Global Electrical Connector Market Forecast, Trend Analysis and Competition Tracking - Global Market insights 2015 to 2031

Electrical Connector Market Introduction

An electrical connector is an electromechanical device used to connect electrical conductors to create a circuit or continuous path through which current flows. The electrical connector consists of a male component called a plug and a female component called a jack or socket. These connectors are manufactured specifically for audiovisual data and other power applications. A key function of electrical connectors is that they significantly reduce the amount of work, time, and workforce required to manufacture, assemble, and install electrical equipment and related components and wiring. The electrical connector makes the maintenance of the circuit easier and has flexibility in design and modification. They are widely used in circuits in communications, industrial machinery, computers, and consumer electronics.

Global Electrical Connector Market Revenue Outlook:

The global electrical connector market is valued at US$ 57,744.6 Mn in 2020 and is expected to register а САGR of close to 6.6 % by 2031.

Strong emphasis is placed on renewable energy sources such as wind and solar power to ensure sustainable and eco-friendly power supply in various regions (primarily Europe). This target industry may continue to gain momentum. In addition, modern or advanced wind turbines are reliable and resistant to vibration and shock, requiring a sturdy connector to withstand different environmental and operating conditions, including humidity, temperature fluctuations, dust, heat, vibration, etc. This is a critical factor that is expected to create profitable opportunities for this target market.

Factors Boosting Demand for Electrical Connector

The steady surge in electrical components in modern vehicle segments has increased the demand for electrical connectors. Furthermore, the increase in awareness levels pertaining to eco-friendly mobility has significantly increased the sales of electric vehicles, thereby bolstering the demand for electric connectors in North America, Europe, and the APAC regions. These factors are expected to positively impact the electrical connector industry market over the forecast period.

• In 2016, the total number of Battery Electric Vehicles (BEVs) sold was 1.18 million, and by 2019 this figure had crossed almost 4.8 million battery electric vehicle units across the globe. Approximately 1.5 million new battery electric vehicles were added to this worldwide fleet by 2019.

Electrical connectors are heavily utilized in ships, airplanes, and other military aircraft to supply power to their respective electronic control systems, weapons systems, etc. Additionally, the connectors are typically utilized in civilian aviation vehicles and shipping for various applications such as control systems, motors, entertainment, communications, lighting, and safety systems. These crucial factors are likely to augment the demand for connectors, which is anticipated to result in the revenue growth of the electrical connector industry.

COVID-19 Impact Analysis:

Apart from the impacts on human life, this pandemic has inflicted an invariable blow on industries worldwide. This novel virus has caused unprecedented damage to international trade and the global economy as a whole. As this deadly virus continues to wreak havoc, it has left several industries and economies in a stage of uncertainty and market volatility in its wake. It has also put a strain on investments and scheduled plans across various sectors. At the nexus of this pandemic, China's impaired manufacturing and production operations have adversely affected global supply chains as a whole, leaving them in absolute disarray. These respective imposed shutdowns/lockdowns meant to slow the trajectory of this virus have resulted in the crashing of economic outputs, further causing financial market panic and curtailing general travel, leisure and social living than most severe wars have. During the initial months of 2020, there was a sharp decline in economic activities, which caused the global economy to shrink by 3%, only to recover in the second half of that year partially. With the abatement of the 2^nd wave and increased vaccination initiatives, there are visible signs of improvement across various sectors based in numerous countries.

Trends in the Global Electrical Connector Market

The Internet of Things" and "Industry 4.0" are gradually being adopted by the various end-use users as a means of upsurging further economic growth. These emerging technologies would require high-performance communication links and high availability of data. Henceforth, connectors will play a pivotal role in the construction of these networks. This factor is anticipated to bolster the revenue growth of this target market over the forecast period.

Competitive Landscape:

The global electrical connector market landscape appears moderately competitive and consists of several major players.

• Berkshire Hathaway (Mouser Electronics, Inc.)
• Koch Industries Inc.
• 3M Company
• TE Connectivity Ltd
• Amphenol Corp.
• Hubbell Incorporated (Connector Manufacturing Company, Inc.)
• Phoenix Contact
• Staubli, Littelfuse, Inc.
• Hirose Electric Co., Ltd.
• Harting Technology Group
• Other Key Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Global Electrical Connector Market is segmented based on Connector Type, Industry Vertical & Region

Based on Connector Type

• PCB Connectors
• IO Connectors
• Circular Connectors
• Fiber Optic Connectors
• RF Coaxial Connectors
• Other Connector Types

Based on Industry Vertical

• Automotive
• Electronics & IT
• Oil & Gas
• Energy & Power
• Aerospace & Defense
• Other Industry Verticals