Acquisitions Like That of ViriCiti by ChargePoint to Propel the Growth of the Global Wired Charging Market
A wired charging is used to provide power to batteries of smartphones, laptops, electronic gadgets, automobile, household appliances, and others. Most of the electronic gadgets these days are equipped with rechargeable batteries, and hence, wired charging are extensively used due to its great deal of efficiency and quicker charge compared to wireless charging. Growing demand for consumer electronics across the globe is increasing the demand for wired charging.
Forecast Analysis of the Global Wired Charging Market
According to the report published by Research Dive, the global wired charging market is expected to garner a revenue of $14,015.7 million by 2028, growing exponentially at a CAGR of 4.5% during the forecast period 2021-2028. Rising demand for consumer electronics, especially laptops and smartphones due to the growing prevalence of study-from-home and work-from-home culture among people across the globe is expected to drive the growth of the wired charging market during the forecast period. In addition, growing internet penetrations across the globe is further expected to bolster the growth of the market during the forecast period. Furthermore, increasing adoption of electric vehicles among people across the globe is expected to create tremendous opportunities for the growth of the market. However, growing prevalence of wireless charging is expected to impede the growth of the wired charging market during the forecast period.
The major players of the market include SAMSUNG, Belkin International, Inc., ABB, Tesla, Webasto Group, Sunvalley Group, Infineon Technologies AG, Delta Electronics, CYD Electronics (Shenzhen) Co., Ltd., Dell Technologies Inc., and many more.
Key Developments of the Wired Charging Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global wired charging market to grow expeditiously.
For instance, in August 2021, ChargePoint, a dominant network of electric vehicle (EV) charging stations in North America and Europe, acquired ViriCiti, a European electric fleet management company, in order to maximize ChargePoint’s presence in the global wired charging market.
In January 2022, Kempower, a dominant e-mobility charging technology provider, collaborated with Gilbarco Veeder-Root (GVR), an innovative company engaged in providing technology solutions for the retail fueling and convenience market, in order to enable GVR to offer Kempower’s EV chargers as part of its EVerse offering.
In January 2022, ABB, a Switzerland-based dominant provider of EV charging infrastructure, service and software solutions, announced the acquisition of a controlling stake in InCharge Energy, an innovative EV commercial charging infrastructure solutions company, in order to strengthen ABB’s E-mobility Division in the North American market.
COVID-19 Impact on the Wired Charging Market
The outbreak of COVID-19 has had a negative impact on the growth of the global wired charging market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to adverse disruptions in the supply chain of the industry. In addition, the imposition of limited workforce in manufacturing facilities due to the stringent restrictions imposed by the government further aggravated the impact on the market. Furthermore, sales of electric vehicles unfavorably reduced during the pandemic, which decreased the sales of wired charging.
Most Profitable Region of the Wired Charging Market
The Asia-Pacific region is expected to dominate the global market in the coming years. Surging demand for consumer electronics among people living in this region is expected to accelerate the growth of the market during the forecast period. In addition, increasing investments in the clean mobility sector in this region is further expected to stimulate the growth of the regional wired charging market in the future.
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