Cable and Connector Market to Reach $251.64 Billion by 2034, Driven by 5G, Automotive Electrification & Energy Sector Growth

Policies and investments directed toward Expanding Digital Networks Driving Demand for Cables and Connectors: Fact.MR Report

According to a new research report released by Fact.MR, the global cable and connector market is projected to reach a size of US$ 112.15 billion in 2024 and thereafter expand at a CAGR of 8.4% from 2024 to 2034.

Demand for cables and connectors from industries such as automotive and telecommunications is rising at a significant pace. High government investments and initiatives directed toward improving connectivity have pushed the demand for cables and connectors. The market is also benefitting from increased digitalization and 5G internet penetration in several parts of the world.

Expansion of the oil & gas and energy sectors is set to further boost the demand for cables and connectors. Electrification in the automotive industry is expected to increase sales of these products. In addition, demand for high-bandwidth cables and connectors is projected to drive the market in the coming years. Cable and connector manufacturers are expected to also benefit from increased investment in the defense sector.

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Key Takeaways from Market Study:

1. The global cable and connector market size is analyzed to reach US$ 251.64 billion by 2034.
2. Worldwide sales of cables and connectors are projected to rise at 8.4% CAGR from 2024 to 2034.
3. The HDMI segment is forecasted to reach a size of US$ 87.07 billion by the end of 2034.
4. The market in the United States is expected to reach a value of US$ 22.63 billion in 2024.
5. Sales of cables and connectors in South Korea are projected to rise at a remarkable 10.2% CAGR from 2024 to 2034.
6. East Asia is estimated to hold a global market share of 30.7% in 2024, which is only expected to increase over the next ten years.
7. Demand for cables and connectors from the automotive sector is projected to reach a market value of US$ 93.36 billion by 2034.

“Rapid digitalization and increased initiatives to improve connectivity are benefitting manufacturers of cables and connectors across the world. Shift toward electric vehicles is fueling the demand for specialized cables and connectors in the automotive sector,”says a Fact.MR analyst.

Leading Players Driving Innovation in the Cable and Connector Market:

Amphenol Corp.; Axon Cable; 3M Company; Alcatel-Lucent; Molex Inc.; TE Connectivity Ltd.; Sumitomo Corporation; Huawei Technologies Co. Ltd.; Nexans SA; Prysmian Group; Hirose Electric Co., Ltd.; Corning Incorporated; Huber+Suhner AG; Rosenberger; JAE Electronics, Inc.

Market for Cables and Connectors Benefitting from Increasing Demand for Higher Bandwidth and Faster Transmission

High bandwidth is critical in the telecom industry, video services, cloud applications, online gaming, and TV-on-demand. In comparison to wireless communication, a wired transmission link provides more bandwidth, greater dependability and agility, and increased security. Furthermore, wireless transmission is less efficient in underwater operations because low frequencies are used to reduce attenuation and prevent transmission rate slowing.

Market growth is projected to be driven by growing demand for higher bandwidth and faster transmission. These connections have a much lower profile than standard side-entry counterparts. They are located within a cutout on the PCB. As a result, they are mounted flush with the PCB. The development of these new cables and connectors is projected to contribute to market expansion.

Cable and Connector Market News:

• In February 2024, RWE and Smart Wires, a developer of grid-enhancing technologies and services, announced a collaboration to explore the use of new cable circuits to link offshore wind generation. The companies' memorandum of understanding (MoU) expressly demands the use of advanced power flow control technology called SmartValve on long HVAC or HVDC cable circuits to facilitate offshore generation connections. The partnership is supposed to speed up the process but reduce the need for more onshore and offshore grid infrastructure.
• In August 2023, Molex, a global connectivity and electronics solutions leader, won a prestigious IoT Product Award at the recent OFweek 2023 (8th) IoT / AI Conference recently held in Shenzhen, China. Molex won the award for Mezz Pro and Mirror Mezz Enhanced high-speed connectors.
• ABB introduced the first hinged high-voltage connector backshells for heavy-duty electric vehicles in July 2023. ABB's Harnessflex EVO connector interface enhances cable-to-connector stability for high-voltage applications.
• In June 2023, FIT Hon Teng, a sub-company of HonHai, won the "Red Dot Design Award," the so-called "Oscar of the Design World." FIT made the popular subject of AI as its theme and showcased its excellent design ability through its innovative 800G high-speed connector called "FITCONN" and was awarded the Design Concept Award. This new solution not only complies with the specifications and design standards of current data centers but also greatly enhances data transmission efficiency.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the cable and connector market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges details on the cable and connector market based on type (HDMI, VGA, USB, CAT5/CAT6) and end use (automotive, commercial, energy & power, aerospace & defense), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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