Report : Asia Pacific Press Fit Connector Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Compliant Pressing and Cold Press-in) and Application (Automotive, Telecommunications, Military and Aerospace, Medical, and Others)
Automotive Segment to Dominate APAC Press Fit Connector Market during 2021–2028
According to a new market research study on “APAC Press Fit Connector Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 4,618.34 million by 2028 from US$ 3,283.18 million in 2021. The market is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report provides trends prevailing in the APAC press fit connector market along with the drivers and restraints pertaining to the market growth. Raised requirement of press fit connectors in aerospace & defense sector is the major factor driving the growth of the APAC press fit connector market. However, issues associated with the high cost of connectors and technical challenges hinder the growth of APAC press fit connector market.
The APAC press fit connector market has been segmented based on type, application, and country. Based on type, the market is segmented into cold press-in and compliant press-in. The compliant press-in segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. In terms of application, the market is segmented into automotive, telecommunications, military & aerospace, medical, and others. The automotive segment dominated the market in 2020 and military & aerospace segment is expected to be the fastest growing during the forecast period. Based on country, the press fit connector market is classified into Australia, China, Japan, India, South Korea, and Rest of Europe.
The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated, which leads to the greater risk infection spread. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation. India is the worst-hit country by the pandemic in this region. Many global brands and technological companies are headquartered in the region. The limitations imposed by governments to control the spread of COVID-19, the impact of the disease on populations of different countries in the region, and current inability to utilize production capabilities are the key factors impacting press fit connector market in Asian countries. Therefore, the COVID-19 pandemic is likely to continue to hinder the press fit connector market growth in APAC.
Amphenol ICC; Aptiv PLC; Autosplice; AVX Corporation; Diehl Stiftung & Co. KG; Fujitsu Limited; Molex, LLC (Koch Industries, Inc.); Positronic; SAMTEC, Inc.; Sumitomo Electric Industries, Ltd.; and TE Connectivity Corporation are among the leading companies in the APAC press fit connector market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Sumitomo Electric Industries, Ltd. had launched AirEB. The AirEB is a multi-fiber connector with an expanded beam that has optical performance tolerant to the contamination on the connector mating faces that contributes to cost reduction for massive fiber-optic network operators.
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