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According to the new research report titled “USB Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 59266.8 million by 2027, registering a CAGR of 8.7% from 2020 to 2027.
The increasing use of consumer electronics such as smartphones and laptops in developed and developing countries is mainly attributed to rising disposable income, increasing population, and growing Internet penetration. The ongoing significant technological developments have led to rise in the penetration of these devices across several economies. In 2019, as per the Consumer Technology Association (CTA), smartphone revenue reached US$ 80 billion in the US, while the unit shipments grew to 170.7 million in the country. USB devices have become a dominant interface to address growing requirements for swift data transfer between end devices, such as laptops, smartphones, PCs, and digital cameras. Thus, with the escalating demand for consumer electronics and data transmission products, the global USB devices market players highly focus on launching new products to achieve sustainable growth and distinguish themselves from their competitors, thereby contributing to the market growth.
Consumer demand and new technologies impressively influence the marketability of innovative automotive products. Entertainment and infotainment systems, including audio systems, are among key components considered by consumer while buying automobiles. The paradigm shift in the consumer behavior regarding the driving experience, particularly in major regions such as Europe and North America, moves from basic to more advanced entertainment infotainment solution to contribute toward the car audio systems, which positively demands USB devices. Several companies across the world are providing car audio systems enabled with cutting-edge technologies, which require USBs connectivity feature. For instance, Ford Motor Company of Southern Africa offers SYNC technology, which utilizes the voice command to make calls, play music, and select apps with its Ford AppLink. One can plug in to the USB or MP3 player and stream through Bluetooth4Audio.
According to Electronic Components Industry Association, the emergence of COVID-19 has caused delay in product releases, disruption in supply chain events, and other industry activities. Several manufacturers have temporarily halted the manufacturing units owing to lesser demand for the products as a result of lockdown measures and limited manufacturing resources. Additionally, the manufacturers of various electronic and semiconductor products, including USB devices and USB compatible devices, have been experiencing substantial delay in lead times, which has weakened the supply chain. Similar to USB devices manufacturers, the USB compatible device manufacturers also observed delay in procuring USB devices. This resulted in lesser production and delay in shipment of the final products. This has had a negative impact on the USB Devices market. Several USB Devices manufacturers across the globe are dependent on RFID components manufactured in China, owing to cost effectiveness of the products. During the first quarter of 2020, numerous Chinese manufacturers had temporarily shut their manufacturing facilities, thereby showcasing decline in supply as well as demand for electronics & semiconductor products worldwide. This also had a harsh impact on the USB Devices market.
Key Findings of Study:
The global USB Devices market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). Asia Pacific held the largest share of the USB Devices market in 2019, followed by Europe and North America. Further, North America is projected to witness the highest growth rate during the forecast period.
The growth of new enterprise is also fueling the demand for USB devices used in video conferencing applications. Strategic government initiatives in India such as, Digital India, Make in India, as well as Startup India, are providing favorable business condition to the SME sector in the country. Further, the Chinese government has always been helpful in creating its tech startup ecosystem by implementing technology-friendly national strategies and policies, as well as significantly investing in tech businesses. The Singapore government has also established government agencies for supporting its tech startups, which includes Info-communications Media Development Authority, the Economic Development Board, as well as the Standards, Productivity, and Innovation Board. Additionally, the region has secured robust IT infrastructure and strong positions in areas of development. Moreover, the rise in smartphone and internet penetration in countries in APAC, along with BYOD (Bring-Your-Own-Device) trend is acting as a significant opportunity for the players operating in the USB device market
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