Share this article Share this article ResearchAndMarkets.com's offering. The global pin insertion machine market is estimated to grow from USD 222.8 million in 2019 to USD 255.9 million by 2025, growing at a CAGR of 5.6% between 2020 and 2025. The market has a promising growth potential due to several factors, including the increasing adoption of IoT-enabled connected devices, surging demand for data centers complemented by the outbreak of COVID-19, rising demand for flexible, cost-effective, and precise techniques for inserting connectors on PCBs, the emerging trend of miniaturization of electronic devices, and recent innovations in sophisticated automotive electronics. COVID-19 sent both demand- and supply-side shocks across the global economy. Leading pin insertion machine provider TE Connectivity (Switzerland) has incurred significant losses owing to the pandemic. The company reported a decline of approximately 15% in its half-year revenue as compared to the previous year. The automotive industry is severely impacted due to the coronavirus pandemic. After initial supply and manufacturing disruptions, the industry is now experiencing a demand shock with an uncertain recovery timeline. Also, consumers have reduced their spending on expensive products, such as premium smartphones, wearables, and smart home systems. This has resulted in a decline in the demand for pin insertion machines, further weakening the financial position of most of the key manufacturers.