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The mechanical connectors market size is estimated to grow at a CAGR of 5.54% between 2022 and 2027. The market size is forecast to increase by USD 4.46 billion. The growth of the market depends on several factors, including the increasing demand for mechanical connectors in the automotive industry, the growth of the construction industry, and the growing demand for defense aircraft and government expenditure. Mechanical connectors encompass the manufacturing, distribution, and sale of various types of connectors used for mechanical connections in different applications. Mechanical connectors are devices or components designed to join or connect two or more mechanical parts together, providing a secure and reliable connection.
This mechanical connectors market report extensively covers market segmentation by application (automotive, industrial, aerospace and defense, and chemicals and others), type (aluminum, copper, brass, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Increasing demand for mechanical connectors in the automotive industry is one of the key factors driving the growth of the market. Mechanical connector products are mainly used in manufacturing automotive parts and components such as car bodies, chassis, and heat exchangers. Raised economic activity in emerging markets and increased foreign investment have increased per capita income in countries such as India, Brazil, and Argentina. Steady economic growth in emerging markets has increased consumer spending power, expanding the range of consumer spending, including automobile purchases.
Moreover, mechanical connectors are mainly used to connect wires, cables, and harnesses, mechanical connectors ensure a safe and reliable electrical connection between various components such as batteries and alternators. Therefore, a flourishing automotive industry is expected to drive the growth of the global mechanical connector market during the forecast period.
Product launches by players operating in the market are the primary trend shaping the growth of the market. The major players in the relevant market are mainly focused on different growth strategies, such as new product launches to expand their reach and gain a large market share. The target market has the presence of international and local players. New product launches help companies increase product offerings and raise diversification by supporting end users.
For instance, in February 2022, Nexans launched a new mechanical power connector as part of its GPH line of cable connectors and cable lugs for medium-voltage cables. Similarly, in May 2022, HellermannTyton launched molded plastic cable seals. The spacers come with a cable connector and constant force springs at the straight ends to ensure easy installation. Thus, such developments will fuel the growth of the global mechanical connector market during the forecast period.
Fluctuating raw material prices of mechanical connectors is a challenge that affects the growth of the market. Raw material cost is an important consideration in the manufacturing and pricing of mechanical connectors. The most important raw materials for manufacturing mechanical connectors include aluminum, copper, and brass. Fluctuations in demand in these industries can adversely affect the prices of raw materials. In addition, changes in the international political situation may cause price fluctuations due to the imbalance between supply and demand for these raw materials.
Moreover, fluctuations in raw material prices increase production costs and reduce profit margins for mechanical connector suppliers. Such rising raw material prices increase the manufacturing costs of mechanical connectors and reduce the profit margins of suppliers. Therefore, market players are likely to experiment with lower-cost electric actuator alternatives to gain a competitive edge in the market, but this will adversely affect the demand for mechanical connectors, impeding the growth of the market during the forecast period.
The market share growth by the automotive segment will be significant during the forecast period. Mechanical connections are essential to prevent electromagnetic interference caused by overuse of electrical equipment. Demand for mechanical connectors for various automotive applications will continue to grow as connectors are increasingly used to connect engine components such as fuel lines, coolant hoses, chassis, and suspension, as well as electrical connections such as cables and wires are also likely to increase.
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The automotive segment was the largest and was valued at USD 3.77 billion in 2017. The automotive sector demands high safety requirements at minimal cost. To ensure this, manufacturers are trying to reduce the space and weight of their components, resulting in the need to reduce the connector size as well. This further increases the strength of the contact system and increases the need for high-performance alloys. Most automotive mechanical connectors use high-performance alloys such as copper, nickel, and silicon alloys to manufacture their contact families. This reduces connector size and improves performance. Therefore, the automotive industry is expected to continue to grow and create demand for mechanical connectors, which is expected to boost the growth of the automotive segment of the market during the forecast period.
Aluminum connectors are cylindrical connectors used in applications where electrical wires are connected to mechanical or electrical equipment and where vibration is important. Aluminum connectors are primarily used in military, automotive, industrial, and medical devices. Expanding industrial and military applications are driving market players to offer aluminum connectors. For example, 3M offers a lightweight aluminum D-SUB connector made of metal. Moreover, the rising demand for lightweight miniature connectors is expected to drive the demand for aluminum connectors, which is expected to drive the growth of the aluminum connector segment, which in turn is anticipated to propel the growth of the market during the forecast period.
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APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China, Japan, and India are major contributors to the market growth. The APAC market is driven by the rising need for high-quality mechanical connectors in defense, industrial, automotive, and utility applications that provide secure, leak-free connections.
Furthermore, the increasing investment in industrial sectors such as construction and manufacturing is another driving factor for the growth of the regional market. In addition, investment in the mining sector in the region is also increasing. For example, in May 2021, Vedanta Ltd. announced plans to invest USD 1.34 billion to build an aluminum farm in Orissa, India. Such investments are expected to increase the demand for mechanical connectors for grounding purposes in mining applications, which is expected to boost the regional market during the forecast period.
In 2020, the outbreak of the COVID-19 pandemic negatively affected the growth of several application industries in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of the operations of application industries. In addition, the region also witnesses the growth of the automotive industry. For example, in 2022, India's total automobile and commercial vehicle production will grow by 24% year-on-year. Such factors are expected to boost the regional mechanical connector market during the forecast period.
The Mechanical Connectors Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Mechanical Connectors Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
NSI Industries LLC: The company offers mechanical connectors such as Dual Rated Lug 1000-500, Copper Extruded Lug, Splicer Reducer, Nema Panel Lug 1000-500.
Prysmian Spa: The company offers mechanical connectors under the brand name of Bicon such as Straight and Branch Low voltage Connector, Offset Palm Brass Lugs, Straight and Blocked Brass Tunnel Connectors.
Tempo Communications Inc.: The company offers mechanical connectors for fast and simple field termination of 3mm jacketed single-mode fiber-optic cables and 250 and 900 micron cables, without polishing or epoxy, it is made with precision and high-quality Zirconia ferrules and provides a highly reliable low back reflection, low insertion loss connection.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The mechanical connectors market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Mechanical Connectors Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.54% |
Market growth 2023-2027 |
USD 4.46 billlion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.11 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., ABB Ltd., Axis Electrical Components India Pvt. Ltd., Birkett Electric Ltd., Componect AG, Conex Metals, Connector Subsea Solutions, Conway, Electrofocus Electricals, HellermannTyton GmbH, Hirpara Metal Industries, Hubbell Inc., Nexans SA, NILED, NSI Industries LLC, Panduit Corp., Prysmian Spa, Raychem RPG Pvt. Ltd., STATS Group, TE Connectivity Ltd., and Tempo Communications Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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