PRESS FIT CONNECTORS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Press Fit Connectors Market Size and Trends

Global press fit connectors market is estimated to be valued at USD 8.92 Bn in 2024 and is expected to reach USD 12.50 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. Press fit connectors are widely used in industrial equipment and machinery as these offer secure, fast and tool-less installation.

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Increasing industrial automation and rising demand for electrical vehicles can boost demand for press fit connectors. Rising need for interconnectors that require minimal space and can withstand vibration can further provide opportunities for press fit connectors market growth. However, availability of alternatives like crimp connectors can hamper the market growth.

Market Driver:  Rising Demand for Consumer Electronics

Increasing demand for various consumer electronic devices can drive the growth of the press fit connectors market. A wide array of consumer electronics such as smartphones, laptops, tablets, gaming consoles, wearable devices and others have become an integral part of people's daily lives. As the functionality and capabilities of these devices expands due to technological innovations, consumers globally are replacing their existing devices with newer models more frequently. This continual upgrade cycle boosts the sales volumes of consumer electronics significantly.

Press fit connectors find widespread application in various internal connections inside consumer electronic devices due to their secure, robust joining capabilities in confined spaces. These help in connecting different components inside devices such as processor chips, memory modules, integrated circuits, displays, touchscreen controllers and more. The increasingly complex circuitry designs of modern consumer electronics have raised the internal connection requirements, positively impacting the need for press fit connectors. As consumer preference is rapidly shifting towards compact, portable devices, manufacturers are under constant pressure to make their products as slim and small-sized as possible. This miniaturization trend provides a fillip to press fit connectors usage as these allow for connectivity solutions in space-constrained applications. 

The automotive industry is steadily transitioning towards electrification with electrical vehicles coming to the forefront. Supported by growing environmental concerns and policy pushes for cleaner transportation, the sales of battery electric vehicles and plug-in hybrid electric vehicles have been rising substantially across major automotive markets. This rapid electrification of the automotive landscape has boosted demand for press fit connectors as these play a pivotal role in the manufacturing of electric vehicles.

Press fit connectors are extensively used inside electric vehicles for making connections in the battery pack, battery management system, electric powertrain motor controller and other vital EV components that require tight, robust joints able to withstand vibration. Their secure fastening ability in small spaces makes them especially suited to the congested interconnect environments inside EVs.

Furthermore, as automakers focus on compact designs to enhance driving range, press fit connectors offer the advantage of maximizing space efficiency while securely connecting various components within electric vehicles. Growing EV product ranges and sales forecasts indicate that press fit connectors demand from this industry will continue its strong growth trajectory in the coming years. Government incentives and policy support for electric mobility across major nations are adding to the tailwinds.