The APAC USB device market is expected to grow from US$ 10,015.65 million in 2019 to US$ 17,845.22 million by 2027; it is estimated to grow at a CAGR of 7.7 % from 2020 to 2027. Escalating adoption of USB type-C in the medical industry boosts the market growth. The USB-Type C devices are gaining huge popularity in the medical industry as their installation in any medical system abides with the industry standards. Several devices such as video recorders, cameras, and drones are swiftly being moved to USB Type-C since it is the quickest way to transfer data; moreover, these USB devices provide more power than previous generations. USB Type-C devices would allow medical experts to have access to the finest resolution on computer displays used during surgeries and facilitate faster data transfer during crucial procedures. The growing technological advancements in USB Type-C are likely to increase its scope in the medical industry. Prominent players are highly designing next-generation USB devices to stay ahead in the competitive market. For instance, TE Connectivity has launched its on-board USB Type-C receptacle connector; it is a waterproof device that protects systems in severe environments with IPX8 (waterproof rating) dust and water ingression performance. With the given waterproof rating, the USB Type-C connector maintains a continuous connection at a water depth of 1.5 m for a minimum of 30 minutes. Further, the growing aging demographics, combined with increasing demand for early-stage diagnosis of chronic diseases, is boosting the demand for medical imaging equipment around the world, thereby boosting the demand for next-generation USB Type-C devices. Thus, such rise in the use of USB Type-C systems, especially in the medical device manufacturing industry, is likely to provide growth opportunities to the APAC USB device market players in the coming years.
Countries in APAC, especially India, are highly affected due to the COVID-19 outbreak.A large number of electronic components and various sectors, such as consumer electronics and automotive, in this region present a huge opportunity for the growth of the USB device market.
In addition, APAC is a global manufacturing hub with countries.The ongoing outbreak is causing huge disruptions in the growth of various industries in the region.
For instance, China is the global manufacturing hub and the largest raw material supplier for various industries, and it is one of the worst affected countries.The lockdown of various plants and factories in China adversely affects the global supply chains and negatively impacts manufacturing activities, delivery schedules, and various products sales.
APAC is a crucial region in manufacturing and industrial growth, and any disruptions may negatively impact the growth of various industries dependent on the region for business growth revenues. The governments of various countries of this region are taking drastic measures to reduce the effects of the outbreak by announcing lockdowns, and travel and trade bans. All these measures are expected to restrain the adoption and growth of USB devices, especially in the electronics and semiconductor sector till Mid-2021.
Based on applications, the IT and telecommunication segment led the APAC USB device market in 2019.In the IT & telecommunication sector, USB devices are used in video conferencing applications, computer systems, and modems, among others.
The IT & telecom industry is expanding due to rising digitalization.The advent of advanced technologies such as 5G, IIoT, Internet of Things (IoT), and Artificial Intelligence (AI) is further boosting the growth of the IT & telecom sector.
Also, rising demand for efficient internet connection among population, particularly in developing economies, is fueling the growth of the telecom sector. With the flourishing IT & telecommunication sector, the demand for USB devices used in this sector is anticipated to grow, which would drive the growth of the APAC USB device market for the IT and telecommunication segment in coming years.
The overall APAC USB device market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the APAC USB device market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC USB device market. ADATA Technology Co., Ltd.; CORSAIR; Hewlett Packard Enterprise Development LP (HPE); Imation Corporation; Kingston Technology Company, Inc.; Micron Technology, Inc.; Samsung; SanDisk Corporation; Toshiba Corporation; and Transcend Information Inc. are among the players operating in the market.
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