USB Device Market Size & Share | Global Analysis 2021-2028

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According to the latest research report titled “USB Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 65,857.2 million by 2028, registering a CAGR of 9.3% during 2021–2028.

The growing inclination toward modern vehicle entertainment and infotainment systems is compelling auto manufacturers to provide a reliable connection between the car’s display and users’ smartphones or tablets. Thus, the USB device vendors catering to the automotive segment are designing USB products compatible with different automotive systems. Microchip Technology Inc. offers five USB 2.0 smart hub ICs available in various architectures; they are easy to use and provide flexibility to fit into car manufacturers’ design requirements. Moreover, in February 2019, Microchip Technology Inc. rolled out a USB 3.1 Gen1 SmartHub IC that provides faster data rates and mitigates indexing times to enhance car user experience. At present, consumers expect vehicle entertainment and infotainment systems to respond instantly. Thus, companies are focusing on offering robust USBs to ensure maximum functionality in the automotive media hub. Thus, the escalating demand for USB devices in entertainment and infotainment systems is driving the overall market growth.

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The USB device market is in the developing phase and is compatible with many devices such as smartphones, tablet PCs, digital cameras, and smart TVs. With the growing penetration of tablets and smartphones globally, the USB device technology is also witnessing substantial growth. The mounting demand for better connectivity performance between electronic devices is a significant factor contributing to the market growth. However, the growing security issues hinder the market growth. Besides, the growing complexities related to the replacement of old USB standards with new ones are posing challenges for the market vendors. Moreover, the continuous development of high bandwidth storage devices, technological innovations, and growing markets in APAC is likely to offer numerous opportunities for the growth of the market players.

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The USB device market is in the developing phase and is compatible with many devices such as smartphones, tablet PCs, digital cameras, and smart TVs. With the growing penetration of tablets and smartphones globally, the USB device technology is also witnessing substantial growth. The mounting demand for better connectivity between electronic devices is a significant factor contributing to the market growth. However, the growing security issues hinder the market growth. Besides, the growing complexities related to replacing old USB standards with new ones are posing challenges for the market vendors. Moreover, the continuous development of high bandwidth storage devices, technological innovations, and growing markets in APAC is likely to offer numerous opportunities for the growth of the market players.

Impact of COVID-19 Pandemic on USB Devices Market

The COVID-19 hampered the adoption of USB devices across North America in 2020 as sales of industries such as electronics and automotive were hampered due to the impact on supply lines. Meanwhile, the adoption of USB devices across IT & telecom and healthcare was reported as on higher side owing to the high emphasis on remote working and remote learning practices followed by a rise in the number of patients across hospitals due to COVID-19. However, from the Q1 of the supply lines of the automotive and electronics industry started to stabilize, and revenue of these industries showcased positive momentum, which subsequently propelled the USB devices market in North America.

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Key Findings of Study:

Geographically, the USB device market is segmented into North America, Europe, APAC, MEA, and SAM. APAC dominated the market for USB devices due to factors such as growing spending capability of people, availability of affordable consumer devices, and rapid urbanization in the developing countries of APAC. Also, the presence of various USB devices in countries such as China and India influences the demand for USB devices in the region. Further, the high proliferation of smart devices is boosting the growth of USB devices.

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