Custom Wiring Harness

Forecast of global connector industry market size from 2018 to 2024

Nov 01, 2023

In recent years, the global connector market has generally shown a steady growth trend. The "China Connector Industry Analysis and Development Forecast Report 2024-2029" released by the China Business Industry Research Institute shows that the global connector market has grown from US$66.7 billion in 2018 to US$84.1 billion in 2022, with an average annual compound growth rate The rate is 5.97%. The growth in the size of the downstream terminal market and technological changes will promote the continued expansion of the connector market in the future. Analysts from the China Commercial Industry Research Institute predict that the global connector market will reach US$90 billion in 2023, and the market size will further increase to 95.4 billion in 2024. Dollar.

In recent years, China's connector industry has also received great attention from governments at all levels and key support from national industrial policies. The country has successively introduced a number of policies to encourage the development and innovation of the connector industry. The "14th Five-Year Plan for the Development of China's Electronic Components Industry" issued by the China Electronic Components Industry Association proposes to target the application needs of high-end fields such as 5G communication equipment, big data centers, new energy vehicles and charging piles, and promote my country's optoelectronic connectors. The component industry is developing in the direction of miniaturization, lightweight, high reliability, intelligence, high frequency, and high speed. Accelerating the transformation and upgrading of the optoelectronic plug component industry will help the development of electronic components such as connectors.

Connectors are easy to repair, easy to upgrade, and improve design flexibility. They are widely used in aerospace, communications and data transmission, new energy vehicles, rail transit, consumer electronics, energy, medical and other fields. As the level of informatization and intelligence in the manufacturing industry further improves, the application proportion of connectors in the fields of automobiles, national defense and military industry, and high-end equipment manufacturing will further increase, and the market space will continue to expand in the future. In terms of military products business, the requirements for military mechanization and informatization construction have driven the upgrading of weapons and equipment, causing the high-end military connector market to grow rapidly, and the growth rate is expected to continue to be higher than the average growth rate of the military industry; in terms of civilian products business, the popularization of 5G communications commercialization, new The rapid development of the energy vehicle market and the Internet of Things and the strong downstream demand in the industry will promote the continuous expansion of the connector market in the future.

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