Press release
Circular Connectors Market 2024: Key Trends, Industry Growth, and Forecast
Circular Connectors Market 2024
Circular Connectors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The circular connectors market size has grown strongly in recent years. It will grow from $6.92 billion in 2023 to $7.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to rising adoption of automation systems, increased use in industrial automation, change from analog to digital technologies, rise in vehicle electrification, and increasing reliance on sustainable energy sources.
The circular connectors market size is expected to see strong growth in the next few years. It will grow to $9.7 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to increasing investments in infrastructure projects, sustainability initiatives, industrialization, medical applications, investment in research and development, and supportive government initiatives. Major trends in the forecast period include technological advancements, military technologies, digital technologies, miniaturization, and product launches.
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Scope Of Circular Connectors Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Circular Connectors Market Overview
Market Drivers -
The increase in the automotive industry is expected to propel the growth of the circular connector market. The increase in the automotive industry is driven by lower interest rates facilitating consumer financing, rising demand for electric and hybrid vehicles driven by environmental concerns, and advancements in autonomous driving technology enhancing vehicle appeal. Moreover, government incentives promoting automotive purchases, and the growth of emerging markets are expanding consumer bases. As automotive manufacturers invest in next-generation technologies and enhanced vehicle features, the demand for durable and high-quality circular connectors is rising to meet the needs of modern, interconnected automotive applications. For instance, in March 2024, according to the European Automobile Manufacturers' Association, a Belgium-based vehicle industry association, the EU car market expanded robustly in 2023 by 13.9% when compared to 2022, reaching a volume of 10.5 million units. Therefore, the increase in the automotive industry is driving the circular connector market going forward.
Market Trends -
Major companies operating in the circular connector market are focused on developing compact and versatile connectors with integrated technologies such as C-coding compatibility to meet the growing demand for space-efficient and high-performance solutions. C-coding ensures secure polarization and future compatibility with evolving industrial standards for continuous plug compatibility. For instance, in July 2024, according to Franz Binder GmbH & Co. Elektrische Bauelemente KG, a Germany-based manufacturer of circular connectors, launched the M8 12-pin circular connector, a compact and versatile interconnect solution designed for industrial applications, particularly in automation and sensor technology. It features a thread diameter of 8 mm and offers high contact density while maintaining a small footprint, making it ideal for space-constrained environments. This connector supports various configurations and boasts high Ingress Protection (IP67) ratings, ensuring reliable performance in harsh conditions. The updated design specification includes C-coding, ensuring compatibility with future standards and making it a future-proof solution with screw or snap-in locking options.
The circular connectors market covered in this report is segmented -
1) By Type: Power Connectors, Data Connectors, Signal Connectors, Hybrid Connectors, Other Types
2) By Accessory: Adapters, Backshell And Clamps, Boots And Strain Relief, Caps And Cover, Keying plugs, Seals, Other Accessories
3) By End Use Industry: Automotive, Healthcare, Manufacturing And Processing, Marine, Military And Aerospace, Mining, Oil And Gas, Power And Utilities, Other End Use Industries
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Regional Insights -
Asia-Pacific was the largest region in the circular connector market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the circular connectors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies -
Major companies operating in the circular connectors market are Eaton Corporation plc, TE Connectivity Ltd., Molex LLC, Amphenol Corporation, Phoenix Contact Deutschland GmbH, Rosenberger GmbH & Co. KG, ITT Inc., Belden Inc., Weidmüller Interface GmbH & Co. KG, HARTING Technology Group, Hirose Electric Co. Ltd., Glenair Inc., Radiall S.A., Souriau, LEMO SA, Smiths Interconnect, JAE Electronics Inc., Yamaichi Electronics Co. Ltd., Omega Engineering Inc., Fischer Connectors SA, Switchcraft Inc., Nicomatic, CUI Devices, Franz Binder GmbH & Co. KG, Cinch Connectivity Solutions
Table of Contents
1. Executive Summary
2. Circular Connectors Market Report Structure
3. Circular Connectors Market Trends And Strategies
4. Circular Connectors Market - Macro Economic Scenario
5. Circular Connectors Market Size And Growth
…..
27. Circular Connectors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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