U.S., JAPAN & GERMANY PRECISION CONNECTOR MARKET ANALYSIS

Market Challenges And Opportunities

U.S., Japan & Germany Precision Connector Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has significantly disrupted almost all the industries including automotive, medical & healthcare, consumer electronics, clothing & textile, food & beverage, automation, manufacturing, aerospace & defense, oil & gas, construction, semiconductor, agriculture, and others. Liquidity shortfall, cash crunch, and others are factors restraining the growth of various sectors during COVID-19 pandemic.

The precision connector market was affected, as many key players in the market had to temporarily closedown in order to safeguard health of their employees. Furthermore, on the supply chain side, unavailability of raw materials for manufacturing of components due to complete lockdown is a major restraint for the growth of the market. Due to delay in supply of raw materials and components, the manufacturing companies were unable to deliver the products in the market. Therefore, precision connector market is affected by the pandemic. As governments are opening in phases in many countries, production is resuming, however, companies are still working with partial employees on the shop floor and remaining from home. Therefore, the manufacturers of various electronic and semiconductor components such as precision connectors are experiencing delay in completing there production target.

• High Cost Of Precision Connectors

Furthermore, end-use industries such as automotive, telecom, military and aerospace, electronic, and others have been affected due to COVID-19 pandemic. For instance, according to WMR’s analysis, the automotive market witnessed 12-15% decrease compared to 2019. Similarly, the growth of consumer electronics market was also hampered reducing the overall global sales by around 1%-5% compared to 2019.