Global USB Hub Market Set to Thrive in a Post-COVID World—Projected to Grow at a CAGR of 7.6% by 2027
Published | 06 October 2021
The growth of the IT industry and booming e-sports industry across the globe are the key drivers for the growth of the global USB Hub market. The best way to access multiple connected devices simultaneously is using a USB hub…
A recent study by the strategic consulting and market research firm BlueWeave Consulting, revealed that global USB Hub market was worth USD 596.7 Million in 2020. The study forecasts that the market will grow at a CAGR of 7.6% during the forecast period (2021-2027) to reach a value of USD 977.0 Million by 2027. Growth in the IT industry has been one of the major drivers of the USB hub market worldwide. The study forecasts that the market will grow at a CAGR of 7.6% during the forecast period (2021-2027) to reach a value of USD 977.0 Million by 2027. Growth in the IT industry has been one of the major drivers of the USB hub market worldwide. An USB Hub lets multiple devices connect simultaneously. The global information technology industry is proliferating with emerging technologies, including Big Data, Machine Learning, Artificial Intelligence, and Blockchain. By adopting 5G, Industry 4.0, IoT, and others, the global USB Hub market is expected to grow even more in the coming years.
EU’s Decision for a Standard USB Type-C Charger Comes as a Lucrative Opportunity for Market Players
In September of 2021, the European Commission announced that it would make it mandatory for all portable electronic device manufacturers to introduce USB Type-C charging ports and fast charging technology for the EU market. As a result of this announcement, smartphones, tablets, cameras, headphones, portable speakers, and handheld video consoles will have USB Type-C charging ports. According to the European Commission, this decision will allow consumers to buy new devices without having to purchase new chargers. Additionally, it will save them USD 293.0 million per year on unnecessary charger purchases. Further, the Commission reported that European consumers spend more than USD 2.8 billion on standalone chargers, which generate 11,000 tons of e-waste every year. The new decision will ban other types of chargers and is expected to create exciting opportunities for the market players to target and contribute to the growth of the global USB Hub market.
The USB 3.1 is Anticipated to Grow at The Highest CAGR During the Forecast Period
In 2020, the USB 3.1 accounted for a lucrative market share in the global USB Hub market and is expected to reach significant CAGR during the forecast period, i.e., 2021-2027. USB 3.1 is the latest industry standard for data transfer, and it has two versions of transfer speed, i.e., USB 3.1 Gen 1 and USB 3.1 Gen 2. While USB 3.1 Gen 1 has a transfer speed of 5Gbps (SuperSpeed or SS), USB 3.1 Gen 2 has a speed of 10 Gbps and is also known as SuperSpeedPlus or SSP. In terms of power connection, USB 3.1 provides a maximum of 20V/5A 100W power delivery, and it enables high power-consuming devices, like printers, scanners, and others, to draw power directly from computers instead of an external power source.
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Global USB Hub Market: Impact of COVID-19
The COVID-19 pandemic has had a substantial influence on various industries across the globe. For some industries, the pandemic served as a boon, and for others, it was a curse. The COVID-19 wave swept through Europe, and announcements of lockdowns from government officials intensified the situation. Since the lockdown was announced by different countries, semiconductor manufacturers had to reduce production in 2020 as they feared the pandemic’s aftereffects would dampen the demand for semiconductors. However, the demand for semiconductors surged drastically, and the manufacturers are now struggling to catch up with demand. The pandemic caused havoc in the industry, and the shutting down of the plants and closing of the borders severely disrupted supply chains.
Furthermore, consumer behavior changed suddenly with the emergence of home IT and cloud technologies. Furthermore, manufacturers were unable to predict the behavior change, leading them to reduce semiconductor production. As lockdown reopened and demand surged, the manufacturers could not meet the demand, and the industry has been trying to match the demand ever since.
The leading players in the global USB hub market are Vaunix Technology Corp., Texas Instruments, Anker Innovations, Sabrent, Foxconn Interconnect Technology Limited, Toshiba Corporation, Panasonic Corporation, Honeywell International, StarTech, Amazon, Dell, HP, Sony Corporation, Aukey, and other prominent players. Players are focusing on new and effective strategic development to proliferate their market position amidst the existing and upcoming players. For instance, Vaunix Technology Corporation is committed to providing quality products, technical assistance, and consultation. This includes discussing problem issues, developing a treatment plan, and providing product information and data for the application.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global USB Hub market statistics. It also highlights the factors driving forecasts of total market size. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market. The report promises to provide recent technology trends in the global USB Hub market, along with industry insights, to help decision-makers make sound strategic decisions.
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