Wired Charging Market by Product Type (EV Charger & Type C, Micro USB, Lightning, and Others), Application (Automotive, Consumer Electronics, Smartphones, Tablets, Healthcare Devices, and Others), Sales Channel (Offline and Online), and Regional Analysis (North America, Europe, and Asia-Pacific): Global Opportunity Analysis and Industry Forecast, 2021–2028

Equipment and Devices

EN22028563

Pages: 170

Feb 2022

Reports Overview

Global Wired Charging Market Analysis

The global wired charging market size is predicted to garner $14,015.7 million in the 2021–2028 timeframe, growing from $10,000.0 million in 2020, at a healthy CAGR of 4.5%.

Market Synopsis

The consumer electronic industry is steadily growing, both in market size and models. Furthermore, the growing disposable income and rapid urbanization have fueled the demand for consumer electronics such as television, smartphone, and laptops in countries like India, China, and Brazil. Increasing use of mobile phones, laptops, and consumer electronics is the main factor driving the demand for the wired charging market during the forecast period.

Growing investment for developing wireless charging infrastructure is projected to hamper the wired charging market growth from 2021 – 2028.

According to the regional analysis, the Asia-Pacific wired charging market is anticipated to grow during the review period and generate revenue of $4,737.30 million in 2028, with a CAGR of 5.0%. The growing investment in consumer electronic sector is the key factor driving the growth of wired charging market in the region.

Wired Charging Overview

With the advancement in battery technology, most electronic gadgets are equipped with rechargeable batteries. A wired charging is used for supplying power to batteries of laptops, smartphones, mobile phones, electronic gadgets, and automobiles, among others. The rise in the demand for consumer electronics and electric vehicles is the main factor driving the demand for the wired charging market.

Impact Analysis of COVID-19 on the Global Wired Charging Market

The novel coronavirus wreaked havoc across the industries, the wired charging sector felt the impact during this unprecedented time. There is uncertainty about the economy's recovery, with many countries shut down and the shock of COVID-19 affecting global GDP and putting a significant strain on OEMs' and suppliers' revenue. Before the pandemic, the global wired charging market was steadily growing. However, complete lockdown had disturbed the industry supply chain. Due to social distancing norms, companies were working with a limited workforce. As a result, companies had to reduce their production, thus leading to an increase in order backlog and revenue losses. Moreover, the sale of electric vehicles plummeted during the pandemic period. This led to a decrease in sales of the wired charging.

Increasing Demand for Laptops and Smartphone is Projected to Drive the Market Growth

The increase in work-from-home and study-from-home due to the spread of novel coronavirus has fueled the demand for screened devices such as laptops, desktops, and smartphones. According to Cyber Media (India) Ltd, during the June-August 2020/19, laptop sales registered a volume growth of 19% in the offline channel and 160% in online retail.

More and more business owners and shopkeepers are shifting towards digitalization, fueling the demand for laptops and desktops. Moreover, laptops are easy to carry and durable, owing to which many professionals are shifting from desktops to laptops. In addition, to adjust life during the COVID 19 pandemic and for entertainment, the demand for ultrathin and premium gaming laptops has increased. These factors are expected to drive the market for wired charging during the forecast period.

More and more people are shifting towards the smartphone for leisure activities. Increasing internet penetration and rising subscription on social media have fueled the demand for smartphones. Increasing marketing and lucrative offers by smartphone vendors are propelling the demand for smartphones. These factors are expected to drive the wired charging market.

To know more about global wired charging market drivers, get in touch with our analysts here.

Growing Penetration of Wireless Charging to Restrain Market Growth

The increasing implementation of stringent emission regulations by several countries has fueled the adoption of electric-powered automobiles. To tackle increasing air pollution, the adoption of electric buses for public transit has increased in several countries. In addition, electric buses are quiet and economical compared to fossil fuel buses. As a result, several countries are adopting electric buses for mass transit. These buses are charged by various technologies including wallbox, depot & connector charging, and pantograph charger. The rooftop pantograph allows to charge larger fleets of electric buses overnight in a range of 50-150 kW per vehicle and during the day with 150 kW up to 600 kW for opportunity charging. The increasing adoption of pantograph charging in developed countries is projected to hamper the growth of the wired charging market.

Increasing Adoption of Electric Vehicle to Generate Huge Opportunities

Vehicles that run on fossil fuels emit a significant amount of greenhouse gases. As a result, the world is shifting towards clean mobility solutions. For instance, as per the International Energy Agency, European car sales declined 22% in 2020, but new electric car registrations doubled to 1.4 million, representing a 10% share of sales. With record-high sales of electric cars in Norway, electric cars now account for 75% of total sales, an increase of about one-third since 2019.

The governments of several countries are providing subsidies and tax rebates for purchasing electric vehicles. In addition, increasing government investment to develop electric vehicle charging infrastructure has led to an increase in the adoption of electric vehicles. For instance, according to the International Energy Agency, globally, governments spent $14 billion on tax deductions and direct purchase incentives for electric cars in 2020, a 25% increase from the same period in 2019. These factors are expected to provide growth opportunities for the wired charging market during the forecast period.

To know more about global wired charging market opportunities, get in touch with our analysts here.

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