such as medical imaging, medical appliances, industrial, commercial, automotive, defense, and security, and so on. Especially, the automotive industry is increasingly adopting novel technologies and improvising in various verticals, that includes, adopting highly advanced electronic systems, monitoring systems, infotainment systems, autonomous driving, electric vehicles, and so on. On the other hand, the demand for miniature devices is also increasing in recent times which also requires a large amount of connecting devices. Such factors are propelling the overall growth of the Cable Connector Market.
COVID 19 Analysis:
The manufacturers in response to the COVID 19 widespread have been utilizing the edge-computing power connectors to enhance the connection between the device and cloud storage vis-à-vis. The transmissions of sensitive data require enhanced data protection protocols which are provided by the edge-computing connectors. The work from home trend has increased the demand for these types of connectors, and are intensively utilized by the industrial and IT sectors in data transmission.
On the other hand, the manufacturing processes of the cable connectors carried out in China have been halted throughout the pandemic which has affected the overall growth of the Cable Connector Market. Since China is considered the largest manufacturer of consumer electronics and cable connectors. For instance, some of the largest manufacturers of Cable connectors such as TE connectivity are present in China. The prolonged lockdown due to pandemics has affected the production and logistics of the cable connectors industry. On the other hand, the retailers and distributors were also not functioning throughout the pandemic, which has also adversely impacted the cable connector market growth.
The manufacturers of the cable and cable connectors are focusing on utilizing the lighter and smaller components during the manufacturing processes, to address the demand for the handling issues. However, they manage to manufacture the connectors with higher efficiency, customizable to the requirements, and comply with the standards. Such factors are propelling the overall growth of the cable connector market.
The advent of HDMI cables is extremely beneficial over the existing analog cables. The HDMI cables are capable of transmitting the uncompressed digital video and audio files with one cable whereas the analog cable would require at least 5 cables. The HDMI cables reduce the complexity of cables, are less prone to interference, and thereby produce quality video and audio transfer. Such factors are increasing the cable connector market growth.
The increasing number of fixed broadband connections across the globe is expected to bolster the overall growth of the cable connector industry. A recent study shows that there were over 1.18 billion fixed broadband connections across the globe and over 3.97 billion people all over the world are using the internet. Another study conducted by ITU states that the number of fixed-broadband subscriptions are increasing by 9% year over year in the past few years. Such a study shows that the cable connector market value is expected to have a steady growth in the forecast period.
The growing demand for miniature devices is propelling the demand for the cable connectors required for the miniature devices which are utilized in various end-user sectors such as aerospace, defense, mobile technology, smartwatches, drive recorder, External I/O connector, card connectors, and so on. On the other hand, the automotive industry is also a prominent end-user industry of the cable connector industry. For instance, Tesla has recently introduced a new at-home wall charger for electric vehicles. The charger can be installed both indoors and outdoors. Such advancements in the end-user industries are expected to impact the overall growth of the cable connector industry.
The HDMI cables were highly preferred by the industries over the analog cables; however, the manufacturing process of the HDMI cables is quite complex, and higher costs are incurred during the process. The advancement in the industry is demanding higher costs for the production of the cables and connectors owing to the features such as stability even in harsh climatic conditions. Such factors are considered as the primary restraints of the cable connectors industry.
The poor life span of the miniature devices and smartphones are also impacting the growth of Cables and connectors used for them. The advancement in consumer electronics and smartphones tends to change year over year which also demands replacing the connectors for these handheld devices. Such factors are imposing a financial burden on the customer thereby restricting the overall growth of the cable connector industry.
The complex fault detections in the industrial sectors, of the connectors, are hindering the overall growth of the cable connector industry, especially the Coaxial cable connectors are bulky, expensive to install for the longer distances between the devices owing to their thickness.
Loss of signals in the co-axial cable intrudes the quality of the data transmission which also affects the overall growth of the cable connector industry.
Cumulative Growth Analysis:
The cable connectors and connectivity devices are inevitable in several applications and end-user industries. However, consumer electronics, medical devices, computing devices are some of the major applications of the cable connector industry. The market value of the Cable connector industry is expected to surpass the market value of USD 160.93 billion by the year 2030 while registering a healthy CAGR of 8.30% . Especially, medical devices such as ventilators, monitoring, imaging devices require an uninterrupted flow of electricity and require 24*7 connectivity, and quality output. Such factors are currently propelling the cable connector market value. On the other hand, the integration of various technologies in the automotive industry and advancing technologies to enhance the driver experience such as autonomous driving, sensors to monitor the health parameters of the drivers, and so on have also impacted the overall growth of the cable connectors market.
Value Chain Analysis:
The cables and connectors are used for essential purposes in various sectors that include, data transmission, providing signal and power for the device to run. The advancements in the cables and connectors which include the advent of HDMI, CAT5, USB cables are increasing the Cable connectors’ market value in recent times. The advancements in the industry reduce the complexity of wire, provides quality data transfer and stability under extreme environmental conditions. The increasing demand for WI-FI, Bluetooth, RF technologies in various spaces such as residential, commercial, and industrial sectors consume a large number of cables and connectors for them to function. Internet of things which requires internet connectivity all the time also requires connecting devices for higher performance and data security. Such factors are considered as the primary growth factors for the cable connector market.
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The increasing number of internet users is impacting the overall growth of the Cable connector industry. A recent study shows that Latin America is expected to surpass 465 million internet users by the year 2023 and the Asia Pacific region is expected to have over 72% of internet users when compared to the global population. The ongoing internet users across the world are severely impacting the Cable connector market demand. On the other hand, the Asia-pacific region is witnessing continuous advancement in the field of communication technologies in recent times. The IT sectors in the Asia Pacific region have been increasing their investment and are facilitating industrial applications; such factors are presenting lucrative opportunities for the growth of the Cable connector industry in the Asia-pacific region.
Moreover, the Japanese government has recently approved the plan named ‘Rebirth of Japan’ which covers the protocols to strengthen the manufacturing sector of the country. Therefore the plan estimates to increase the industrial revenue by USD 490 billion by the year 2023. Such initiatives by the government are propelling the overall growth of the Cable Connector industry in the Asia-pacific region as a whole.
This report has covered:
|Market Size||USD 160.93 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Vertical and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amphenol Corporation, Molex Inc. (Koch Industries), Fujitsu Limited, AVX Corporation, AMETEK Inc., TE Connectivity Limited, HARTING Technology Group, Huawei Technologies Co. Ltd, Axon Cable SAS, Leoni AG, Aptiv PLC, Yazaki Corporation, Huber+Suhner AG, Nexans S.A., Sumitomo Wiring Systems Ltd., ITT Interconnect Solutions, Korea Electric Terminal Co., Ltd., PRYSMIAN S.P.A., 3M, and ALCATEL-LUCENT|
|Key Market Opportunities||New product development, mergers, and acquisitions|
|Key Market Drivers||Rising installations of fixed broadband connections over the years|
PCB connectors, circular/rectangular connectors, fiber optic connectors, I/O connectors, and others
The market size is estimated to reach USD 160.93 billion by 2030.
The market is expected to grow at a CAGR of 8.30% .
Increasing installations of fixed broadband connections drives the connector market.
North America will hold the largest market share during the forecast period.
Amphenol Corporation, Molex Inc. (Koch Industries), Fujitsu Limited, AVX Corporation, AMETEK Inc., TE Connectivity Limited, HARTING Technology Group, Huawei Technologies Co. Ltd, Axon Cable SAS, Leoni AG, Aptiv PLC, Yazaki Corporation, Huber+Suhner AG, Nexans S.A., Sumitomo Wiring Systems Ltd., ITT Interconnect Solutions, Korea Electric Terminal Co., Ltd., PRYSMIAN S.P.A., 3M, and ALCATEL-LUCENT.