According to a recent analysis issued by Future Market Insights, the USB Type C market is predicted to cross US$ 127 billion by 2030, growing at a 29 percent compound annual growth rate (CAGR), with applications in the telecommunications industry obtaining a significant portion of the market. With the growing demand for smartphones, tablets, and laptops to meet work-from-home and e-learning requirements, global demand for USB type C technology continues to expand in 2020, albeit at a slower rate than the previous year, owing to the coronavirus epidemic.
According to FMI experts, telecommunications industry applications will be a major contributor to revenue growth in data transmission and power delivery systems. Alternative technologies such as micro-USB, on the other hand, are posing a challenge to market players. On the strength of component standardisation initiatives by manufacturers in the consumer electronics and industrial electronics sectors, the USB type C industry is predicted to grow at an exponential rate over the projection period. In the long run, the expected spike in demand for electric vehicles would also help to improve market dynamics. While the USB type C market is projected to continue to grow, difficulties with voltage fluctuations and heat dissipation in automotive applications remain significant concerns for industry participants.
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 7.9 billion in 2019, 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.
Competitive Landscape
In its report, Future Market Insights has provided an in-depth analysis of the strategies being employed by manufacturers in the USB Type C market. Top players are largely focusing on investments towards product and technology research and innovations in addition to capacity expansions in a bid to keep up with massive international demand.
Some of the leading players in the industry include Cypress Semiconductor, Anixter International, STMicroelectronics, NXP Semiconductors, Texas Instruments, Belkin International Inc., Microchip Technology Inc., Silicon Laboratories, ON Semiconductors, Hirose Electric Group, and Analogix Semiconductor Inc. among others.
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Key SegmentsProtocol
- DisplayPort
- HDMI
- MHL
- Thunderbolt
- USB Audio over USB Type C
Application
- Smartphones & Tablets
- Personal Computers & Laptops
- Digital Cameras
- TV
- Chargers & Adapters
- Media Players
- Others
Industry
- Consumer Electronics
- Automotive
- Media & Entertainment
- Telecommunications
- Healthcare
- Others
Regional Outlook
- North America (US, Canada)
- Latin America (Brazil, Mexico, Rest of LATAM)
- Europe (Germany, UK, Russia, France, Italy, Spain, BENELUX, Rest of Europe)
- South Asia & Pacific (India, Thailand, Indonesia, Malaysia, Australia & New Zealand, Rest of South Asia & Pacific)
- East Asia (China, Japan, and South Korea)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa, and Rest of MEA)
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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