Automotive Chargers and USB Data Hubs Market Key Opportunities and Forecast Up To 2028

According to the latest research report titled “The global Automotive Chargers and USB Data Hubs Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 196.88 million by 2028, registering a CAGR of 4.1% during 2021 to 2028.

The automobile sales are reaching new heights owing to the growing popularity of trucks and SUVs as well as with the rising demand for compact sedans. For a handful of automakers, sales rose by double digits, with Tesla’s total deliveries more than tripling from the first quarter of last year.

Toyota, Hyundai, Nissan, Subaru, and Kia all reported sales increases in the double digits. In 2020, 78 million vehicles will be produced globally. This number reflects a 15 percent decrease from the previous year. In 2020, China, Japan, and Germany were the top automobile and commercial vehicle manufacturers. With such huge vehicle manufacturing volumes, the need for automotive automobile accessories is also rising. The high consumer focus on handy infotainment systems in vehicles and rising popularity of personal devices are boosting the automotive chargers and data USB hubs market growth.

Many countries in the world have set objectives emphasizing on reducing the car emissions. As a part of this, they have begun to promote the production and marketing of electric vehicles as well as related charging infrastructure. In 2017, the US government spent US$ 5 billion for the improvement of electric car infrastructure, including charging stations.

Several governments are offering incentives, including cheap or no registration costs, as well as exemptions from import tax, sales tax, and road tax. Furthermore, Norway and Germany are heavily investing in EV sales promotion. Thus, the surge in automotive production, with the growing focus on electric vehicles, is bolstering the automotive chargers and data USB hubs market growth.

North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth.

At present, the US is the world’s worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. The four megatrends of connected, autonomous, electrified and shared driving produce significant technological and business model changes in the automotive sector.

Furthermore, OEMs shut down production across North America after an American electric car company was forced to close its manufacturing due to a shelter-in-place order. The ‘Detroit 3′ automakers (and other OEMs) followed suit and halted production in the US, Canada, and Mexico. The industry recovered after the first two shocks, and business as usual resumed. This time, though, things are different. Due to unprecedented lockdowns of vehicle operations in industries, corporate sectors, and commercial companies, followed by mobility restrictions, the market for automotive chargers and USB data hubs is currently experiencing a demand shortfall.

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The need for automotive chargers and USB data hubs is expected to steadily revive following the start of operations, aided by component manufacture. The COVID-19 problem is intensifying. Therefore, the COVID-19 epidemic and its repercussions are wreaking havoc on North America’s automotive chargers and USB data hubs market.

 Key Findings of Study:

The global automotive chargers and USB data hubs market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2020, APAC led the market with a substantial revenue share, followed by Europe and North America. The US, Canada, and Mexico are the major economies in North America that have witnessed growth in their automotive industry. The region has the largest vehicle industry due to the presence of many car manufacturers. Increased supply of passenger cars and light commercial vehicles is expected to increase the demand of car accessories. North America is witnessing an exponential rise in the vehicle production in past a few years owing to favorable economic conditions and government initiatives to promote safety while driving and reducing road accidents. These factors have helped in improving the economy and increasing disposable income of consumers. Therefore, with the boosted demand for improved performance and luxury cars in North America, the demand for different USB ports and car chargers will grow in coming years.

Asia Pacific led the global automotive chargers and USB data hubs market in 2020. The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated, which leads to the greater risk infection spread. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation. India is the worst-hit country by the pandemic in this region.

Many global brands and technological companies are headquartered in the region. The limitations imposed by governments to control the spread of COVID-19, the impact of the disease on populations of different countries in the region, and current inability to utilize production capabilities are the key factors impacting automotive chargers and USB data hubs in Asian countries. Therefore, the COVID-19 pandemic is likely to continue to hinder the automotive chargers and USB data hubs market growth in APAC.

Faster In-Car Wireless Charging to Propel Automotive Chargers and USB Data Hubs Market Growth in Coming Years

Wireless charging in cars is being touted as a fast-emerging solution for modern automobiles. The popularity and demand for faster in-car wireless charging is expected to grow further in the coming years. The introduction of advanced wireless charging systems with Increased efficiency has resulted in the rise in their acceptance in both luxury and mid-range automobiles. Automakers are implementing in-car wireless charging systems to provide luxurious amenities in automobiles, which were limited to high-end car models earlier. Rise in competitive rivalry among manufacturers has compelled them provide high-end features such as in-car wireless charging systems in their medium-range vehicles to attract a larger number of customers. This is expected to be emerge as a profitable trend in the car chargers and data USB hubs market during the forecast period.

Automotive Chargers and USB Data Hubs Market: Offering Overview

The automotive media hub is an interface system connecting internal/external media to the infotainment system of vehicles. This system is composed of audio, data, and video from different inputs such as HDMI, USB, SSD cards, and audio jacks. Players such as TI Instruments offer integrated circuits and reference designs that allow the OEMs to create solutions that are small and maintain signal integrity while lowering thermal dissipation. Two decades ago, USB got a makeover with a 2.0 update. The update supported a much faster speed than the older version. It is also notable for adding USB OTG (On-The-Go) support, which permits two USB devices to communicate directly. USB 2.0 is used in cheaper flash drives with different devices. In addition, players such as AllGo Embedded Systems offer CarPlay that is compatible with an iOS operating system. With built-in display units of automobile Head Units when devices are connected via USB port. The CarPlay adapter or media hub supports USB 2.0.

Automotive Chargers and USB Data Hubs Market: Competitive Landscape and Key Developments

UniMax Electronics Inc.; Jumplux Technology Co., Ltd.; INFINEON TECHNOLOGIES AG; Harman International.; Molex, LLC; Monolithic Power Systems, Inc.; Japan Aviation Electronics Industry, Ltd.; Amphenol Tecvox; Aircharge; and Microchip Technologies, Inc. are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global automotive chargers and USB data hubs market and its ecosystem.

In 2020, HARMAN International was named FCA Supplier of the Year in the category of Innovation Supplier of the Year during the virtual 2020 North America Annual Supplier Conference and Awards program held on Oct. 23, 2020.

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