The Asia Pacific connector market size is reported to witness incredible growth during the forecast period of 2020-2026, thanks to the IT sector boom. This sector has seen unprecedented growth over the last decade and has also led to rise in ownership of consumer and industrial electronics. The automotive industry has also experienced immense growth which has led to increased demand for connectors.
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Rise in the demand for electric vehicles has been reported to play a key role in the growth of connector market in APAC region. Governments, especially those of the developing economies, have made good use of the rising digital era by formulating policies that support and encourage citizens to buy electric vehicles. They have also relaxed several norms and have even provided tax relief on the purchase of these vehicles.
Foreign Direct Investments (FDIs) to help the telecommunication industry grow have also created several opportunities for connector market producers in APAC.
When it comes to product type, then the Input Output (I/O) connectors will dominate the market due to increasing demand from consumer electronics. I/O connectors have several other types of connectors like the USB and HDMI cables. They help transmit power and data in a faster manner than the traditional devices. They are highly reliable as well, which is why consumers prefer using connectors to transmit large amounts of data. The IT sector boom has also led to the creation of numerous IT companies and data centers which will increase the demand for heavy-duty connectors.
The use of computers and other peripheral devices is rapidly increasing day by day. These devices have to transfer a large amount of data, which can sometimes go up to 20 GB, at a faster rate. This is the reason why these products are using connectors to do this task. There is also a significant increase in the sale of laptops in APAC region these days which will, in turn, increase the sale of connectors as well.
China is one of the largest markets for electronics. Most major electronic companies have their assembly and production plants set up in this country. This country’s connector market, just like its electronics one, has witnessed rapid rise due to the increase in demand for industrial, commercial and consumer electronics. The Chinese government has also encouraged market growth by improving its telecommunications industry.
Increase in the average customer per capita income in APAC region cannot be ignored when talking about factors contributing towards growth of connector industry. Increasing number of customers have more disposable income in their hand to spend and this has positively impacted the market. The growth of the automotive industry, as already discussed, is another important factor in the growth of regional connector market.
Some companies in this industry are also forming strategic alliances with others to expand their connector market share and make their presence felt across different regions in the world apart from APAC. These alliances are also formed to use the best manufacturing practices to bring out innovative and cutting-edge connector technologies to make them more user-friendly and smarter.
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Some of the major manufacturers of connectors in APAC region are Molex Inc., TE Connectivity, Luxshare Precision Industry Co. Ltd., Foxconn Technology Group, 3M, among many others.
Table of Contents (ToC) of the report:
Chapter 3 Asia Pacific connector Trends
3.1 Industry coverage
3.2 Industry size & forecast, 2015 – 2026
3.3 Value chain analysis
3.3.1 Company product snapshot
3.4 Innovation Landscape
3.5 COVID-19 impact on the industry outlook
3.6 Regulatory norms & directives
3.7 Price trend analysis
3.8 Drivers & restraints
3.8.1 Market drivers
3.8.2 Market restraints
3.9 Industry analysis - Porter's
3.10 Product growth mapping
3.11 Competitive benchmarking, 2019
3.11.1 Strategy dashboard
3.12 PESTLE analysis
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