Northbrook, IL 60062 -- (SBWIRE) -- 08/18/2022 -- The molded interconnect device(MID) market is expected to grow from USD 1.4 billion in 2022 to USD 2.7 billion by 2027; it is expected to grow at a CAGR of 13.6% during the forecast period. Major factors driving the growth of molded interconnect device(MID) market are expected to be driven by the rising application in consumer electronics. Likewise, with technological advancement in automotive sector has increased significantly, creating lucrative opportunities for the market players.
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The automotive vertical is projected to register the highest CAGR during the forecast period. The automotive sector is an evolving sector on the back of different technological advancements that are being made in automobiles so as to offer better comfort and easy access to vehicle operation. One such trend in the automotive sector is infotainment, which is creating wide opportunities for the MID market. Automobiles include electronic control units for different functions such as engine control, steering, braking, traction control, emission control, airbag deployment, security, climate control, lighting, onboard information, and entertainment. All these applications need a variety of electronic components that meet the high quality and reliability standards set by the automotive vertical. Key application areas for MIDs in the automotive sector are driver information systems, interior lighting, climate controls, and night vision systems.
The scope of the North American molded interconnect device (MID) market includes the US, Canada, and Mexico. The region holds the second-largest share of the molded interconnect device (MID) market. The presence of MID manufacturers such as Molex and Arlington Plating Company (APC) is driving the MID industry from the supply end. Demand for miniaturized electronics is driving the need for MIDs in wearable devices, and telecom and medical equipment in North America.
Key players in the molded interconnect device (MID) market are grabbing opportunities by indulging in agreements, partnerships and acquisitions. Product development and expansions were a few of the other strategies adopted by companies in this market to strengthen their market position.