ccording to a recent report published by KD Market Insights, titled, Docking Station Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2018-2024, the global docking station market accounted for USD 1,494.8 Million in 2018. The market is anticipated to flourish at a CAGR of 5.6% during the forecast period i.e. 2019-2024.
The global docking station market has been segmented based on type, end user, connectivity, display supported, price range and distribution channel. Based on the type, the market has been segmented into a laptop docking station, HDD docking station, and others. Among these, laptop docking station segment is the largest market segment. Addition to this, laptop docking station segment is estimated to emerge as the fastest growing market over the upcoming years.
In the end user segment, the docking station market is sub-segmented into business, household, government, and others. Business segment acquired a major percentage of market share in 2018 and is likely to continue its dominance during the forecast period i.e. 2019-2024. A rising number of businesses across the world is anticipated to positively impact the growth of the market.
Booming smartphone sales have negatively affected the sales of desktop & laptop. The desktop and laptop markets have seen a slow and steady decline since the mobile device market is booming. The falling demand for laptops is likely to adversely affect the demand for docking station in the future. Compatibility issues with most of OEMs docking stations are a major concern in global docking station market. Most of the OEM docking stations are not compatible with many laptops. This compatibility issue is restricting the growth of docking station market globally.
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Growing Trend of BYOD
Bring-your-own-device (BYOD) policies have become common within enterprise organizations and is anticipated to continue with its exponential growth in the upcoming years. Bring-your-own-device (BYOD) trend is being accepted into various industries such as IT, healthcare, education, and manufacturing. Owing to this BYOD trend, the number of devices in workplaces are also witnessing growth. BYOD is already a global phenomenon to some extent, being well established in the US and Europe, but 2020 could well be the year that it spreads beyond early adopters in APAC and LATAM countries. The docking stations are ideal for BYOD or CYOD work environments since they can reduce the problem related to a bunch of cords and offer a clean and ideal working environment to the employees. These factors are envisioned to bolster the growth of the market during the forecast period.
Rise in the Number of Office Spaces
Docking stations are ideal solutions for the workspaces as they offer more convenience to the employees. Docking stations are perfect solutions for travel stations used for rotating employees, guests or visitors. Other advantages of docking stations such as clean, clutter-free workspace, space-saving, and increased workstation productivity are fueling the adoption rate of the docking station in office spaces.
In terms of geography, the docking station market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the major share of the global docking station market in 2018. North America docking station market captured a market share of 46.1% in 2018. Further, it is anticipated to flourish at a CAGR of 3.4% during the forecast period.
The report also covers detailed competitive analysis of major market players of the global Docking station market, such as Dell Inc., The Hewlett-Packard Company, Lenovo, Targus, Samsung, Sony, Toshiba, StarTech.com, IOGEAR, Panasonic, Fujitsu, Asustek and others key players. The docking station market is witnessing a wide range of industry activities such as product launch, acquisition, partnership, and expansion across the globe. For instance, on 26th October 2018, Startech.com launched dual 4K 60Hz Thunderbolt™ 3 docking station for North America, Australia, New Zealand, and Japan markets. This docking station was easy to install and more flexible. This product launch helped the company to multiply its docking station line.
The growth of the wireless industry and the effects it has on consumers lives is a result of the increased demand for wireless connectivity by consumers. The growing popularity of wireless technologies is also limiting the demand for cord powered technologies, which in turn expected to restrict the growth of docking station market in future.
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