The global market for Connectors is projected to reach US$91.1 billion by 2024, driven by the growing demand for high performing, reliable, fail-safe electronics in a wide range of industries such as automotive, telecommunication, consumer electronics, aerospace/ defense/military, medical equipment and industrial equipment. Functions of a connector that make it indispensable in electronics include joining electrical terminations to create a complete electrical circuit; electromagnetic interference (EMI) filtration and voltage surge protection. Automotive applications are poised to emerge into the spotlight supported by major trends in vehicle electronification and electrification such as commercialization of hybrid electric, plug-in hybrid electric and full-electric vehicles; growing complexity of in-vehicle networked systems against the backdrop of the development of smart connected and autonomous loaded with electronic sub-assemblies; and growing use of expensive and voltage sensitive electronic sub-systems that require reliable interconnects. In the consumer electronics space, proliferation of smartphones and ubiquitous use of computers for computing are helping drive demand for in-device connectors comprising board to wire connectors, board to board connectors, board to IC/memory card connectors and inter-device (device to device) connectors. Connectors for medical applications are also expected to witness strong demand supported by the growing use of embedded electronics in medical equipment and implants. Harsh environment connectors will continue to drive opportunities in the market in the coming years, given the fact that continuous functioning of infrastructure equipment, automobiles, aircraft, medical equipment such as life-saving defibrillators & ventilators and energy generation equipment will always be of prime importance and concern. Other major trends in the market include effervescent innovation and design improvements in connectors to meet high device quality and reliability standards; growing demand for versatile miniature connectors; growing commercial value of smart connector designs with EMI/RFI suppression features; growing popularity of IP-rated, RoHS-compliant and UL recognized connectors; growing demand for network bandwidth, rise in fiber optic deployments and the ensuing demand for fiber optic connectors. Asia-Pacific and Europe represent the two largest markets worldwide. Trailing a CAGR of 6.9% over the analysis period, Asia-Pacific ranks as the fastest growing market led by positive macro-economic cues; expanding industrial, business and commercial markets; robust consumer electronics industry; and increased demand for high-quality electronic interconnect solutions.
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