Electrical connectors play an important part in integration of various systems & sub-systems among various industry verticals. The demand for reliable connectivity, high performance communicating, and efficiency in transferring data by various enterprises propels growth of the Latin America low voltage electrical connectors market. High-performance networks are essential for business, manufacturing, transportation, education, media, and security.
According to a new report published by Allied Market Research, titled, Latin America Low Voltage Electrical Connectors Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020-2027″ the Latin America Low Voltage Electrical Connectors Market size was $1.01 billion in 2019 and is projected to reach $1.62 billion by 2027, to register a CAGR of 6.88% during the forecast period. Mexico accounted for the highest market share, owing to the expansion of the electronics and telecommunication market.
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In addition, development of stringent carbon emission and fuel economy standards is expected to drive demand for emission sensors and infotainment systems, which would help increase the need for electrical connectors. In addition, growth of the electronics industry along with advances in semiconductor technology also create lucrative opportunities for the Latin America low voltage electrical connectors market.
Rise in demand for high bandwidth connectors, growth in adoption of connectors in the telecommunication sector, and high investments in the construction sector are the prominent factors that drive growth of the Latin America low voltage electrical connectors market trends.
Moreover, rise in initiatives to increase connectivity in rural areas is anticipated to provide lucrative opportunities for expansion of the Latin America low voltage electrical connectors industry during the forecast period. In addition, lack of key broadband infrastructure connecting many homes in the country has resulted in increased connection challenges, which have been exacerbated by the COVID-19 crisis.
PCB Connectors segment was the largest contributor of revenue in 2019 and is expected to grow at a CAGR of 7.4% from 2020 to 2027. Development of stringent carbon emission and fuel economy standards is expected to drive demand for emission sensors and infotainment systems, which would help to increase the need for these wire connectors. Growth of the electronics industry along with advances in semiconductor technology also create lucrative opportunities for growth of the Latin America low voltage electrical connectors market.
Automotive segment is expected to growth at a highest CAGR of 8.2% during the forecast period, due to rise in demand for high bandwidth connectivity, increase in adoption of internet, and rise in automations in technology is expected to drive the low voltage electrical connector’s market growth. Moreover, rise in need for high performance and reliability in the automotive industry fuels growth of the Latin America low voltage electrical connectors market.
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By country, the Latin America low voltage electrical connectors market share have been analyzed across Mexico, Columbia, Costa Rica, Chile, Panamá, Argentina, and Rest of Latin America. The analysis had identified that Mexico contributed maximum revenue in 2019, owing to the expansion of the electronics and telecommunication market.
Mexico is a developing country in Latin America, which has power & energy, oil & gas, telecommunication, automotive, and other industries that find demand for electrical connectors. The electrical connectors market witnessed a significant growth rate in the country, owing to high usage of wire connectors for energy transfer. High investments in the power & energy sector are expected to create lucrative opportunities for the Latin America low voltage electrical connectors market growth.
Covid-19 Impact Analysis
The COVID-19 pandemic is disrupting supply chains, and affecting all businesses in virtually all market segments. Automotive, telecommunications, and other markets are mainly dependent on manufacturing capabilities, which are centered in this country. The end user industry of low voltage electrical connectors represented adverse trends during the COVID-19 pandemic. Industry verticals such as construction, manufacturing, industrial, and government utilities showed minimal demand. However, demand from private utilities remained unaffected.
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Key Findings Of The Study:
In 2019, the PCB connectors segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 7.4% during the forecast period.
The automotive segment witness highest growth rate during the forecast period.
Mexico was the major shareholder in the Latin America low voltage electrical connectors market, accounting for approximately 35.0% share in 2019.
The key players profiled in the report include TE Connectivity, WAGO, Weidmuller, WECO Contact GmbH, and PHOENIX CONTACT GmbH & Co. KG., Panduit, Molex, LLC, Amphenol Corporation, and Dinkle International Co. Ltd.
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