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, or Universal Serial Bus, is devised to connect with different types of devices using a single port and a cable. Today, USB cables can not only share information but also deliver power. USB is the cable of choice for many audio interfaces, laptops, smart phones and tablets. It not only handles the data transfer and minimal charging of previous USB connectors, but it can also provide up to 100W of power to a device. USB cables are hot pluggable, it means, it can connect and disconnect the cables while the computer is running without fear of freezing the device.
Some of the prime drivers of the USB cable industry are surge in demand for consumer electronics, rise in penetration of video in demand, video conferencing, gaming, and home surveillance devices, and increase in number of data centers, which is opportunistic for the market growth. Considering these factors, the USB cable market is estimated to experience rapid growth in the future. However, USB poses security issues act as major barrier for the market growth. Contradictory, potential opportunities in automotive industry, and emergence of USB type C is expected to create lucrative opportunities for the market growth during the forecast period.
The USB type A segment was the highest contributor to the market in 2020, owing to its host side usage in PC, keyboard, server, hub as well as small peripherals. The USB 3.x segment has prominent share in the market in 2020, owing to its high speed up to 4.8 Gbps, nearly 10 times that of USB 2.0. In product type, the USB data cable segment attributed for maximum market share in 2020, owing to its ability to carry more information per second (12 mb/second) than parallel cables (115 kb/second). In addition, computer had significant market share in 2020, owing to its usage to connect keyboard, mouse, printer, or scanner to the computer. Moreover, on the basis of industry vertical, the IT & telecommunication segment had significant market share in 2020, owing to the fact that it offers sufficiently fast serial data transfer mechanism at low cost and provide improved power efficiency.
COVID-19 not only impacted the operations of the various USB cable manufacturers companies, but also affected the budget of applications. The pandemic's immediate impact on revenues has made every organization re-evaluate supply chain that have a borderline impact on revenue and margin growth or cost reduction. Despite the pandemic, spending on remote working apps, platforms, and infrastructure witnessed significant growth. Thus, it fuels slow growth of USB cable market during the pandemic. However, the market is estimated to witness substantial growth post recovery from the pandemic.
Region wise, North America holds a significant share in the global USB cable market. U.S. holds the major market share, owing to the presence of leading market players and higher rate of technology adoption in the region.
Key Findings Of The Study
- In 2020, the USB type A segment accounted for maximum revenue and is projected to grow at a notable CAGR of 15.9% during the forecast period.
- The USB data cable segment accounted for more than 45.0% of the USB cable market share in 2020.
- The automotive segment of the USB cable market is projected to grow at a CAGR of 20.4% during the forecast period.
- North America contributed major share in the USB cable market, accounting for more than 30.0% share in 2020.
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. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the USB cable market.