CHICAGO, Feb. 28, 2024 /PRNewswire/ -- The global contactless connector market is expected to be valued at USD 220 million in 2024 and is projected to reach USD 480 million by 2029; it is expected to grow at a CAGR of 16.9% from 2024 to 2029 according to a new report by MarketsandMarkets. The rise of IoT devices and smart technologies necessitates secure and reliable connectivity solutions, further propelling the demand for contactless connectors. Moreover, the ongoing advancements in wireless charging and data transfer technologies are expanding the scope of contactless connectors, fueling their market growth.
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199 - Tables
60 - Figures
284 - Pages
Contactless Connector Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 220 million |
Estimated Value by 2029 | $ 480 million |
Growth Rate | Poised to grow at a CAGR of 16.9% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product Type, Technology, Operation, Data Rate Gbps and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Risk of rapid technological changes and obsolescence |
Key Market Opportunities | The evolution of smart homes and the increasing demand for connected consumer electronics devices |
Key Market Drivers | Increasing adoption of Internet of Things (IoT) devices across various industries |
The contactless connector market for wireless charging connectors is to hold the highest CAGR during the forecast period.
The proliferation of electric vehicles (EVs) and the need for efficient and user-friendly charging infrastructure are driving the adoption of wireless charging technology in the automotive sector. Contactless connectors play a crucial role in enabling wireless charging for EVs, contributing to the market's growth. Additionally, advancements in wireless charging technology, including higher power levels, faster charging speeds, and improved efficiency, are expanding the applicability of wireless charging to a broader range of devices and applications, further fueling the demand for contactless connectors.
Contactless connector market for radio frequency technology to hold the highest CAGR during the forecast period.
The increasing demand for high-speed data transmission and connectivity in various applications such as telecommunications, automotive, aerospace, and healthcare drives the adoption of RF contactless connectors. RF technology enables wireless communication and data transfer at high frequencies, offering advantages such as faster data rates, greater bandwidth, and improved reliability. Moreover, the growing adoption of RF contactless connectors in automotive applications, including vehicle-to-vehicle (V2V) communication, vehicle-to-infrastructure (V2I) communication, and in-car entertainment systems, is driving market growth.
Contactless connector market for up to 6 Gbps data rate to hold the highest CAGR during the forecast period.
The contactless connector market for 6 Gbps data rate is experiencing significant growth due to several key factors. Firstly, the increasing demand for high-speed data transmission in various industries such as telecommunications, data centers, consumer electronics, and automotive is driving the adoption of contactless connectors capable of supporting 6 Gbps data rates. These connectors enable fast and reliable data transfer between devices, servers, and networking equipment, facilitating the efficient operation of high-bandwidth applications and services.
Contactless connector market for industrial vertical to hold the highest CAGR during the forecast period.
The automotive industry is transforming through technological advancements such as electric vehicles (EVs), autonomous driving, and connected vehicles. Contactless connectors play a crucial role in enabling advanced features such as wireless charging, vehicle-to-vehicle (V2V) communication, and in-car connectivity, meeting the demand for innovative and high-tech solutions in the automotive sector. Additionally, the proliferation of advanced driver assistance systems (ADAS), infotainment systems, and telematics in modern vehicles drives the demand for contactless connectors that enable seamless connectivity between various vehicle components and systems.
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Contactless connector market for Asia Pacific to hold the highest CAGR during the forecast period.
The contactless connector industry in the Asia Pacific region is witnessing substantial growth driven by the increasing awareness of the importance of security measures in both public and private domains, leading to a surge in demand for advanced contactless connectors. Rising concerns about terrorism, cyber threats, and geopolitical tensions have heightened the need for sophisticated surveillance and protection systems. Rapid urbanization and economic development in many APAC countries have resulted in a proliferation of critical infrastructure projects, smart cities, and commercial hubs. This expansion creates a substantial demand for comprehensive contactless connectors to safeguard assets, people, and information.
Key Players
The Contactless connector companies includes significant Tier I and II players like STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Molex (US), Rosenberger Hochfrequenztechnik GmbH & Co. KG (Germany), Radiall (France), and others. These players have a strong market presence for Contactless connectors across various North America, Europe, Asia Pacific, and RoW countries.
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