A new market research report pertaining to the global docking station market size indicates that the market is expected to reach USD 2,400 million by 2030 registering a CAGR of 6.1% from 2022 to 2030.
According to market research companies, the global docking station market growth is largely driven by factors such as, the rising popularity of the Bring-Your-Own-Device (BYOD) work culture to reduce expenses, the growing need for faster data transfer, and increase flexibility and efficiency is supporting the industry development.
Technological advancements and innovations in several audiovisual devices have significantly increased the demand for these consoles. The rising popularity of multiplayer video games owing to easy access to high-speed Internet and compatible hardware is also expected to boost the demand for docking stations. Moreover, vendors operating in the gaming industry offer tailored products in several portable options such as Nintendo Switch with Neon Blue and Neon Red Joy-Console.
The laptops segment accounted for the largest revenue share of 72.1% in 2021 and this segment is expected to be dominant during the forecast period. The smartphone and tablet segment is expected to witness a CAGR of 6.6% during 2022 and 2030. Growing enthusiasm over online video games, such as Call of Duty, Player Unknown’s Battlegrounds, Fortnite, and Grand Theft Auto, worldwide, the demand for smartphones and tablets docking stations is increasing which is expected to propel market growth in coming years.
The market players face intense competition from each other as some of them are among the top manufacturers of electronics and also deal in docking stations. These companies have a large customer base owing to the presence of strong and vast distribution networks to cater to both regional and international consumers.