According to a recent report published by Future Market Insights, the USB Type C market is expected surpass US$ 127.2 Bn by 2030 at 29.7% CAGR, with applications in the telecommunication industry gaining major market share.
The global demand for USB type C technology continues to rise in 2020 albeit slower than the previous year, owing to the coronavirus outbreak, with the growing demand for smartphones, tablets, and laptops to meet work-from-home and e-learning requirements.
FMI analysts have stated that telecommunications industry applications will be a major contributor to revenue growth in the industry in data transfer and power delivery systems. On the other hand, competition from other alternative technologies such as micro-USB is an obstacle for market players.
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The USB type C industry is expected to reflect exponential growth throughout the forecast period on the back of component standardization efforts taken by manufacturers in the consumer electronics, and industrial electronics sectors. Also, the impending surge in demand for electric automobiles will also contribute to better market dynamics in the long term.
While the USB type C market is expected to continue soaring, issues in automotive applications in terms of voltage fluctuations and heat dissipation continue to be notable issues for participants in the industry.
The study by FMI covers a comprehensive overview of the industry, discussing key dynamics of the market. Some of the critical takeaways of the report include:
- The USB type C market was valued at 15.9 Bn in 2022, with growth in demand marginally impacted during the coronavirus outbreak, with supply chain disruptions.
- Telecommunication industry applications of USB type C products contribute substantially to revenues, with the development and implementation of power delivery and connector technologies.
- Smartphone and tablet applications of USB type C technology is reflecting higher demand than computers, cameras, TVs, and media players. However, charger and adapter applications are likely to reflect faster growth through 2030.
- North America remains a major market, supported by demand for smartphone charging and internet applications. However, East Asia is generating lucrative growth opportunities with investments in production facilities from international players, and growing focus on industrial and automotive electronics.
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Covid-19 Impact on USB Type C Market
The increasing penetration and use of smartphone, tablet, and laptop devices, and the increased power consumption and data transfer applications in the consumer electronics sector have remained key factors supporting the growth of the USB type C market. However, the coronavirus pandemic is estimated to marginally impact the market in the short term.
The industry is expected to face issues in terms of component and raw material supplies owing to lockdown restrictions imposed by governments around the world.
Also, the impact of the coronavirus pandemic on the automotive industry could restrain market growth.
However, the shift towards work from home business models and the growing popularity of remote learning options are anticipated to drive up application and demand for USB type C products.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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