According to a new report published by Allied Market Research, titled, “USB cable market by type, functionality, product type, application, industry vertical: global opportunity analysis and industry forecast, 2021–2030,” the USB cable market size was valued at $12.44 billion in 2020, and is projected to reach at $54.01 billion by 2030, growing at a CAGR of 17.4% during the forecast period.
USB cables are an important accessory that helps in transferring data quickly and charging devices. USB cables are used to supply electric power and communicate between computers, peripherals, and other computers via a wide variety of USB connectors. They are inexpensive and allows connecting multiple devices using a single cable. With the outbreak of COVID-19 pandemic, there is a significant demand for USB cables owing to remote working strategy adopted by various companies. Besides, it also led to digitalization of businesses, which in turn, fueled the demand for USB cables for deploying infrastructure.
USB cable market witness lucrative opportunities post pandemic. Hence, market players are adopting necessary methods to improve quality and performance from desktop to critical infrastructure with a view to connect computers, networking equipment and electronic devices that form the foundation of the digital world. For instance, in June 2020, Tripp Lite, global manufacturer of power protection and connectivity solutions, launched USB-C high-wattage travel-friendly wall chargers that plug into a standard AC outlet and have USB-C power delivery port for connection to a device charging cable. The models are U280-W01-40C1, U280-W01-50C1, U280-W01-60C1-G with power capacities of 40W, 50W and 60W respectively that use Gallium nitride technology allowing powerful charging in small form factor.
Auto-sensing USB-C charging port quickly charges latest laptops, tablets, smartphones, and other power devices and chargers protect from overheating, overcurrent, and overcharging. It offers more efficient charging in less space than chargers with silicon technology and are ideal for travel as the plug folds into the housing for easy transport hence making it convenient for anyone who carries a charger.
In addition, USB cables find ample use in the industrial sector for digital image processing and a clean signal transfer due to the robust nature of connector system. Ongoing technological improvements in this low cost, easy, affordable data transfer system implies that the USB cable market share will undergo significant growth in coming forecast years.
The key players profiled in the report include Belkin, Bose Corporation, Digilent Inc., Future Technology Devices International Ltd., ION Audio, Nikon Corporation, Panasonic Corporation, Samsung Electronics Co., Tripp Lite, and Xilinc Inc.
