Pin and Socket Connectors Market Size

Pin & Socket Connectors Market size is projected to surpass USD 170 billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of pin & socket connectors was USD 80 billion. The growth of the market revenue is set to be dominated by growing demand for consumer electronics such as smartphones. Currently, there are greater than 6 billion cellphones in use worldwide, and this figure is expected to rise in the years to come. When it comes to any type of consumer electronics products the need to charge or operate the components also arrives which is why the market demand for pin & socket market is set to rise. 

Furthermore, there has been rise in rapid industrialization all across the globe owing to the rising demand for manufacturing activities. Additionally, electrification of industries is also surging in order to increase the speed of manufacturing. Conventionally, industries relied on fossil fuel-based boilers, which currently is replaced by electricity in order to minimize the effect of fossil fuel on environment. Therefore, this factor is also estimated to boost the growth of the pin & socket connectors market.