Global USB Device Market Report 2022: A $65 Billion Market by 2028 - Surge in Popularity of Smart Homes
DUBLIN, May 31, 2022 /PRNewswire/ -- The "USB Device Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device Standard Type, Product (Webcams, Flash Drives, Memory Card Reader, Digital Audio Player, USB Hub and Docking Station, Computer Peripherals, and Others), Connector Type, and Applications" report has been added to ResearchAndMarkets.com's offering.
The USB device market was valued at US$ 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.
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.
However, from Q1 of 2021, the supply lines of the automotive and electronics industry started to stabilize, and revenue of hese 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.
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