USB Charger Market Reflect Impressive Growth Rate to During 2021-2031

COVID-19 has harshly affected all the business operations across the globe. Disruptions in the supply chain can be seen impacting the global economy. There has been a huge impact on the electronics industry as well due to prolonged lockdown and halting of businesses. Market stakeholders are striving to recover from the losses caused due to the COVID-19 pandemic by introducing innovative products to cater to the increasing demand for electronic devices. This has increased the market value of the USB charger market. Manufacturers are all set to reestablish their business to keep the economies running during the pandemic. Technological advancements have led to an increase in the adoption of consumer electronics, thus fueling the growth of the USB charging market.

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Booming Consumer Electronics Sector Creating Lucrative Revenue opportunities

The USB charger market is expected to expand at a CAGR of 9.6% during the forecast period. It is projected to reach a valuation of US$ 81.7 Bn by 2031. Manufacturers are effortlessly working to increase the production of smartphones, as it is one of the major factors contributing to the growth of the electronic industry. The surging demand for consumer electronics such as laptops, tablets, mobile phones, electronic gadgets, etc. is creating value-grab opportunities for the USB charger market players. There is a continuous demand for fast-charging portable changers from consumers. The increasing competition among manufacturers operating in the USB charger market due to strong presence in developing countries. The increasing adoption of innovative electronic gadgets in day-to-day life is a major factor responsible for the increasing demand for low-cost and durable USB chargers.

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Urbanization and Increasing Spending Capacity of Consumers Boost Market Growth

Rapid urbanization, digitalization, technological improvements, and increasing spending on consumer electronics are some of the major factors driving the USB charger market. Improved functionality in smartphones with continuous Internet connection requires high battery throughout the day. The availability of Internet-based services due to rising disposable income of consumers in developing countries has increased the power consumption of electronic gadgets. This factor demands for efficient USB chargers market players should focus on finding solutions on increasing the penetration of counterfeit products in the USB charger market. Counterfeit or forged USB chargers have a huge negative impact on the global market. The challenge here is to introduce proper methods to verify the authenticity of electronic products. The increasing popularity of online distribution channels is also creating potential opportunities for market players.

Flourishing Growth in Asia Pacific Creating Profitable Avenues

Asia Pacific accounts for the largest share of the global USB charger market. The increasing demand for smartphones, rapid adoption of technological inventions, and consumer electronics boost the global market growth in Asia Pacific. The market is growing rapidly in Asian countries such as India and China. Factors responsible for major market share are growth and advancement in electronics industry, along with digitalization. Manufacturers operating in the Asia Pacific USB charger market have the potential to stay ahead in the global competition and gain profitable revenue streams. The rising adoption of online distribution channels and eCommerce platforms is boosting the growth of the USB charger market in Asia Pacific.

USB Charger Market: Overview

According to Transparency Market Research's latest research report on the global USB charger market for the historical period 2017-2019 and the forecast period 2021-2031, USB power delivery augments the basic USB charging speeds for up to 100W of output power. The amount of available power in a USB charger is split into different power ratings, which operate at different voltages. USB chargers with PD are gaining extensive popularity among mobile phone users due to its capability of providing fast charging facility. USB charger-PD is able to charge a device up to 70% faster than standard 5W charging. These factors are expected to boost the global USB charger market during the forecast period.
In terms of revenue, the global USB charger market is estimated to reach the value of US$ 81.7 Bn by 2031, expanding at a CAGR of 9.6% during the forecast period

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Evolving Omni-channel Distribution Strategy to Drive Global Market

To gain competitive advantage in the USB charger market, key providers largely rely on strong distribution channels such as multi-brand distributors and retailers of mobile accessories to better cater to customers
Manufacturers and retailers are moving toward online retailing for USB chargers, which is becoming the most popular distribution channel in emerging markets such as China, Indonesia, Brazil, and Russia
Additionally, the preference for one-stop shopping has resulted in rising purchase from online platforms over the years in the USB charger market
USB Charger-C PD, a New Opportunity for Manufacturers & Distributors: Key Opportunity of Global Market

USB charger-C power delivery is a new protocol specification that allows for faster and more flexible charging
Many companies globally are launching USB charger-C PD chargers, as this type of charger is gaining wide acceptance among customers
For instance, Satechi announced two new USB charger-C PD chargers at CES 2019. The 30W and 75W travel chargers feature both USB charger-C and USB charger-A for the convenience to charge any device. Moreover, the 75W charger offers two USB charger-C ports and two USB-A ports, suitable for simultaneous charging of a MacBook, iPad Pro, iPhone, etc. This product is also seen as an alternative to Apple's USB-C charger or to pick up as a secondary power supply for MacBook owners.

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