The global automotive USB-C market is estimated to garner a sizeable revenue and grow at a CAGR of 16% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing technological developments in automotive infotainment systems, and rising number of shipments of type-C USB around the world. almost 45 percent smartphone models launched by major companies were capable of being charged by USB-C, which rose up to approximately 68 percent by the end of the year 2019. Along with these, increasing consumer preference to use automobiles that are well-equipped with highly-developed in-car features, is also expected to drive market growth in the forthcoming years. Furthermore, surge in innovation in these products towards temperature protection and voltage compensation on changing currents, is projected to accelerate the market growth in the long term. In addition, rise in USB-C adoption rate by drivers and passengers to fast charge devices while travelling is also predicted to expand the market in the future.
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The market is segmented by application into head units, rear-seat entertainment, rear-seat chargers, laptops, smartphones and others, out of which, the smartphones segment is anticipated to hold the largest share in the global automotive USB-C market. This can be accounted to the high rate of adoption of USB-C cables by smartphones and tablets as a result of growing emphasis to develop slimmer phones. Apart from these, the rear-seat entertainment segment is also predicted to occupy a significant share over the forecast period. This can be credited to the escalating investments from major display component manufacturers to develop image-driven applications from automotive. Additionally, on the basis of distribution channel, the offline segment is predicted to grab a larger share owing to the high consumer preference to purchase automotive USB cables from offline stores.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global automotive USB-C market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapid growth of consumer electronics and automotive industries in China and Japan, and increasing penetration of smartphones in the region. Moreover, the market in North America is projected to acquire the largest share during the forecast period owing to the large consumer base, surge in disposable income and rise in research and development activities by USB-C manufacturers. In addition, high automotive production in the United States is also assessed to drive the region’s market growth in the coming years. For instance, about 11.19 million motor vehicles were produced in 2017 in the United States, which increased up to 11.3 million units in 2018.
The global automotive USB-C market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive USB-C market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing technological developments in automotive infotainment systems and rising number of shipments of type-C USB worldwide.
The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2022 – 2030.
Strict regulations associated with e-waste in developing nations are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapid growth of consumer electronics and automotive industry growth in China and Japan, and increasing penetration of smartphones in the region.
The major players in the market are Microchip Technology Inc., Anixter International, Belkin International Inc., Analogix Semiconductor Inc., Analog Devices Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by distribution channel, application, and by region.
The offline segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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