"Overview of Docking Station market"
The Docking Station Market Is Forecasted To Reach At Valued Of US$ 8.3 Bn By 2027, Growing At A CAGR Of 6.7 % During The Forecast Period
The global Docking Station technology has shown stagnant growth since the last few years and is expected to gain traction in the coming years. Some of the factors fuelling the growth of global market include a wide range of applications from different industry sectors, rising penetration of smartphones, and technological advancements
Rising Use of Docking Station in Number of Applications Is Driving the Demand for Docking Station across The Globe
The docking stations are designed to equip with a wide range of applications of several industry verticals including merchandising, communication, vehicle tracking, inventory management, and data collection. The docking stations are able to collect data accurately, securely, and instantly which results in improved supply chain management. The e-commerce and manufacturing sectors are opting for better and precise warehouse management which leads to a surge in demand for docking station in these industries. Moreover, the rising trend of BYOD work culture to enhance efficiency and flexibility and reduce operational cost favour the growth of global market throughout the forecast timespan.
However, the presence of cheaper substitutes like USBs might hamper the growth of the global market. The cost associated with laptop docking stations are comparatively high which might limit the sale of these products. Although, in response with the high adoption rate of docking stations the manufacturers are engaged in research and development activities which are expected to impact the market growth in a positive manner.
The Laptop Segment Held Larger Share in Global Docking Station Market
On the basis of product, the laptop docking segment held maximum share in global docking station market. The docking station allows a laptop to convert into a desktop by connecting with other devices. The end-user can connect their laptops to a centralized port and get access for several devices including speakers, monitors, external hard driver, printer, mouse, and keyboard. Moreover, the laptop docks are compatible with Linux, Mac, Android, Chrome OS, and PC platforms which is anticipated to surge the demand for the segment among large consumer base.
On the other hand, the smartphones & tablet segment is estimated to show rapid growth in coming years. The smartphone docs are usually used for video playback or high-quality music in external screens and speakers. The growing number of musical bands and music lovers is favouring the growth of the segment.
Wired Segment Occupied Significant Share in Global Docking Station Market in 2018
Based on connectivity, the wired segment led the global market by occupying significant share in 2018. The wired docking station is more preferable among large consumer base owing to the advanced properties associated with it over wireless docking stations. The wireless docking stations are easily affected with internet efficiency and channel congestion and disturbs the data transmission process by reducing the speed. Hence, wired segment is gaining popularity across the globe.
The wireless segment is estimated to witness noteworthy growth in coming years. This is mainly due to the rising adoption of advanced wireless technologies including Bluetooth, wigig, and wi-fi.
Offline Segment Accounted for Significant Share in Global Docking Station Market
On the basis of the distribution channel, the offline segment dominated the global market accounting for a significant share. The offline stores offer post-sales services and quality check before purchasing the product. This is expected to fuel the growth of the segment during the forecast period.
The online distribution channels are also anticipated to gain momentum in the coming years. The online channels provide facility of wider payment options and delivery services in remote locations. Asia Pacific and North America are the major contributors for the growth of online distribution channels.
Asia Pacific is projected to Witness Fastest Growth Whereas North America dominated the Global Docking Station Market
By geography, North America is expected to be the largest shareholder throughout the forecast period. The rising IT industry is promoting the adoption of Docking stations in developed countries including Canada and the USA is expected to poise a positive impact on the growth of the region. Moreover, the rising popularity of BYOD technology is estimated to propel the growth of the docking station market in North America.
Furthermore, Asia Pacific is projected to show highest compound annual growth rate between 2019-2027. The growing prominence of the internet and smartphones in emerging economies including India, Japan, and China is estimated to fuel regional growth.
Some of the major players operating in the global market include Samsung Group, The Targus Corp., Apple, Inc., StarTech.com, Toshiba Corp., Dell Technologies, Inc., Plugable Technologies, ACCO Brands Corp., Lenovo Group Ltd., and HP Development Company.
Global Docking Station Market by Product
- Smartphones & Tablet
Global Docking Station Market by Connectivity
Global Docking Station Market by Distribution Channel
Global Docking Station Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America