In this report, Technavio covers the market outlook and growth prospects of the global USB car charger market for 2016-2020. The report discusses the major drivers that influence the market growth. It also outlines the challenges faced by the vendors and the market at large, as well as the key emerging trends in the market.
“Asia-Pacific is the fastest-growing region in this market and will grow at a CAGR of close to 5%. This is due to the rising per capita income of the nations in this region, which will drive the demand for cars. In the Americas, slow growth is expected as a majority of the population already owns cars, making the addressable market for USB car chargers minimal,” says Chetan M, a lead semiconductor equipment research expert from Technavio.
Technavio’s hardware and semiconductor research analysts segment the global USB car charger market into the following regions:
In 2015, with a market share of around 44%, Americas dominated the global USB car charger market, followed by APAC at around 34% and EMEA with approximately 21%.
Americas: key contributor toward the global market in 2015
The global USB car charger market in the Americas is expected to exceed USD 1.6 million by 2020. Technology penetration in the Americas, especially in the US, is much higher than any other region in the world. Early adoption of smartphones and tablets, coupled with the proliferation of the mobile internet, has resulted in higher demand for USB car chargers in this region. With the availability of low-cost, quality USB car chargers from multiple vendors in the market, the end-user is spoilt for choice. The Americas accounts for highest share of revenue in this market.
However, with the emergence of power banks, which can be used as an alternative, and the emergence of APAC as a key contributor toward the global market, the contribution from the Americas will decline. In addition, the car market in the US is almost saturated as the nation has about 250 million vehicles in comparison to its total population of 300 million. This reduces the growth potential of the USB car charger market in the Americas. In terms of shipments, the global USB charger shipments for the Americas was 140.1 million units in 2015. The demand for shipments will grow at a CAGR of over 14% during the forecast period and reach 273.6 million units by 2020.
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EMEA: presence of top car manufacturers in the region to boost demand
The global USB car charger market in EMEA is expected to exceed USD 914 million by 2020. European nations will maintain their revenue share in the global USB car charger market during the forecast period. The presence of top car manufacturers in the region will increase the demand for USB car chargers from countries such as Germany, France, the UK, and Italy. The contribution from the Middle East and Africa will increase during the forecast period as most of the nations from these regions are late adopters of new technologies.
In terms of shipments, the global USB charger shipments for EMEA was 73.3 million units in 2015. The demand for shipments will grow at a CAGR of over 12% during the forecast period and will reach 131 million units by 2020.
APAC: fastest growing region in the market
The global USB car charger market in APAC is expected to reach USD 1.7 billion by 2020, growing at a CAGR of approximately 5%.
APAC is the fastest-growing region in the global USB car charger market. This region will have new players emerging from countries like China, Japan, South Korea, India, and Taiwan. This will drive growth in this segment during the forecast period. Developing nations from this region will create a high demand for USB car chargers because of the late adoption of new technologies in these countries. In addition, the cost of new and improved technology will be high, as a majority of these nations are developing, and the consumers are price conscious.
“APAC is defined by the rising per capita incomes of nations such as India and China. This will increase the spending power of the people, who will look to improve their lifestyle further. This will result in the purchase of new and better car models, further stimulating the USB car chargers market,” says Chetan.
The top vendors in the global USB car chargers market highlighted in the report are:
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