The global USB charger market is expected to be valued at more than US$ 30,000 Mn in 2019. The global USB charger market is expected to grow at a CAGR of more than 7% from 2019 to 2027. The global USB charger market is expanding significantly in terms of size and value, due to the increase in electronic devices containing latest technologies, which is expected to boost the global market of USB chargers in the near future.
The Asia Pacific USB charger market holds a substantial share of the global USB charger market, followed by North America. Key players largely rely on strong distribution channels such as multi-brand distributors, OEM websites, and retailers of mobile accessories in order to better cater to customer demand and gain a competitive advantage in the USB charger market, which has propelled the demand for USB chargers in these regions.
The Asia Pacific USB charger market accounted for approximately 30% share of the global USB charger market in 2018, followed by North America and Europe. It is anticipated to maintain its dominance during the forecast period. This is due to increasing technological advancements, increasing disposable income, and rising population in the region.
Global USB Charger Market: Driving Factors
USB-C power delivery is a new protocol specification that allows for rapid and more flexible charging. These factors are expected to drive the USB charger market during the forecast period.
Evolving domain of omni channel distribution strategy in the global USB charger market.
Furthermore, the high demand for products that are safe and that can be charged fast and conveniently is boosting the USB charger market in Asia Pacific.
Modern USB chargers contain upgraded technologies and sensors, which offer several features that make charging more convenient. Expansion of the USB charger market in emerging economies due to rising income and changing consumer preference toward e-Commerce are driving the business expansion of USB charger manufacturers, which, in turn, is boosting the USB charger market.
Factor restraining the USB charger market growth during the forecast period:
Counterfeit products posing a threat
Global USB Charger Market: Market Preference
Based on product type, the USB type A segment accounted for a leading share of the global USB charger market in 2018. However, the USB type C segment is projected to expand at a significant growth rate in the near future, as several USB charger brands are moving from standard USB type C chargers to advanced in-built features such as with PD USB type C chargers. The USB type C segment, without PD, held a major share of the segment, while the PD sub-segment is projected to expand at a rapid pace during the forecast period.
In terms of charger type, the wall chargers segment accounted for a major share of the global USB charger market in 2018. It is estimated to maintain its prominent position during the forecast period. However, the portable power banks/docking systems/alarm clocks segment is anticipated to expand at a rapid pace during the forecast period.
In terms of application, the smartphones segment is prominent in the USB charger market due to the rising demand for smartphones, worldwide.
In terms of distribution channel, manufacturers are expanding their businesses, globally, through online channels. Also, individuals are adopting the online purchasing behavior due to lack of time. Consequently, the online segment is estimate to expand at a rapid pace during the forecast period.
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anna Joined: March 23rd, 2020 Articles Posted: 263