USB cable market to reach $54.01 Bn, globally, by 2030 at 17.4% CAGR

Allied Market Research published a report, titled, “USB Cable Market by Type (USB Type A, USB Type B, and USB Type C), Functionality (USB 1.x, USB 2.0, USB 3.x, and USB 4), Product Type (USB Data Cable, USB Charger, and Multifunctional USB Cable), Application (Smartphone, Camera, Camcorder, Printer, Scanner, Computer, TV, and Others), and Industry Vertical (Commercial, IT & Telecommunication, Industrial, Automotive, Healthcare, and Others): Opportunity Analysis and Industry Forecast, 2021–2030”. According to the report, the global USB cable industry generated $12.44 billion in 2020, and is anticipated to generate $54.01 billion by 2030, witnessing a CAGR of 17.4% from 2021 to 2030.

Prime determinants of growth
Surge in demand for consumer electronics, rise in penetration of Video on Demand, video conferencing, gaming, and home surveillance devices, and increase in number of data centers drive the growth of the global USB cable market. However, security issues in USB hinder the market growth. On the other hand, Potential opportunities in the automotive industry and emergence of USB Type C present new opportunities in the coming years.

Covid-19 Scenario
The outbreak of the Covid-19 pandemic led to strict lockdowns, which have forced almost all sectors to shut down their operations. This has hampered manufacturing and production activities of USB cables.
The demand for USB cables has declined drastically during the initial stage of the pandemic.
However, the market rapidly recovered after the manufacturing facilities were back with full production and operation capacity.
The USB Type A segment to maintain its leadership status throughout the forecast period

Based on type, the USB Type A segment held the highest market share in 2020, accounting for more than two-fifths of the global USB cable market, and is estimated to maintain its leadership status throughout the forecast period. This is because A connectors are supported in every USB version. However, the USB Type C segment is projected to manifest the highest CAGR of 19.4% from 2021 to 2030, owing to Increasing penetration of USB Type C in smartphones and other smart devices.

The USB data cable segment to maintain its lead position during the forecast period
Based on product type, the USB data cable segment accounted for the largest share in 2020, contributing to more than two-fifths of the global USB cable market, and is projected to maintain its lead position during the forecast period. This is due to wide range of applications of USB data cable. Moreover, the multifunctional USB cable segment is expected to portray the largest CAGR of 19.2% from 2021 to 2030, Owing to its multi-functionality and cost-effectiveness for consumers.

North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly one-third of the global USB cable market. This is due to the strong presence of consumer electronics, automotive and manufacturing companies in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 20.0% during the forecast period, owing to high adoption of consumer electronics as well as the increasing IT and telecom industry in this particular region. PR Newswire