February 18, 2021
According to the research report titled ‘Global USB Charger Market Size study, by Product Type (USB A Type, USB B Type, USB C Type), by Charger Type, (Wall Chargers, Portable Power Bank/Docking System/Alarm Clock, Car Charger), by Port (One, Two, Three, Four), by Distribution Channel (Online, Offline), by Application (Home Use, Car Use, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global USB charger market had reached a valuation of USD 26.4 billion in the year 2019 and is expected to register a CAGR of 6.3% during 2020-2027.
Increasing smartphone shipments coupled with growing adoption of consumer electronics owing to rising per capita income are some of the primary growth stimulants of global USB charger market.
It is to be noted that USB charger is a power adapter typically used to charge electronic devices. An average amperage of USB charger ranges between 0.7 amperes to 2.4 amperes. The charger is used with an AC power outlet and a USB cable which can sense a device when connected to the AC unit.
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According to Statista, global smartphone unit shipments had reached 1.6 billion units, which was a 7.17% increase since 2014. Likewise, the International Data Corporation states that smartphone vendors have shipped around 369.8 million units across the globe during Q4 2019, which in turn is propelling global USB charger market expansion.
However, availability of counterfeit products and volatile prices of raw materials could act as a restraining factor to the growth of the overall market.
The emergence of COVID-19 pandemic has significantly hampered the consumer electronics industry, with production facilities being temporarily shutdown in order to curb the spread of the disease. This COVID-19 outbreak has also led to unavailability of raw materials and supply chain disruptions, further resulting in shortage of USB chargers across the globe, thereby hamper the overall industry remuneration.
Regionally, the report states that North America currently accounts for the largest share in global USB charger market, owing to proliferating smartphone sales, evolving consumer lifestyle, and growing demand for advanced technologies.
On the other hand, Asia-Pacific USB charger industry is predicted to expand significantly in the ensuing years, primarily due to rising adoption of smartphones and high concentration of top manufacturers.
Verizon Communications Inc., Mizco International Inc., Xiaomi Corp., Twin-Star International Inc., Eaton Corporation, Inter IKEA Systems B.V., Baccus Global LLC, Cyber Power Systems (USA) Inc., AT&T Intellectual Property, and Just Wireless are the prominent companies operating in global USB charger market.