According to the latest data analysis, the compound annual growth rate of China's connector component market is expected to reach approximately 5% from 2019 to 2024. The main growth drivers come from the rapid popularization of new energy vehicles, the construction of 5G communication networks and the improvement of industrial automation levels.
Automotive Industry: With the development of electric vehicles and autonomous driving technology, the demand for high-performance, high-reliability connectors has surged, driving market growth. In 2024, the demand for connectors from electric vehicles is expected to increase approximately three times compared with 2019.
5G communication field: The deployment of 5G networks has put forward new requirements for high-speed, low-latency wireless connection solutions, promoting the development and application of high-performance connector components. In 2024, China's investment in 5G base station construction will increase significantly, bringing greater than expected demand growth to the connector market.
Industrial automation: As the manufacturing industry transforms towards intelligence, the need for efficient data exchange has promoted the development of high-density and miniaturized connectors. It is expected that by 2024, the demand for connector components in the industrial automation field will increase by more than 25% compared with 2019.
Future Forecast Planning
It is expected that the Chinese connector component market will continue to grow, with 5G communications, electric vehicles and industrial automation becoming the main driving forces for growth. In order to adapt to this trend, local companies should increase their R&D investment and improve product performance and reliability; multinational companies need to optimize their localization strategies, better respond to changes in market demand, and strengthen cooperation with the Chinese supply chain.
Driven by both policy support and technological innovation, local companies have made significant progress and increased market share in recent years. More and more companies have accumulated technological advantages in the fields of high-speed connectors, precision miniaturized connectors and connectors for new energy vehicles, improved their competitiveness in the mid-to-low-end market, and gradually penetrated into the high-end market.
