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Connector Industry Sales Remain Strong in 2022, But Book-to-Bill Ratio on Decline

December 1, 2022
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The high order backlog is what is allowing the connector industry to remain strong. Sales in the third quarter of 2022 were up 10.0% from 3Q 2021 at $22,160 million. Sales in the fourth quarter are expected to slow down. Sales for the year are projected to finish at $83,822 million, up 7.5 percent from 2021.

The industry backlog was $24,846 million at the end of September. This is down $827 million from the August backlog of $25,673 million. Based on the industry average weekly sales of $1,682 million, we have 14.8 weeks of backlog. To date, the industry has booked $67,282 million and achieved sales of $63,935 million.

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The connector industry has reported four consecutive months of below 1.0 book-to-bill ratios. This is shown in the following graph. Note, September’s BTB ratio of 0.90 to 1.0 is the lowest BTB ratio ever recorded by Bishop & Associates!

Connector industry 2022 Book to Bill; source: Bishop & Associates

Connector order demand is slowing down and we anticipate this trend will continue through the fourth quarter.

Connector Industry Quarterly Sales Results/Forecast 2020, 2021, and 2022; source: Bishop & Associates

North America is outpacing the other regions in sales growth. Our full year 2022 forecast is for sales of $83,822 million, up 7.5 percent over 2021 sales of $77,991 million. We forecast North America as the fastest growing region with sales up +13.6 percent.

Connector Industry Sales by region 2022; source: Bishop & Associates

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Source: TTI Market Eye; Bishop & Associates
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