USB Type-C Market is Predicted to at an Astronomical CAGR of 29.7% to Reach US$ 127.2 Bn by 2030

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.

Due to the coronavirus outbreak and the rising need for smartphones, tablets, and laptops to support work-from-home and e-learning needs, the market for USB type C technology is expected to grow globally in 2020, albeit more slowly than in 2019.

According to FMI researchers, applications for the telecommunications sector will play a significant role in the industry's revenue growth for data transmission and power delivery systems. On the other hand, market participants face competition from various alternative technologies like micro-USB.

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Due to efforts made by manufacturers in the consumer electronics and industrial electronics sectors to standardise component specifications, the USB type C market is anticipated to experience exponential expansion over the course of the research period. Additionally, the expected spike in demand for electric vehicles would ultimately improve market dynamics.

Even if the market for USB type C is predicted to grow even further, concerns with voltage fluctuations and heat dissipation in automotive applications continue to be significant problems 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 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 smartphones, tablets, and laptops, as well as the rise in data transmission and power consumption applications in the consumer electronics industry, have continued to be major drivers of the USB type C market. However, it is predicted that the coronavirus pandemic will have a negligible short-term effect on the market.

Due to the limitations put in place by governments all over the world, the industry is anticipated to see problems with the supply of components and raw materials.

However, it is projected that the popularity of remote learning choices and the trend toward home-based business models would increase application and demand for USB type C goods.

Competitive Landscape

USB Type-C product manufacturers are focusing on investments in product development in terms of energy efficiency and faster charging for portable devices.

Market players are also pushing for capacity and geographic expansions to keep up with the trends of standardization, and the massive demand for related devices.

For instance,

Cypress Semiconductor announced the release of two USB Type-C controllers for applications with laptops and desktops, under the names EZ-PD CCG6SF and EZ-PD CCG6DF, for dual and single port uses with USB 3.2 configurations.

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USB Type-C Industry Survey

USB Type-C Market by Protocol:

DisplayPort
HDMI
MHL
Thunderbolt
USB Audio over USB Type-C

USB Type-C Market by Application:

Smartphones & Tablets
Personal Computers & Laptops
Digital Cameras
TVs
Chargers & Adapters
Media Players
Others

USB Type-C Market by Industry:

Consumer Electronics
Automotive
Media & Entertainment
Telecommunications
Healthcare
Others

USB Type-C Market by Region:

North America USB Type-C Market
Latin America USB Type-C Market
Europe USB Type-C Market
East Asia USB Type-C Market
South Asia & Pacific USB Type-C Market
Middle East & Africa (MEA) USB Type-C Market

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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 8-years.

This release was published on openPR.