Internet Accessibility Creates Demand for Cable Connectors and Adapters
As the Internet becomes an integral part of establishing communication, building connectivity, and the medium to access information, it is translating into an essential element in all industrial verticals. The penetration of the Internet in the farthest corners of the world has led to a swell in the number of internet subscribers and users of smartphones, PDAs, and tablets. These factors have jointly created massive demand for cable connectors and adapters.
In view of these factors, the opportunity in the global cable connectors and adapters market will touch US$85.75 bn by 2022 rising from US$47.78 bn in 2014. Between 2015 and 2022, the market will rise at a CAGR of 7.8%.
Players to Pursue Growth Opportunities in Asia Pacific
On the other hand, Asia Pacific will achieve the status of the fastest-growing market for cable connectors and adapters due to rampant digitalization in countries of China and India. Increasing consumption of consumer goods such as set-top boxes, smartphone devices, entertainment systems, HDTVs, and mobile computing in Asia Pacific will also be undercurrents for progress of this market. By 2022, Asia Pacific is expected to acquire a 40% share in the global market.
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The North America cable connectors and adapters market is expected to exhibit growth in both demand and revenue as governments in the U.S. and Canada are expected to introduce new specifications and standards. Advancements in technology that deliver high-speed data transmission would also increase the sales of these products. Joint efforts of the U.S. and Canada governments to improve broadband network quality will also prove to be beneficial to the overall market in the forecast period.
External Cable Connectors and Adaptors Segment Darts Ahead
The external cable connectors and adaptors segment will be the dominant segment of the market. USBs or universal serial bus connectors will be the maximum sold and consumed items in the cable connectors and adapters market. These are widely used for sharing data and for charging devices. USB connectors are also used for transmitting video and audio signals. Between 2014 and 2022, the external cable connectors and adapters segment is expected to expand at a CAGR of 6.6%.
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The key players operating in the global cable connectors and adapters market are General Cable, TE Connectivity Ltd, L-Com Global Connectivity, and Amphenol Corp. The competitive landscape is quite consolidated as market players are focusing on improving their geographical reach by making meaningful mergers and acquisitions. Catering to the need of the IT industry through miniaturization of components will prove to be an effective strategy for the players in the market.