AC-DC Power Adapters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

AC-DC Power Adapters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028) The AC-DC power adapters market is expected to register a CAGR of 8.18% during the forecast period. AC-DC power adapters, sometimes called AC adapters, are external power supplies consisting of a transformer and rectifying and filtering units typically enclosed in a compact, sealed unit for safety and aesthetic reasons. These adapters convert AC power to DC for portable devices or household and commercial electronics. Key HighlightsToday, almost all consumer electronics, computing, and industrial electrical/electronic equipment use AC-DC adapters in some way or another. Some important applications of these adapters include cordless phones, cell phones, answering machines, hair dryers, and other portable electronic devices.Therefore, the increasing adoption of home and building automation systems is driving the demand for AC-DC power supply adapters. The growing performance of portable consumer electronics and computing devices are also among the significant factors driving the market’s growth.The adoption of smartphones has increased significantly in the last few years. According to Ericsson’s projections, global smartphone subscriptions will reach 7,690 million by 2027, from 5,095 million in 2018. As AC-DC power adapters are widely used in the smartphone industry, such trends are expected to impact the market’s growth.However, the higher penetration of substandard adapters, especially in the lesser developed regions, is challenging the market’s growth. The increasing demand for silicon carbide (SiC) and gallium nitride (GaN) devices is also restraining the market’s growth.A notable impact of COVID-19 was observed in the market. During the initial phase, the manufacturers faced difficulties securing raw materials/components due to stringent lockdown measures, disrupting the supply chain globally. However, the increased demand for computing and consumer electronics devices supported the market’s growth.AC-DC Power Adapters Market TrendsGrowing Demand for Consumer Electronic Products Drives the Market's Growth The consumer electronics industry is among the key consumer of AC-DC power adapters as these components are vital in the consumer electronic devices' charging infrastructure. Hence, these adapters are widely used with devices such as smartphones, computers, and several other electronic devices. In recent years, the adoption of electronic devices has increased significantly. The growing internet penetration, increasing disposable income driving affordability, and the growing awareness of digital technologies are crucial factors behind this growth. According to the Consumer Technology Association (CTA), retail sales revenue of consumer technology products in the United States was estimated to reach USD 505 billion for the first time in 2022. The increasing penetration of smartphones, tablets, and other handheld computing devices also supports the market's growth. Wearable consumer electronic devices are among the fastest-growing segment as they are easy to carry and offer features such as fitness trackers, integrated calling and messaging facilities, etc. Hence, their demand has been increasing equally among younger and older consumers. According to forecasts by Cisco Systems, the number of connected wearable devices was anticipated to grow from 325 million in 2016 to 1,105 million in 2022. The COVID-19 outbreak significantly boosted the demand for consumer electronic devices such as smartphones, tablets, and wearables, as consumers became heavily reliant on digital technologies and solutions for various day-to-day activities. This trend is expected to continue in the future and aid the market's growth. North America is Expected to Register the Fastest Growth North America primarily includes the United States and Canada. Over the last several decades, the US semiconductor industry has maintained its leadership position in terms of the overall sales market share. From lighting to doorbells and refrigerators, the adoption of smart home devices in North America has risen significantly in the past few years. An increase in the applications of smart homes and IoT devices has also been driving the demand for AC-DC power adapters in the region. The proliferating consumer electronics industry in North America is one of the primary factors driving the market’s growth. According to a recent forecast from the Consumer Technology Association (CTA), the consumer technology industry in the United States was anticipated to generate over USD 505 billion in retail sales revenue in 2022. The projection represents a 2.8% revenue increase from the impressive growth of 9.6% in 2021 over 2020. According to the organization, strong demand for smartphones, automotive tech, health devices, and streaming services is expected to contribute a significant portion of the projected revenue. According to the CTA, the smart home market in the United States was expected to grow by 3% in 2022 to reach USD 23.8 billion. The demand for smart home markets is expected to be driven by rising energy costs, which led to the adoption of energy-efficient and cost-saving solutions for thermostats, lighting, and smart outlets. Such an increase in the demand for smart home devices and smart power management devices is expected to fuel the demand for analog ICs in the region. According to Ericsson, smartphone subscription in North America is anticipated to grow from 310 million in 2021 to 330 million by 2028. The arrival of 5G is expected to boost the adoption of smartphones in the region as more and more customers will switch to 5G-enabled devices, creating a favorable outlook for the market studied. According to Viavi Solutions, an American network measurement, test, and assurance technology company, in 2022, 5G services were available in 296 cities in the United States. According to Ericsson, 5G subscriptions in North America are expected to grow from 79 million in 2021 to 420 million in 2028. With 5G rollouts already gaining momentum in the past two years in North America, many businesses are leveraging the speed of 5G with edge computing’s low latency processing capabilities to realize an agile, efficient, and IoT-driven future. Hence, such trends are expected to drive the market’s growth in the region.AC-DC Power Adapters Industry Overview The AC-DC Adapters market comprises long-standing established players that have invested significantly in the product and manufacturing plants. Although the new market players require moderate investments, they can sustain themselves only through powerful competitive strategies. Product innovations can also favor new players as they can target emerging and less explored application areas to expand their market presence. Some major players in the market are AcBel Polytech Inc., Belkin International, and Delta Electronics Inc. In October 2022, Belkin International introduced the 3-Outlet Power Cube on Amazon.com. The product offers three AC outlets and three USB-A ports in one compact solution, and Amazon provides the company with a large market to sell its product. In August 2022, Belkin introduced its BOOSTCHARGE PRO Dual USB-C GaN Wall Charger with PPS, built with a Programmable Power Supply (PPS), delivering the ideal amount of power to multiple devices for an ideal charge.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: The report will take approximately 2 business days to prepare and deliver.