Adoption and use by major industries and unique design of the port has pulled the focus of buyers and manufacturers. North America will witness major profit in the coming years.
DUBAI, UAE / ACCESSWIRE / October 14, 2020 / The usb type c market is expected to expand at a CAGR of 29% through the forecast period (2020-2030) across the globe. Telecommunication and electronics will help the market witness significant growth in the near future. COVID-19 has fuelled the demand as sales have experienced enough profit. Though major challenges like limited use or heat dissipation will affect the market yet a steady growth will be noticed.
“Small and medium enterprises or growing demand by retailers and manufacturers, is motivating revenue generation due to adoption of port. Improving data transfer speed and high quality streaming videos is attracting consumers, thereby, enhancing market growth.,” states the FMI Analyst.
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USB type-C Market – Key Highlights
- On the basis of application, smartphones and tablets hold maximum market share due to increased sale.
- Global market is expected to surpass US$ 7.9 billion with a CAGR of 29% through 2030.
- Demand for HDMI segment will witness maximum profit in the near future.
- On the basis of region, North America has taken the spotlight with almost 1/3rd of the total market share.
USB type-C Market – Driving Factors
- Wide applications and adoption of USB type-C in e-commerce and retails industries and automotive sectors is driving the market.
- Automotive, telecommunication and healthcare industry is gaining pace in the developing economies and contributing to the economy.
- Digital cameras, laptops, smartphones, tablets and TV is said to be the most lucrative end-use segment of all.
- Use by drivers, passengers, smart mirroring for entertainment applications has caused the market to grow at a considerable rate.
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USB type-C Market – Key Constraints
- Use remains limited to apple products, therefore causing hindrance to the growth.
- Voltage issues and heat dissipation causes major restrictions, thereby reducing profits.
Expected Impact on Market by Coronavirus Outbreak
Growth in the market will not suffer much of a loss because social distancing norms will only promote internet reliance and people will avoid the manual process. In the coming years, reliance on smart devices is only expected to rise owing to the digitalization of industrial as well as financial sectors. Therefore, it is probably safe to assume that market will gain proper momentum and will not suffer declination.
Key players in the market include Cypress Semiconductor, Anixter International, STMicroelectronics, NXP Semiconductors, Texas Instruments, Belkin International Inc., Microchip Technology Inc., Silicon Laboratories, ON Semiconductor, Hirose Electric Group, Analogix Semiconductor Inc
Small and Medium Enterprises are expected to be the top adopters of safe port. Companies are working thoroughly to enhance charging and also developing product portfolio for better market growth. Companies are planning to introduce new type of cable like type C and PD controller integrated system to gain up to 200 W of power.
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FMI’s report presents segmentation like protocol (display port, HDMI, MHL etc.), application (smartphones, tablet, laptops, chargers etc.), industry (consumer electronic, media, automotive, health etc.), region (North America, Latin America, Europe, Russia etc.)
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SOURCE: Future Market Insights
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