Connector Market Expected to Reach $168.0 Billion, Globally, By 2031 at 7.9% CAGR: Allied Market Research
WILMINGTON, Del., Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Connector Market By Product, End User, and Material: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global connector market was valued at $79.8 billion in 2022, and is projected to reach $168 billion by 2032, registering a CAGR of 7.9% from 2023 to 2032.
- There was an increase in demand for connectors used in healthcare and medical equipment, as well as for data centers and telecommunication infrastructure.
- The surge in remote work and reliance on digital technologies further amplified the need for connectors supporting these applications.
- Increased demand for automotive electronics is expected to drive the market during the forecast period.
- However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.4% from 2022 to 2031.