Ultra-Wideband Chipset Market is expected to reach US$ 1,906.46 million by 2028
According to the latest research report titled "Ultra-Wideband Chipset Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to grow from US$ 498.55 million in 2021 to reach US$ 1,906.46 million by 2028; it is estimated to grow at a CAGR of 21.1% from 2021 to 2028
Rising Adoption of UWB Technology in Personal and Consumer Device Tracking to Drive Market
Market Overview
UWB technology is rapidly emerging as a key technology that greatly enhances the consumer experience when using home entertainment products such as TVs, laptops, and audio equipment. UWB enables wireless connections to operate at higher speeds, making it an ideal solution for connecting home audio equipment to televisions. In addition, UWB consumes less power and provides a cost-effective solution, leading to its widespread adoption and an increase in demand for ultra-wideband chipsets. UWB technology is also being utilized in personal item tracking systems. For instance, Apple's U1 chip features UWB technology for spatial awareness and is integrated into iPhone 11, 12, and 13. Moreover, numerous smartphone manufacturers have followed Apple's lead in integrating UWB technology into their products, further contributing to the growth of the global ultra-wideband chipset market. UWB technology is gaining recognition as a viable option for wireless sensor network (WSN) applications because of its high time domain resolution, enabling precise location and tracking. In recent years, the automotive and transportation industry has seen the emergence of various new applications of UWB technology, with wireless technology being extensively used in vehicles for radio reception and navigation. The integration of advanced features in cars, such as keyless entry and tire pressure monitoring, has further contributed to the growing adoption of wireless data transmission techniques, driving the growth of the ultra-wideband chipset market.
Market Segmentation
The global ultra-wideband chipset market is divided into five primary regions, including North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). North America includes key countries such as the US, Canada, and Mexico. APAC has a substantial share in the global ultra-wideband chipset market due to a higher level of awareness among end-users. In this region, end-users understand the significance of ultra-wideband chipsets in various industries, including manufacturing, retail, consumer electronics, automotive, and healthcare.
Regional Overview
The ultra-wideband chipset market in China, Japan, South Korea, and Taiwan is anticipated to experience growth. Furthermore, the expansion of the middle-class population, increasing competition, and greater penetration of digital technology and smartphones are expected to promote the growth of online retail for merchants, consumers, issuers, and payment providers in the future. As a result, the e-commerce sector is expected to expand in the region, leading to an increase in demand for real-time location systems and subsequently driving the ultra-wideband chipset.
Impact of COVID-19
The COVID-19 pandemic has had a widespread impact on industries globally, resulting in a significant economic downturn in 2020 and potentially in 2021 as well. In addition, the emergence of the new Omicron variant is presenting challenges for various sectors, including healthcare, automotive, and consumer electronics. Despite these challenges, the ultra-wideband chipset market experienced significant growth in 2020, largely due to the integration of UWB chipsets in Apple's latest products, such as the iPhone 11, iPhone 11 Pro, iPhone 12, and iPhone 13, as well as other consumer devices. Europe has been severely affected by factory shutdowns, travel bans, trade restrictions, and border closures implemented to combat and contain the COVID-19 outbreak. The shutdown of businesses and large-scale manufacturing interruptions across Europe has led to disruptions in various sectors, including automotive and transportation, healthcare, and consumer electronics. As a result, the ultra-wideband chipset market is expected to experience a slight decline during the forecast period. Nonetheless, UWB technology has gained significant attention due to its high accuracy in contact tracing during the COVID-19 outbreak. Consequently, the overall impact of COVID-19 on the European region is considered to be relatively moderate
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