Increasing automotive production to drive the overall sales

Power is vital when it comes to electronics. Power connectors act as the vital connection between a device and its power source. Power connectors are devices that enable an electrical current flow through it for the sole purpose of supplying a device with power. Power connectors are designed to carry both AC as well as DC supply. AC plugs and sockets make it possible to connect devices to a building's primary power supply. Depending on the national standards of the country you are in, these types of plugs and sockets vary in current rating, voltage, design and size. There are several standard types of non-interchangeable DC connectors, preventing users from accidentally trying to connect an incompatible socket and plug. These connectors are primarily used for transferring energy, and this is a task they do admirably. A considerable chunk of connectors are expected to consume the adoption of wireless technologies such as Wi-Fi, RF, and Bluetooth. This factor paves the way to witness growth for this market. Growing technology penetration, such as the Internet of Things (IoT), is expected to help increase demand for high-performance and secure data connectivity and transmission. This factor, in turn, may increase power connector demand.

Automotive To Lead The Global Market Throughout 2030

In terms of application, the automotive segment led the global power connectors market in 2020 and is anticipated to maintain its dominance throughout the forecast period. This segment accounted for a share of more than 38% in 2020. Technological advances have introduced many new vehicle safety features, such as adaptive cruise control, adaptive front lighting, lane departure warning, and park assistance. Such functions require a large number of sensors, components of electronics, and ECUs. To establish reliable connectivity between these components, different types of connectors are used. In addition, the introduction of machine learning and V2V communication has increased the safety of the vehicle. Connectors play a crucial role in the smooth functioning of any vehicle and the many electronic devices it features, from power distribution to running GPS navigation-based features. Any malfunction in connectors may result in severe failure of the function. Manufacturers are thus focused primarily on research and development initiatives to produce high-quality connectors that provide continuous functioning.

Asia Pacific to Register a Considerable Growth Rate

Due to the increasing focus on energy management and technological advances, Asia-Pacific is expected to record a significant growth rate in the power connector market over the forecast period. The growing Asia-Pacific data center services (due to numerous multinational and domestic companies turning to colocation solutions and cloud service providers (CSPs)) are fueling the demand for power connectors in the region. Major companies such as Google too are planning to set up their data centers in China in order to cater to their growing businesses. This is mainly attributed to the low cost of manufacturing and labor. Similarly, Japan is expected to boost the data center services market with their primary colocation markets in Osaka, Tokyo, Nagoya and Indonesia. These countries give a boost to the growth of the market for power connectors.

Some of the key manufacturers operating in the global power connectors market include Molex, Igus, TE Connectivity, CLIFF Electronic Components, Amphenol, CUI, Samtec, Harwin, Foxconn, NBC, Hirose Electric, Bulgin, Belden, Furutech, ITT, GE, Kyocera, Glenair, Anderson Power Products, Methode Electronics, Aerospace Electronics, Phoenix Contact and Binder among others. Major players are adopting several marketing strategies such as acquisitions & mergers, product launch, product innovation, geographical expansion and partnerships in order to maintain their goodwill in the ever-competitive market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Power Connector market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Power Connector market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Power Connector market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Power Connector market?
• Which is the largest regional market for Power Connector market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Power Connector market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Power Connector market worldwide?