The USB wall socket market is expected to grow due to its increase demand in electronic sector. The need for USB wall outlets steadily increases, owing to the limited battery life of today’s electronic devices. With the widespread usage of electronic devices such as smartphones, tablets, and laptops, as well as the increasing hi-tech lives, the multi-port USB wall charger is quickly becoming the standard for charging numerous devices at once. Compatibility and quick charging remain two of the most important characteristics of a multi-port USB wall socket, ensuring its continued popularity. Because of its ability to provide high-speed charging by automatically identifying the connected device’s nature.
Furthermore, in terms of usability, a compact multi-port USB wall socket with a long warranty duration is gaining a lot of traction. Unorganized players, on the other hand, may see a drop in product uptake as a result of several uncertified USB wall sockets being tested and determined to offer unacceptable hazards of electric shock. The growing electronic sector, together with the rise in demand for electronic products, is expected to create opportunities for the USB wall socket market in the future, as these USB wall sockets are required for charging them.
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On 8th July 2021, Leviton launched SmartlockPro® GFCI Combination 24W (4.8A) Type A USB In-Wall Charger Outlet. This provides not only safety but provide advantage of powerful USB charging.
In 2018, Foxconn Interconnect Technology Limited (FIT) and Belkin International, Inc. struck a definitive agreement. FIT agreed to buy Belkin International for roughly US$ 866 million in cash under the terms of the agreement. The goal of this acquisition was to strengthen research and development skills while also capitalizing on opportunities in the premium accessory market.
In 2018, Scosche Industries, Inc. unveiled a new line of USB-CTM Power Delivery technology-based home and automobile charging/power delivery products. This gadget is unique in that it provides the fastest possible charging for both smartphones and tablets.
Legrand introduced a 13A socket with a built-in USB Type-C port. The Synergy USB socket may be fitted in the same way as a regular BS 13A socket, with no additional wiring or installer certifications required, making it ideal for both new-build and retrofit applications. The two-gang model includes both a traditional USB Type-A and a new Type-C outlet, allowing customers to charge several devices from a single outlet. It also offers a solution that is both quick to use and adaptable to the growing number of Type-C devices on the market.
Key Benefits of Report
This study presents the analytical depiction of the USB wall socket market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the USB wall socket market share.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the USB wall socket market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed USB wall socket market analysis based on competitive intensity and how the competition will take shape in coming years
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COVID-19 Impact Analysis
The COVID-19 pandemic impacted the USB wall socket market and caused a decline in the demand from the market.
The supply chain was interrupted and the availability of raw material was hampered due to the restriction on movement of material. This caused a decline in the market growth for USB wall socket.
The industries were all shut down to prevent the gathering of people. This impacted the supply of USB wall socket to the different application where it is utilized.
The demand from the industrial area for USB wall socket declined during that pandemic as the government forced lockdown caused them to shut down. This impacted the market growth of USB wall socket.
The personal income of people declined during the pandemic and this affected their lifestyle and buying behavior, which caused decline of USB wall socket from the residential area.
The lockdown restriction upliftment and the increase in demand from industrial area has helped the market to grow once again for USB wall socket.
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