Global USB Devices Market Posed for Healthy Growth: Likely to Grow at a CAGR of 14% by 2027
Published | 20 October 2021
The global USB devices market is growing at a high CAGR because of the surge in the volume of data and the need for efficient and compact storage devices. Additionally, technological advancements and introductions of compact USB devices with higher memory capacity also favor market growth…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global USB devices market was worth USD 19,255 million in the year 2020. The data generated by the study reveals that the market is estimated to grow at a CAGR of 14%, earning revenue of around USD 48,053 million by the end of 2027. Global USB devices market is growing at a high CAGR due to the surge in data traffic and the need for compact and efficient storage devices. Also contributing to the market growth are technological advancements and compact USB devices with higher memory capacities. With the growing popularity of smartphones, and the expansion and adoption of IoT and AI applications, comes a huge amount of data that requires secure storage. USB devices, such as USB flash drives, are emerging as an effective tool for storing and sharing data more quickly. However, diminishing demand for laptops and PCs and emerging cloud storage facilities may significantly restrain the market growth.
Growing Demand for Wireless Connectivity Is Anticipated to Boost the Global USB Devices Market
USB is a highly useful tool for attaching peripheral devices without the need for a reliable landline connection or Bluetooth connectivity. These devices can connect a broad variety of computer peripheral devices, such external hard disc drives, printers, sound cards, and so on. A USB adapter also connects devices that aren't Wi-Fi-enabled and allows them to connect to a wireless network. These factors are considerably driving global demand for USB devices, supporting total market growth.
Flourishing Consumer Electronics Industry is Favoring the Global USB Devices Market
Based on applications, the global USB devices market is segmented into consumer electronics, health & medical devices, IT & telecommunications, automotive, and others. Among these, the consumer electronics segment accounts for the largest share in the market. One of the key factors driving demand for USB devices is the widespread use of USB cables in computers and phones. Growing demand for smartphones for remote working and online education, as well as increased investment in expanding production capacity, particularly in emerging nations, are expected to drive the USB devices market during the forecast period.
Global USB Devices Market - By Connector Type
Based on connector types, the global USB devices market is segmented into type A, type B, type C, and lightning conductors. The type A connector holds the largest market share as it is commonly used in various consumer electronic devices such as smartphones, cameras, keyboards, and computers for data transfer purposes. However, type C is gaining significant traction and is expected to witness the highest growth rate in the forecast period. Electronic manufacturers are rapidly transitioning to this connector type because it transfers data and power more quickly than other connector types.
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Global USB Devices Market - Regional Insights
Geographically, the global USB devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the global USB devices market among all the regions. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The flourishing electronic manufacturing industry in developing countries such as India, China, Japan, and South Korea is emerging as the major driving factor for the growth of the Asia-Pacific region. Furthermore, the increasing penetration of smartphones, laptops, and other consumer electronic products in this region is also contributing to the growing demand for USB devices.
Impact of COVID-19 on Global USB Devices Market
The sudden breakout of the COVID-19 pandemic has had a significant influence on the global USB device market. Because of the increased data volume stored on these devices, the market demand for USB storage devices skyrocketed during the pandemic. A boom in USB storage devices was largely attributed to increases in the volume of sensitive data employees were storing on these devices due to the work-from-home trend that gained immense popularity during the pandemic. Furthermore, a shortage of semiconductor chips in the market prevented the production of consumer devices such as laptops and cellphones, thus, raising their prices.
Competitive Landscape
The leading players in the global USB devices market are Corsair Memory, Inc, ADATA Technology Co. Ltd, Hewlett Packard Company, Western Digital Corporation (SanDisk), Kingston Technology Corporation, Toshiba Corporation, Samsung Corporation, Micron Technology, Inc, Verbatim Americas LLC, Imation Corporation, Transcend Information, Inc, Teclast Electronics Co., Ltd., Netac Technology Co Ltd, Intel Corporation, Koninklijke Philips N.V., and other prominent players.
The market is highly concentrated, with global technology giants such as HP, SanDisk, Philips, Intel, etc., covering a significant market share. To gain a competitive edge, the companies invest significantly in product launches and improving the data transfer speed of their products. In addition, this market is also characterized by the adoption of competitive strategies such as partnerships, mergers, acquisitions, and joint ventures.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global USB devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global USB devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: October 2021
The growth of the global USB devices market is attributed to the increasing volume of data and expanding need for faster data transfer devices that offer great speed and high compatibility.
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