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The worldwide USB wall socket industry is expected to grow remarkably in the next several years. The rising demand for electric and electronics from industrial sector is also anticipated to present lucrative opportunities to the market. A wall socket with a USB port is referred to as a USB wall socket, wall USB outlet, or USB charger receptacle. It transforms the outlet's AC power into DC before supplying the device with a certain voltage. It enables the user to charge electronic gadgets, including laptops, tablets, and phones. A computer or power adapter may be included. It is a mounted plug socket with USB ports already built in. It offers a location in a wired system where current to operate electrical equipment can be obtained. It is easier to operate and offers additional charging options.
According to a research study by Business Research Insights, the global market for USB wall sockets is projected to rise at a CAGR of 5.4% during 2022-2028. In 2022, the market value stood at USD 419.4 million.
Business Research Insights Presents the Top 5 Prominent Players in the USB Wall Socket Industry
- Leviton
Is an American company of electrical wiring equipment in North America. It was founded in 1906 by Isidor Leviton. The company produces receptacles and outlets, wires, power cords, cables, well plates, and electrical light sockets. Leviton's Decora wall switch debuted in 1973 and is arguably their most well-known product. Its flat, low-profile form factor served as a contemporary replacement for traditional toggle switches in many businesses and residences.
- Legrand
Is a French company founded by Frederic Legrand in 1865. It is one of the leading companies in the USB wall socket industry. It is established in 90 countries, and its products are distributed in about 180 countries. The company has created new solutions for lighting control, EV charging, and data centers, expanding its product line in sustainable development and energy-saving technologies.
- Eaton
Is headquartered in Ireland. Viggo Torbensen and Joseph Oriel Eaton II founded the company about 112 years ago. The company now has over 86,000 employees and sells its products to customers across 275 countries. The company manufactures aerospace, electrical, and vehicle products, which makes it a versatile company in the global market.
- Hubbell
Is an American multinational company that manufactures, designs, and sells electronic and electrical products. The company was founded in 1888 by Harvey Hubbell. The company ranked 602 in Fortune magazine. The company manufactures products in the electrical, power, and lighting segments. The company played a significant role in war efforts by supplying electrical systems and components demand. By creating goods for the unique uses required by the military and by satisfying the demand for electrical systems and components to power the country's industries, the firm significantly contributed to the war effort. There were also power jacks for test meters, battery-charging systems for M-4 tanks, vacuum tube sockets for radio communications, and a series of airplane electrical and electronic connectors.
- Jasco Products
Is headquartered in a consumer electronics company specializing in designing and developing products to simplify your everyday life and connect your home. By creating goods for the unique uses required by the military and by satisfying the demand for electrical systems and components to power the country's industries, the firm significantly contributed to the war effort.
Major Challenges Posed by COVID-19 Pandemic
Halt On the Supply of Electronics Retarded Market Growth
The COVID-19 pandemic's consequences are already being seen, and the global market for USB wall sockets was considerably affected. The COVID-19 epidemic negatively impacted multiple markets. Lockdowns were implemented in several nations. All different types of businesses noticed interruptions due to the rapid outbreak. Due to the suspension of electronics sales, the pandemic hugely affected the electronics industry. The production halt in the factories had an impact on both the product and the demand for gadgets. Due to the selling of gadgets like laptops, cellphones, and other devices, a market recovery is anticipated.
Major Upcoming Trends in the Industry
Growing Demand for Consumer Electronics to Augment Growth
Due to the increase in demand for consumer electronics, the global market for USB wall sockets is anticipated to grow. The demand for modern electronics like laptops, tablets, and other electronic devices is predicted to rise due to digitalization. Due to the manufacturers' significant presence in the area, there is an increase in market competition. One of the key elements driving the rise in demand for robust USB chargers is the growing adoption of cutting-edge electric devices in daily life. One power source is provided through USB chargers. The industry is expected to grow and offer lucrative prospects due to the increasing adoption of sophisticated electronic devices.