Forecast of the development prospects of the domestic connector industry in 2024

In recent years, due to the continuous development of downstream industries such as communications, consumer electronics, new energy vehicles, and industrial control and security, my country's connector market demand has maintained steady growth, the market size has generally shown an upward trend, and the industry prospects are very broad.

Development status of connector industry

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1. Global connector market size

In recent years, the global connector market has generally shown a steady growth trend. The "China Connector Industry Analysis and Development Forecast Report 2024-2029" released by the China Business Industry Research Institute shows that the global connector market has grown from US$66.7 billion in 2018 to US$84.1 billion in 2022, with an average annual compound growth rate The tax rate is 5.97%. The growth in the size of the downstream terminal market and technological changes will drive the continued expansion of the connector market in the future. Analysts from the China Business Industry Research Institute predict that the global connector market will reach US$90 billion in 2023, and the market size will further grow to US$95.4 billion in 2024.

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2. China’s connector market size

From a domestic perspective, benefiting from the continued development of downstream industries such as communications, consumer electronics, new energy vehicles, industrial control and security, my country's connector industry market continues to grow and has become the world's largest connector production base. The "China Connector Industry Analysis and Development Forecast Report 2024-2029" released by the China Business Industry Research Institute shows that China's connector market size will be 193.9 billion yuan in 2022, with an average annual compound growth rate of 6.11% in the past five years. Analysts from the China Business Industry Research Institute predict that China’s connector market will reach 205.7 billion yuan in 2023 and 218.3 billion yuan in 2024.

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3. Policies are good for industry development

In recent years, my country's connector industry has received great attention from governments at all levels and key support from national industrial policies. The country has successively issued a number of policies to encourage the development and innovation of the connector industry. The "14th Five-Year Plan for the Development of China's Electronic Components Industry" issued by the China Electronic Components Industry Association proposes to target the application demand piles in high-end fields such as 5G communication equipment, big data centers, new energy vehicles, and charging, and promote my country's optoelectronic connectors. The components industry is developing towards miniaturization, lightweight, high reliability, intelligence, high frequency and high speed. Accelerating the transformation and upgrading of the photoelectric plug component industry will be conducive to the development of electronic components such as connectors.