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LONDON, GREATER LONDON, UK, July 4, 2024 /EINPresswire.com/ -- The wire-to-board connector market size has shown robust growth, expanding from $4.74 billion in 2023 to $5.01 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.7%. This growth is driven by electronics miniaturization, advancements in the electronics industry, increased automation and robotics, the rise in consumer electronics, and developments in medical devices.
Drivers of Market Growth
The wire-to-board connector market is expected to continue its steady growth trajectory, reaching $6.07 billion by 2028 at a CAGR of 4.9%. This growth in the forecast period can be attributed to the expanding Internet of Things (IoT), integration of AI and machine learning, electric vehicle (EV) proliferation, advancements in medical technology, and renewable energy projects.
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Major Players and Market Trends
Key players such as Hon Hai Precision Industry Co Ltd., Yamaichi Electronics Co. Ltd., and TE Connectivity Ltd. are focusing on developing new products to enhance heat resistance and durability. For example, Hirose Electric Group launched the GT50 Series, a high heat-resistant wire-to-board connector designed for automotive applications, meeting stringent industry standards and addressing the demand for smaller connectors in EVs.
Market Segments
• Type: Below 1.00 MM, 1.00 MM to 2.00 MM, Above 2.00 MM
• Style: Accessory, Header, Housing, Plug, Receptacle, Socket
• Application: Transportation, Consumer Electronics, Communications, Industries, Military, Other Applications
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific emerged as the largest region in the wire-to-board connector market in 2023 and is expected to witness the fastest growth during the forecast period. The region's dominance is attributed to the rapid industrialization, technological advancements, and increasing adoption of electronic devices across various sectors.
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Wire-To-Board Connector Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Wire-To-Board Connector Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on wire-to-board connector market size, wire-to-board connector market drivers and trends, wire-to-board connector market major players, competitors' revenues, market positioning, and market growth across geographies. The wire-to-board connector market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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