Global USB Charger Market: Players Focus on Including Novel Technologies
The business landscape of the global USB chargers market is highly competitive and extremely fragmented, owing to the presence of a large pool of market participants, states a new research report by Transparency Market Research (TMR). With customer satisfaction being the top priority of vendors, they are highly encouraged to create and offer custom products. Currently, they are focusing aggressively on manufacturing products equipped with swift charging systems, using innovative technologies, such as USB charging facility with portable speakers or alarm clocks.
AT&T Inc., DB Power Ltd., Bello Digital, Baccus Global LLC, Cyber Power Systems Inc., and Eaton Corp. Plc. are some of the key players operating in this market, which have been reviewed in this research report. These players are likely to compete in this market on the grounds of technological advancements over the next few years, reports the market study.
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According to the research report, the global market for USB chargers is estimated to expand at a CAGR of 5.80% during the period from 2017 to 2025 and gain a value of US$37.8 bn by the end of the forecast period. The demand for Type C chargers has been higher than other products in this market and the trend is expected to continue over the next few years. In terms of the regional presence of this market, Asia Pacific has been the dominant regional market for USB chargers and is anticipated to remain so throughout the period of the forecast, states the research study.
Widening Application Base to Support Market’s Growth
“The global market for USB chargers has been experiencing a significant rise in its valuation, thanks to the continual development, expanding application base, and the augment in the production of custom goods,” says a research analyst at TMR. The fueling demand for USB chargers from the commercial and the residential sectors has also been propelling this market tremendously across the world.
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Going forward, the increasing demand for advance functions in smartphones, which needs extended battery life to support the features and applications, is projected to speed up the adoption of USB chargers in a number of industries, worldwide, reports the research study.
Easy Availability of Counterfeit Product to Hamper Market
While the future of the global market for USB chargers looks thriving, it may face hindrances in the near future from the easy availability of counterfeit and fake products across the world. Nevertheless, the inculcation of new features, such as USB 3.2, and USB Type-C connectivity will normalize the impacts of the hindering factor over the next few years, states the report.