by The press fit connector market has seen increased demand as an efficieient and space saving connection solution for various electronic devices and applications. Press fit connecctors provide quick and secure connection between printed circuit boards and electronic components without additional mounting hardware. These connectors eliminate soldering and are simply pressed into PCB slots for instant contact.
The Global Press Fit Connectors Market is estimated to be valued at US$ 8.92 Billion in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the press fit connectors market are Positronic, TE Connectivity Corporation, Amphenol ICC, Dietze Group, Autosplice, Fujitsu Limited, SAMTEC, Inc., Molex, LLC (Koch Industries, Inc.), Aptiv PLC, Diehl Stiftung & Co. KG, Sumitomo Electric Industries, Ltd., AVX Corporation, PROVERTHA Connectors, Cables and Solutions GmbH, Mill-Max Mfg. Corp. The growing demand for press fit connectors from various industries such as automotive, consumer electronics, healthcare, industrial etc is expected to drive the market growth. The market is also witnessing expansion in regions such as North America, Europe and Asia Pacific owing to growing Electronics manufacturing hub in countries like China, India, Japan and South Korea.
Market Key Trends
The Press Fit Connector Market Demand is witnessing increased demand trends owing to its design flexibility. Press fit connectors allow the integration of various connection requirements within tight confines and complex circuit designs. They enable high density interconnections by eliminating the protruding male pins of conventional connectors. The market is also witnessing increased adoption in automotive sector owing to demand for lightweight vehicles. Press fit connectors help in weight reduction as they eliminate the need for mounting hardware. Moreover, their secure latching mechanisms make them durable for vehicle vibration. The market growth is also supported by the increasing penetration of Internet of Things where press fit connectors play a critical role in providing connectivity solutions.
Porter’s Analysis
Threat of new entrants: Low cost barriers and technology do not provide significant advantages to existing companies over new entrants. Bargaining power of buyers: Buyers have moderate bargaining power as there are several established press fit connector manufacturers. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute raw materials and components. Threat of new substitutes: New substitutes such as soldered or socketed connectors pose low threat due to performance disadvantages. Competitive rivalry: Intense competition exists among existing Press Fit Connectors Market manufacturers.
North America holds the largest share of the press fit connectors market, followed by Europe and Asia Pacific. In North America, the widespread adoption of industrial automation, favorable support from governments & foreign investors, presence of global connector manufacturers are driving the market. Europe is the second largest market owing to growth of automotive, industrial, and consumer electronics industries. The Asia Pacific region is expected to witness the highest growth during the forecast period due to expanding manufacturing sector, increasing electronics exports from China and India.
The press fit connectors market is expected to grow fastest in Asia Pacific region from 2024 to 2031 at a CAGR of over 5%. This is attributed to rapid industrialization and manufacturing activities in China and India. Rapid urbanization along with increasing disposable income has boosted sales of consumer electronics in Asia Pacific which further augments the demand for press fit connectors. Increasing foreign investments for development of Industrial IoT and smart factories will continue driving the press fit connectors demand until 2031 across Southeast Asian countries
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
