#Magnetic #Connector #Market #Projected #Reach #Billion
Portland, OR, Oct. 11, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global magnetic connector market generated $1.4 billion in 2021 and is projected to reach $8.2 billion by 2031, growing at a CAGR of 19.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.4 billion |
| Market Size in 2031 | $8.2 billion |
| CAGR | 19.2% |
| No. of Pages in Report | 265 |
| Segments Covered | Product, Application, Industry Vertical, and Region. |
| Drivers | Increase in the utilization of magnetic connectors in smartphone charging cables |
| Growth of the online retail platform | |
| Opportunities | Rise in medical equipment expenditure |
| Growth in the popularity and development of innovative electric vehicle (EVs) solutions | |
| Restrains | Surge in demand for wireless connectivity solutions for charging consumer products and electric vehicles (EVs) |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global magnetic connector market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, including those of smartphones, magnetic connectors, and various other cables, which resulted in decreased market growth.
- In addition, lack of skilled workforce and shortage of raw materials due…
Read on GNW: Magnetic Connector Market Projected to Reach $8.2 Billion
