Global Wire Connectors Market Size, Share, and COVID-19 Impact Analysis, By Type (PCB Connectors, Circular/Rectangular Connectors, Fiber Optic Connectors, IO Connectors), By End-user Vertical (IT and Telecom, Automotive / Transportation, Consumer Electronics, Industrial), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Wire Connectors Market size was valued at USD 64.72 billion in 2021 and is expected to grow by USD 86.15 billion in 2030 at a CAGR of 3.68%. Wire connecters are essential in the production of life-saving medical devices such as ventilators and monitoring systems. Electronics companies have been deemed key businesses in numerous places for providing OEMs with the parts needed to make the goods needed to protect and care for those infected with COVID-19 while also taking efforts to protect their personnel, despite budget constraints.   

The wire connectors market is propelling due to the global digital transformation. The primary drivers driving the market's growth are reliable connectivity, high performance, and efficiency. Business, security, industry, and media all require high-performance networks. Additionally, cables like USB Type-C and HDMI are extremely popular.                                                                                                                                          

COVID-19 ANALYSIS     

The COVID-19 pandemic has had a substantial impact on the worldwide wire connector market potential in the electronics and semiconductor industries. Due to a rise in the number of COVID-19 cases, businesses and manufacturing facilities in numerous nations have shuttered and are expected to remain closed until 2021. Furthermore, the partial or total lockdown has affected the worldwide supply chain, making it difficult for manufacturers to reach their clients. The overall production process is suffering, but increased demand from the automotive and telecom industries is boosting the market's global growth.            

LATEST TREND  

Increasing Utilization of Wire Connectors in the Automotive Sector Boosting Market Demand

The adoption of highly advanced systems, such as driver assistance systems, audio controls, diagnostic systems, infotainment systems, and cruise control, is expected to boost demand for wire connectors in the automobile sector. Furthermore, the growing popularity of electric vehicles is likely to enhance the market growth. Innovations and design improvements to meet device quality and reliability standards, demand for versatile miniature connectors, the popularity of RoHS-compliant, UL-recognized, and IP-rated connectors, as well as smart connectors with EMI/RFI suppression features, are some of the significant market trends in the segment. 

DRIVING FACTORS    

Increasing Industrial Application Propel Market Growth

The market is being driven by an increase in industrial applications, as each application demands various connector designs to withstand shock, vibration, and extreme temperatures. In the oil industry, high-quality flexible connections are utilized to reduce shock by properly connecting all metallic non-current carrying equipment, whereas wastewater treatment facilities use waterproof electrical connectors that are rubber molded. In addition, the market is being driven by rising industrial safety measures, since production tools and equipment can emit heat and flame, increasing the risk of fires, particularly in Class I locations, where connectors play a key role in preventing these types of explosions.  

Increased Demand for Better Connectivity and Growing Advancements in the Telecom Sector

Wire connectors are increasingly being used in small applications. The industry is driven by several important markets, including mobile technology, aerospace and defense, and medical technology. In the previous decade, the mobile phone and television markets grew rapidly. Times Microwave Systems, an RF/Microwave interconnect solutions provider, announced the release of a new Time Locking Miniature Push-On (TLMP) connector in May 2020 to meet the growing demand for micro-miniature interfaces for high data rate or board-to-board systems in military, aerospace, and space flight applications. Smaller and lower-profile components, such as micro-connectors capable of very high transmission speeds, are required for smartphones and other mobile devices.

RESTRAINTS

Volatile Prices of Raw Material Hamper Market Growth

Cable and connector prices are expected to climb through 2020, as the cost of polymers and steel, in particular, increased in 2019. However, the boost in mine output offset the price of copper. As manufacturers try to pass on the price increase to their customers, connector costs have risen in tandem with connector material prices. The price of connectors is very fluctuating because of the trade war between the United States and China, as well as volatile geopolitical events. Copper and plastic prices, on the other hand, are expected to fall slightly starting in 2021. As a result, this pricing fluctuation will have an immediate impact on connector sales, as bookings have already begun to decline.

SEGMENTATION

The Global Wire Connectors Market is segmented by Type, End-user Vertical, and Region. Based on the Type, the market is categorized into PCB Connectors, Circular/Rectangular Connectors, Fiber Optic Connectors, and IO Connectors. Based on End-user Vertical, the market is categorized into IT and Telecom, Automotive/Transportation, Consumer Electronics, and Industrial. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.         

REGIONAL INSIGHTS

The Global Wire Connectors Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.    

North America is expected to dominate the global market share due to the considerable expenditures in telecom and industrial development across the United States and Canada over the last decade, the wire connection industry in North America has seen a resurgence. Over the forecast period, the regional market will be boosted by the continuing growth and upgrading of various industrial facilities. 

Asia Pacific has the largest revenue share in the global market and is likely to keep its lead throughout the forecast period. The strong demand for automotive connectors in this region can be ascribed to rising car production in developing countries like India and China, as well as rising electric vehicle volumes in countries like Japan and South Korea. In addition, numerous countries in this region are prominent producers of electronic components and technological systems for both passenger and commercial vehicles. This region is a key exporter of several automobile components due to the availability of raw materials, advanced production facilities, and low-cost labor.   

KEY INDUSTRY PLAYERS   

The Wire Connector Market is fragmented because new competitors can enter the market fast due to increased demand and minimal capital investment. Furthermore, acquisitions have been a prominent trend in the sector throughout the years. Amphenol Corporation, Aptiv., TE Connectivity Limited, 3M, and Prysmian SpA are among the major players.

KEY INDUSTRY DEVELOPMENTS:   

In March 2020, TE Connectivity announced STRADA Whisper cable receptacles allowing developers to start designing servers, switches, and routers for up to 112G PAM-4 data speeds. On one end, STRADA Whisper connectors link to a range of different high-speed solutions, such as backplane, mid-board, or input/output (I/O) products, bypassing the printed circuit board (PCB) and minimizing insertion loss and crosstalk.  

In February 2020, Prysmian Group launches its 288-fiber ezMICRODUCT cable. The cable has an outside diameter of only 8 mm thanks to the usage of 200-micron fibres. The cable is designed with 24 fibres per tube, making it easier to identify and splice into common splicing trays. The temperature range for the fibre cable is -40°F to 158°F. 

LIST OF KEY COMPANIES PROFILED:

• Amphenol Corporation
• TE Connectivity.
• Aptiv.
• 3M
• Huawei Technologies Co., Ltd.
• Japan Aviation Electronics Industry, Ltd.
• Prysmian S.p.A
• Sumitomo Wiring Systems, Ltd.
• KYOCERA AVX Components Corporation.

SEGMENTATION

By Type

• PCB Connectors
• Circular/Rectangular Connectors
• Fiber Optic Connectors
• IO Connectors

By End-user Vertical

• IT and Telecom
• Automotive/Transportation
• Consumer Electronics
• Industrial

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa