Pin and Socket Connectors Market Share

APAC Market Forecast

Asia Pacific pin & socket connectors market is estimated to gather the highest share of close to 30% over the coming years. This growth of the market in this region is set to be dominated by rising demand for electric vehicle. In terms of yearly sales, the Asia-Pacific (APAC) region leads the worldwide EV market, followed by the Americas and Europe. With about 5 million electric vehicles delivered, China led the Asia-Pacific region in sales of electric vehicles in 2022. As more individuals switch from conventional combustion engine vehicles to low-carbon alternatives, the global transportation sector has become more electrified, which is a contributing factor to the sector's strong growth. Furthermore, various advancements have been estimated to be made to accelerate the speed of charging. However, most EV charging now occurs at home. Owners typically recharge their batteries as they sleep at night, waking up the following morning to a fully charged battery that nearly always provides more than adequate EV range for the majority of people's daily travel needs. Hence, the market demand on account of this factor is also expected to experience an upsurge. 

North American Market Analysis

Pin & socket connectors market in North America is also estimated to flourish with notable growth over the coming years. This growth could be owing to the growing popularity of robotics and automation. Robotic connectors require to be simple to disconnect to change out tools or perform maintenance as robotic work cells become more multifunctional. Ruggedized industrial connectors are required for standard interface protocols such USB, Ethernet, and so on for the human-machine interface (HMI), which may include a wand, tablet, touchscreen, or something similar. These connectors are in addition to the ones that route signals and power around the industrial machine or robot itself. Additionally, huge investment has been made by various manufacturing companies on the robotics which is also estimated to increase demand for pin & socket connectors.