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What’s the Forecast? New Connector Industry Sales Report

By Connector Supplier | June 25, 2024

Bishop & Associates’ latest market research report looks at the future of connector industry sales across regions, markets, and product types.

After a year of strong single-digit growth in 2022, no one seemed surprised that connector industry sales would decline in 2023. With industry sales performance based strongly on location and market sector, the European region grew 3.8%, while the Asia Pacific and Chinese regions declined, -7.3% and -5.7% respectively. But 2023 offered several surprises. Considering that year-over-year bookings did not turn positive until the fourth quarter and year-to-date bookings remained negative throughout all of 2023, it is remarkable that the industry performed as well as it did overall.

Another year highlighted by a host of natural and geopolitical developments, 2023 was a year marked by national, regional, and local conflicts and disasters. Even as material, overhead, and labor prices rose, the industry managed to push on, showing remarkable resilience. Raging wildfires, drought, cyclones, storms, earthquakes, and massive flooding marked just a few of the natural disasters the world contended with.

In the new market research report, 2024 Connector Industry Forecast, Bishop & Associates offers an analysis of the interconnect industry’s past performance, with a detailed breakdown of 2023 results, along with an examination of current and anticipated market factors that will shape the forecast for 2024 and beyond. In addition to the detailed forecasts for each region of the world (North America, Europe, Japan, China, Asia Pacific, and ROW), an industry overview is included which provides current market trends, currency fluctuation effects, and industry sales performance, as well as an outlook narrative.

The report includes in depth analysis of connector use by market, with a focus on North America, Europe, Japan, China, Asia-Pacific, and Rest of World. In each region, 2023, 2024F, and 2029F sales are detailed, along with discussions of key equipment sectors, industry backlog details, geopolitical factors, supply chain conditions, and changes to market share around the world.

Industry Sales Performance by Region

Growth and decline were not equal across all regions in 2023, nor will they be in 2024. The European region saw the greatest growth in 2023, growing +3.8%. With growth of +0.9%, the ROW region followed Europe. All other regions declined in 2023, with the greatest decline in Japan, where sales in U.S. dollars decreased -9.5%, followed by Asia-Pacific with a decline of -7.3%. China, the largest region for electronic connector sales decreased -5.7%, while North America, the second largest region experienced a sales decline of -0.3%.

Visit Bishop & Associates to learn more about the new market research report Connector Industry Forecast 2024.

No part of this article may be used without the permission of Bishop & Associates Inc. If you would like to receive additional news about the connector industry, register here. You may also contact us at [email protected] or by calling 630.443.2702.

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