New Connectors Market Research Report- COVID-19 Analysis Based on Automotive, IT, Telecom/datacom, and Industrial Applications | Technavio
LONDON--(BUSINESS WIRE)--Nov 18, 2020--
The new connectors market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Connectors Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the connectors market.
“One of the primary growth drivers for this market is the increasing investments in the Telecommunication sector,” says a senior analyst for Industrials at Technavio.
Increasing investments in the telecommunication sector will lead to rising investments in base stations, core networks, and data centers. Connectors act as an interlink for the cables and services and are utilized by the major components like base stations, broadcast centers, and data centers. The telecommunication sector is one of the major factors driving connectors market growth. The growing use of 4G and 5G networks is leading to increased investment in mobile technology and related core networks. As advanced connectors are essential to maintain the speed of the networks to balance the speed of the 4G and 5G networks, there will be an increasing adoption of new connectors in the telecom industry.
As the markets recover Technavio expects the connectors market size to grow by USD 16.95 billion during the period 2020-2024.
Connectors Market Segment Highlights for 2020
- The connectors market is expected to post a year-over-year growth rate of 4.11%.
- The rapid growth in the technology used in various automotive devices has led to the need for reliable, standard, robust, and affordable connectors.
- Hence, advances in automotive technologies such as driverless cars, EVs, high-tech cruise controls, climate control, and audio controls are the major drivers in this segment. However, market growth in this segment will be slower than the growth of the market in the telecom/datacom segment.
- 58% of the growth will originate from the APAC region.
- The high growth in purchasing power parity and growing demand for all product segments, including automotive, electronic gadgets, and communication networks will significantly influence connectors market growth in this region.
- China, Japan, and India are the key markets for connectors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The connectors market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The connectors market is segmented by Application (Automotive, IT, telecom/datacom, and industrial), Product (PCB connectors, I/O rectangular, application-specific, and others), and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including 3M Co., ABB Ltd., Amphenol Corp., Aptiv Plc, Foxconn Interconnect Technology Ltd., Huawei Technologies Co. Ltd, METZ CONNECT GmbH, Rosenberger Hochfrequenztechnik GmbH & Co. KG, TE Connectivity Ltd., and Yazaki Corp.
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PUB: 11/18/2020 01:00 AM/DISC: 11/18/2020 01:01 AM