FMI has presented a report about USB Type-C Market stating that it is expected to surpass US$ 127 billion by 2030 at 29% CAGR with Gaining Major Market Share.
According to a new study by ESOMAR-certified market research and consulting firm’s study, the market is anticipated to reflect very strong growth prospects throughout 2030, growing at 29% CAGR. The study states that the industry will gain from developments associated with the automotive industry soon.
Report analysts state that telecommunications industry applications will be a major contributor to revenue growth in the industry in data transfer and power delivery systems. On the other hand, competition from other alternative technologies such as micro-USB is an obstacle for market players.
While the USB type C market is expected to continue soaring, issues in automotive applications in terms of voltage fluctuations and heat dissipation continue to be notable issues for participants in the industry.
The study 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 corona virus 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 are 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 smart phone charging and internet applications. However, East Asia is generating lucrative growth opportunities with investments in production facilities from international players, and a growing focus on industrial and automotive electronics.
“Widespread proliferation of consumer electronics and the growing application of USB C chipsets in display devices and imaging applications in healthcare support the growth of the market. Competition from alternative interfacing technologies challenges market players,” said a lead analyst.
However, the corona virus pandemic is estimated to marginally impact the market in the short term.
The industry is expected to face issues in terms of components and raw material supplies owing to lockdown restrictions imposed by governments around the world.
Also, the impact of the corona virus pandemic on the automotive industry could restrain the 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.
The study provides 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.