New York, March 15, 2023 (GLOBE NEWSWIRE) -- Global sales of cables and connectors totaled a revenue of US$ 106.5 billion in 2022. Over the next ten years, the global Cables and Connectors Market is set to expand at 7.0% CAGR. by the end of 2032, the total market size will reach around US$ 210.0 billion.
Automotive industry currently dominates the cables and connectors market. This is due to rising usage of cables and connectors in this industry. As per Persistence Market Research (PMR), the target segment will thrive at 6.8% CAGR from 2023 to 2032.
Rising adoption of cables and connectors across diverse industries is driving the global market. In recent years, demand for cables and connectors has increased dramatically across the automotive industry. This is due to integration of advanced technologies in vehicles and growing trend of electrification.
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Increasing government investments to improve connectivity worldwide will also play a key role in boosting cable and connector sales. Burgeoning demand from defense & aerospace is likely to create growth prospects for the market through 2032.
Growing usage of cables and connectors in IT & telecommunication sector will spur market expansion. Besides this, development of new and advanced cables and connectors will support market expansion.
Another key factor that will fuel cables and connectors is the rise in fixed broadband connection worldwide.
Key Takeaways from Cables and Connectors Market Report:
- Global cable and connector sales are forecast to surge at 7.0% CAGR through 2032.
- By type, USB segment will progress at 6.9% CAGR over the next ten years.
- Based on industry, automotive segment is likely to expand at 6.8% CAGR during the assessment period.
- The United States cables and connectors market is set to cross a valuation of US$ 33.1 billion by 2032.
- China cables and connectors market size will reach around 52.9 billion by 2032.
- Cables and connectors demand in South Korea is forecast to rise at 7.5% CAGR during the forecast period.
- The cables and connectors market in Japan will reach about US$ 32.5 billion by the end of 2032.
“Rapid expansion of industries such as automotive and telecommunication will drive the market. Besides this, growing need for quick data transfer will elevate cables & connectors demand.” Says a Persistence Market Research analyst.
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Who is Winning?
Amphenol Corp., Alcatel-Lucent, Nexans SA, Axon Cable, Huawei Technologies Co. Ltd., 3M Company, TE Connectivity Ltd., Molex Inc., Sumitomo Corporation, and Prysmian Group are few of the leading manufacturers of cables and connectors.
Most of these companies are dedicated to providing world-class solutions to end users. They are constantly launching new products to expand their portfolios.
Recent Developments:
- In 2022, a new circular connectors product line was launched by CUI Devices.
- In October 2022, Molex launched a PCIe Cable connection system. The connection launched is for open compute project servers.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the cables and connectors market, presenting historical market data (2017 to 2021) and forecast statistics for the period from 2023 to 2032.
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The study reveals extensive growth in the cables and connectors market based on
- Type (HDMI, USB, VGA, and CAT5/CAT6)
- industry (automotive, commercial, energy and power, and aerospace and defense)
- across several regions.
About the Semiconductor and Electronics Division at Persistence Market Research
Persistence Market Research's highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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