June 21, 2024
Press Fit Connectors Market

Press Fit Connectors Market to Surpass US$ 12.50 Bn by 2024 Driven by Increasing Demand for Compact PCB Assemblies

The press fit connectors market allows for fast and cost-effective assembly of printed circuit boards owing to its zero insertion force technology. Press fit connectors have firmly established themselves as a reliable technology for high-volume interconnect applications due to their simple plug-and-play design.

The global press fit connectors market is estimated to be valued at US$ 12.50 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period of 2024 to 2031.

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, and PROVERTHA Connectors, Cables and Solutions GmbH.

Key Takeaways

Key players: Key players operating in the Press Fit Connectors Market Size 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, and PROVERTHA Connectors, Cables and Solutions GmbH.

Key opportunities: The demand for compact PCB assemblies from industrial equipment and consumer electronics is projected to open significant growth opportunities for press fit connector manufacturers. Moreover, the transition towards electric vehicles will spur demand for reliable high-speed interconnect solutions.

Global expansion: Leading press fit connector companies are investing in expanding their global footprint by establishing manufacturing units in high-growth regions. Strategic partnerships and mergers & acquisitions are also expected to aid companies strengthen their presence across international markets.

Market drivers:

The miniaturization of electronic devices and need for space-saving interconnect solutions are driving the press fit connectors market. Press fit connectors enable denser circuitry layout and help decrease space occupancy in compact devices. The implementation of Industry 4.0 technologies will further fuel adoption of press fit connections in industrial automation applications going forward.

PEST Analysis:

Political: The press fit connectors market is subject to regulations regarding the safety standards for electronic components. Authorities regularly update safety norms and guidelines to ensure product quality and user safety.

Economic: The demand for press fit connectors depends on the growth of end-use industries like automotive, consumer electronics, communication technologies etc. Factors like global economic conditions, spending power of consumers affects the growth of these industries and consequenty the press fit connectors market.

Social: Miniaturization of electronic devices and growing preference for compact electronics have increased the demand for space-saving connection technologies like press fit connectors. The widespread adoption of IoT and connectivity across industries also drives the need for reliable and durable interconnect solutions.

Technological: Press fit connectors provide a secure connection without using additional securing mechanisms like screws. The zero insertion force feature enables quick assembly and easier maintenance activities. Advances in material sciences have improved the retention strength and vibration resistance of press fit connectors.

In terms of value, the press fit connectors market in Asia Pacific region is concentrated, primarily due to large scale manufacturing hubs in China, Japan, South Korea and other developing Asian countries. The availability of low cost raw materials and labor has made Asia Pacific an attractive manufacturing destination for electronics as well as automotive industries over the past few decades.

The press fit connectors market is witnessing the fastest growth in North America region. Stringent vehicle emission norms in the US and Canada are driving automotive electrification which relies heavily on connectors for power transfer and signal transmission applications. Additionally, the presence of major automakers and flourishing consumer electronics industry in the US propels the demand for reliable interconnect solutions like press fit connectors.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it