Global USB Car Charger Market 2019-2023 | Increasing Dependence on Smartphones While Driving to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Apr 15, 2019--The global USB car charger market is expected to post a CAGR of more than 1% during the period 2019-2023, according to the latest market research report by Technavio.
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The global USB car charger market will post a CAGR of more than 1% during the period 2019-2023 (Graphic: Business Wire)
With constant technological innovations and declining prices of electronic components, the sale of smartphones and wearables are growing exponentially across the world. The need for charging these devices while traveling is propelling the demand for USB car chargers. Some of the smart wearable and IoT devices such as VR headsets, fitness trackers, smartwatches, wireless sensors, and monitoring devices suffer from short uptime issues. As a result, USB car charger manufacturers are focusing on developing power-efficient technology solutions, such as more than one output point and higher power output, to keep these devices running for a long duration.
As per Technavio, the adoption of in-car wireless charging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global USB car charger market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global USB car charger market: Increasing dependence on smartphones for applications while driving
Vehicle owners are extensively dependent on smartphones while driving for several applications including entertainment and navigation. Smartphones can be connected to Apple CarPlay or Android Auto when they are charged on-the-go. In this context, USB car chargers help users to use their phones while traveling and reduce battery drainage while using battery-intensive navigation applications. Also, automakers are developing advanced human-machine interface (HMI) capable of integrating with smartphones which drains batteries faster, driving the USB car charger market.
“The automotive industry is growing at a rapid pace across the world, especially in emerging economies with the constant growth in sales of passenger cars and commercial vehicles. This is mainly due to the significant increase in urbanization in emerging countries such as India and China. The robust growth of the automotive industry in emerging economies will be a prime factor that will boost the growth of the USB car charger market during the forecast period,” says a senior research analyst at Technavio.
Global USB car charger market: Segmentation analysis
This market research report segments the global USB car charger market by product (USB 2.0, and USB 3.0) and geographic regions (North America, Europe, APAC, South America, and MEA).
The USB 2.0 segment held the largest USB car charger market share in 2018. USB 2.0 is a high-speed connection providing speeds up to 480 Mbps in terms of data transfer. USB 2.0 has replaced several interfaces, including conventional power delivering interfaces, which involved the integration of different types of charging cables in a single charger.
The APAC region led the market in 2018 with a market share of close to 42%, followed by North America, Europe, South America, and MEA respectively. The market growth in APAC can be attributed to the rising sales of smartphones and the rapid growth of the automotive industry in the region.
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200www.technavio.com
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SOURCE: Technavio Research
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