USB device market projected to reach $65,857.2 million by 2028

The USB device market was valued at US$ 35,339.3 million in 2021 and is projected to reach US$ 65,857.2 million by 2028; it is estimated to register a CAGR of 9.3% from 2021 to 2028, according to Research and Markets.

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.

The COVID-19 hampered the adoption of USB devices worldwide 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 higher due to the high emphasis on remote working and learning practices following the rise in the number of patients across hospitals due to COVID-19.

However, from Q1 of 2021, 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 the world.

In 2021, the type B segment is likely to hold the largest market share. Based on application, the market is segmented into consumer electronics, IT and telecommunications, automotive, healthcare and medical devices, and others.

In 2021, the IT & telecom segment is likely to hold the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the global market.

CT Bureau