According to the report published by Allied Market Research, the global USB wall socket market generated $1.0 billion in 2021, and is projected to reach $1.6 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.0 billion |
| Market Size in 2031 | $1.6 billion |
| CAGR | 5.1% |
| No. of Pages in Report | 256 |
| Segments Covered | Type, USB standard, application and region. |
| Drivers | Rapid urbanization and increase in digitalization |
| Rapid growth in the consumer electronics and sales through online e-commerce | |
| Opportunities | Increase in utilization of electronic gadgets in augmentation with technology such as Internet of Things. |
| Rapid advancements in technology. | |
| Restrains | The presence of problems such as stealing of data through USB wall socket by hacker. |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global USB wall socket market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, including those of USB wall socket and other electronic gadgets and appliances, which adversely impacted the growth of the market.
- Thus, owing to the outbreak of the COVID-19 pandemic, governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from residential to industrial sectors.
- In addition, there was shortage of raw materials due to intense trade restrictions from the government. These restrictions were imposed by the government so as to curb the spread of the virus during the pandemic.
The report offers detailed segmentation of the global USB wall socket market based on type, USB standard, application and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on type, the two USB ports segment held the largest market share in 2021, holding nearly three-fifths of the global USB wall socket market share, and is expected to maintain its leadership status during the forecast period. The other segment, on the other hand, is expected to cite the fastest CAGR of 5.9% during the forecast period.
Based on USB standard, the Type-A segment held the largest market share in 2021, holding nearly three-fifths of the global USB wall socket market share, and is expected to maintain its leadership status during the forecast period. The Type-B segment, on the other hand, is expected to cite the fastest CAGR of 6.1% during the forecast period.
Based on application, the residential segment held the largest market share in 2021, holding more than half of the global USB wall socket market share, and is expected to maintain its leadership status during the forecast period. The industrial segment, on the other hand, is expected to cite the fastest CAGR of 5.8% during the forecast period.
Based on region, the USB wall socket market across North America held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 5.7% during the forecast period.
The key players analyzed in the global USB wall socket market report include Leviton, Legrand, Eaton Corporation, Hubbell Inc, Jasco Products, Lutron Electronics, TopGreener, Newer Tech, Maxxima, Maxell Holdings Ltd., Mophie Inc., Xtreme Cables, BG Electrical Ltd., Accel, and Anker Technology Co. Limited.
The report analyzes these key players in the global USB wall socket market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE: Globe newswire
