USB Charger Market Expected to Reach US$ 46.3 Billion by 2031, Growing at a CAGR of 6.6% | Transparency Market Research, Inc.

Wilmington, Delaware, United States, June 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global USB Charger Market stood at US$ 26.4 billion in 2022 and the global ultra-low temperatures freezers (ULT) market is projected to reach US$ 46.3 billion in 2031. The global USB charger market is anticipated to expand at a CAGR of 6.6% between 2023 and 2031.

Market for USB chargers is expanding as smartphones and other portable electronic devices have become more widely used as these devices and gadgets require regular charging to be able to function, and the demand for charging devices is on the rise.

Wireless charging, which removes the need for wires and cables, makes energy transmission between the charger and the gadget easier. Superfast charging has made it possible for devices to charge more quickly than they would using normal charging techniques, which is very helpful for individuals who are always on the move.

USB charger industry is growing rapidly due to the growing availability of smartphones and their functionalities and the increasing demand for fast charging. Growing penetration of smartphones in emerging economies is expected to further aid the industry growth.

The growing diversity of smartphones and USB chargers is expected to aid the industry’s growth. USB chargers, however, can be easily imitated to make duplicate and low-quality USB chargers, which may hamper the industry growth during the forecast period.

Cheap USB chargers may appear to be a good deal, but they come with a number of drawbacks, including the risk of fire and user electrocution in addition to harm to the electronic equipment.

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Market Snapshot:

Global USB Charger Market: Key Takeaways

• Global USB chargers market to generate absolute dollar opportunity worth US$ 46.3 billion until 2031.
• Global USB chargers market to generate absolute dollar opportunity worth US$ in 26.4 billion 2022.
• Global USB chargers market to generate absolute dollar opportunity worth US$ 27.8 billion in 2023.
• Global USB chargers market is anticipated to expand at a CAGR of 6.6% during the forecast period
• Global USB chargers market was at a CAGR of 5.4% from 2018-2022
• North America is said to hold growth in the market with a CAGR of 6.2%

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Global USB Charger Market: Growth Drivers

• Use of electronic gadgets with limited battery lives is projected to rise significantly, multi-port USB chargers are in high demand, due to their capacity to provide high-speed charging by automatically detecting the kind of connected device, advanced technology is increasingly being used in multi-port USB wall chargers. Keeping customers in the cutthroat market for USB wall chargers, businesses are providing high warranties in the event of any flaws.
• Key reasons propelling the USB charger market include technological advancements and rising consumer electronics expenditure. Improved smartphone performance with a constant Internet connection needs a high battery level throughout the day. Electronic devices now use more energy as a result of the availability of Internet-based services brought on by rising disposable income among consumers in emerging nations.

Global USB Charger Market: Regional Landscape

• Market for USB chargers in Asia-Pacific is the largest globally. Population explosion, increasing demand for smartphones, rapid acceptance of new inventions, and consumer electronics contribute to Asia-Pacific's global market growth. Demand for USB chargers in the Asia-Pacific is further amplified due to the increasing use of online distribution channels and eCommerce platforms. Manufacturers in the Asia-Pacific USB charger market have the opportunity to keep ahead of the competition and generate lucrative revenue streams
• North American USB charger market is expected to gain market growth in the forecast period where the market is growing with a CAGR of 6.2% in the forecast period. Rising demand for multiple device charging and power consumption of electronic gadgets acts as a driver for the USB charger market growth.

Global USB Charger Market: Key Players

• Eaton Corporation Plc announced the acquisition of 49% stake in Jiangsu Ryan Electrical Co. Ltd., a China based manufacturer of power distribution and sub transmission transformers. The combination of Ryan’s high quality products and Eaton’s global distribution is expected to result in better service for customers.
• Mophie, Inc. announced the launch of two ultra-compact USB-C chargers designed for iPhones, iPads, and Macs, available in 30W and 67W options. The chargers are designed with gallium nitride material, making it smaller, lighter, and more power-efficient than traditional silicon-based chargers.

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Global USB Charger Market: Segmentation

By Product Type

• USB Type A
• USB Type B
• USB Type C
  • With PD
  • Without PD
    

By Charger Type

• Wall Charger
• Portable Power Banks / Docking System / Alarm Clock
• Car Charger
  

By Port

• One
• Two
• Three
• Four
• Others
  

By Power

• Up to 30W
• 30W - 45W
• 45W - 60W
• 60W - 75W
• Above 75W
  

By Application

• Smartphone
• Tablet
• Laptop
• Desktop
• Others (Speaker, Camera, etc.)
  

By Multi-Port

• Multi-Port with Fixed Power
• Multi-Port with Fluctuation Power
• Same Port with Fluctuation Power
• Different Port with Fluctuation Power

By Distribution Channel

• Online
• Offline
  • Organized
  • Unorganized

Regions Covered

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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