USB Charger Market 2024 is expected to grow at a CAGR of more than 7%

As technology continues to deliver real value and create a profound impact, the use of electronic devices and gadgets is growing by leaps and bounds. Since the march toward ‘uninterrupted connectivity’ started picking up pace in the electronic gadgets & devices space, USB chargers started falling into the category of essential ancillaries nourishing the performances of these devices. Though the dawning of ‘wireless charging’, such as inductive and radio, might bring in multiple challenges for USB-enabled standards, the demand for USB chargers is likely to continue showing stronger ascendancy through to 2027.

Transparency Market Research, in its new research study, lays bare persuasive intelligence and insights into the evolving landscape of the USB charger market for readers to develop a deeper understanding of the market behavior in 2019 and beyond.

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USB Chargers – Decoding the Evolution & Future Growth

USB chargers have experienced a prolonged and winding road of evolution and adoption. Revenue from the USB charger market closed in on a valuation of over US$ 29 Bn in 2018. A dramatic rise in the demand for fast-charging solutions is poised to get even more intense in the USB charger market in due course, which will act as a harbinger signaling the influx of new product innovations and developments. Regardless of whichever path the wheel of technology will board on, USB chargers will continue to be one of the key imperatives nourishing the effective operationality of electronic devices.

Brands are largely relying on strong distribution channels, such as multi-brand distributors and mobile accessory retailers, to capture wider target audience segments. With online retail emerging as a force to reckon with across emerging economies, USB charger brands are concentrating on different ways to expand their online presence while becoming more agile and responsive. Analyzing the market progression and unceasing growth, Transparency Market Research (TMR) estimates the USB charger market revenue to cross US$ 30 Bn in 2019.

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Disruptive Trends Shaping the Future of USB Charger Adoption

The USB type C charger is emerging as a golden standard for quick charging and the simultaneous transfer of video and data. With USB type C interfaces making their way into multiple gadgets, including smartphones, laptops, automobiles, and others, manufacturers are endeavoring to launch new USB type C charger models with advanced functionalities. Also, the USB charger market is seeing a transition to multi-port variants, for the added convenience of charging multiple devices at one go.

The demand for portable chargers is an overriding trend in the USB charger market, as customers are increasingly seeking portable chargers to replenish their smartphone batteries. Customer preference for retractable USB chargers to serve devices with different interfaces is also on an upswing, as consumers are willing to invest in multi-purpose USB chargers with exceptional compatibility. Unparalleled ease of usage will continue to be at the top of the customer priority list, and this is also likely to encourage suppliers to focus more on design optimization.

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Manufacturers’ Winning Strategies to Unlock Profits

In a bid to effectively respond to the ever-evolving market dynamics, companies in the USB charger market are focusing on realigning their strategies. Manufacturers are focusing on making their innovation processes highly agile, which will also help them gain a wide range of perspectives to enrich their ‘innovation gene pool’. For instance, Chinese smartphone giant Meizu claims that, its ‘Super mCharge’ technology, which was officially launched in 2018, can seamlessly recharge batteries in as little as 20 minutes.

Analyzing the demand for fast charging speeds and high charging efficiency, manufacturers are launching their own type C charger models with advanced features. For instance, Huntkey, a leading power solution provider, is developing a new model of portable 90W type C for overseas markets. Apart from superlative charging efficiency and best-in-class quality, the portable design is a key USP of this new product launch by Huntkey. In addition, manufacturers are also working on offering space-efficient and heat-resistant designs of USB chargers, with the sole objective of scaling up their product positioning. Companies in the USB charger market are also investing in supplier-retailer relationships that go beyond ‘day-to-day’ business transactions, and promise long-term profitability for both the parties.

A Breakdown of the Competitive Landscape

The structure of the global USB charger market will continue to reflect duality. In a majority of the regions, the market remains fairly consolidated, with well-established players catering to customer demands. However, in case of mass markets where price dictates customer decision-making even more than quality, the markets continue to be fragmented with the widespread presence of regional manufacturers.

Some of the frontrunners in the USB charger market include Anker Technology Ltd., Mophie Inc., Inc., Cyber Power Systems, Inc., and AT&T Inc. While leading players command a considerable pie of the global market share, the market is estimated to see the entry of new entrants, since the entry barriers to this market remain substantially low.

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