The Global Wired Charging Market Anticipated to Generate a Revenue of $14,015.7 Million, Growing at a CAGR of 4.5% from 2021 to 2028Download Sample Reports Overview
The global wired charging market is estimated to be valued at $14,015.7 million by 2028, surging from $10,000.0 million in 2020, at a noteworthy CAGR of 4.5%.
Impact Analysis of COVID-19 on the Wired Charging Market
The global market for wired charging experienced a sluggish growth amid the COVID-19 pandemic. Several countries imposed complete lockdowns, social distancing norms, and travel bans to contain the spread of the virus. Moreover, people are isolating themselves from public gatherings and marketplaces to prevent contracting the virus. Due to complete lockdown, availability and movement of supply trucks were affected, disrupting the supply chain and production. In addition to this, import and export restrictions had a significant impact on the supply chain, affecting the growth of the wired charging market. Moreover, companies have to work with a limited workforce due to the social distancing norms, affecting the production process, resulting in increased order backlogs.
Global Wired Charging Market Analysis
Increased competition among the smartphone manufacturers, availability of cheaper 5G chipsets, and declining prices of smartphones are the key reasons for increased smartphone adoption. In addition, increased internet penetration and digital payment have fueled the demand for smartphones. Moreover, the increasing use of smartphones for education and entertainment is projected to fuel the wired charging market during the forecast period.
The increasing adoption of wireless technology in consumer electronic and electric vehicles is projected to hinder the growth wired charging market. Nowadays, most sport utility vehicles and premium cars are equipped with wireless smartphone charging technology, replacing wired charging technology in the automotive sector. Besides, premium smartphone OEM launching innovative products capable of charging wirelessly. Such factors are projected to hinder the wired charging market growth.
The government of several countries is working towards decreasing noise and air pollution. As a result, they are encouraging automotive giants to invest in the development of electric-powered automobiles. Furthermore, the government is providing incentives and subsidies for the purchase of electric vehicles. For instance, according to a report titled 'Electric Mobility in Full Gear' by Colliers and Indospace, India is expected to see $12.6 billion invested across the automotive value chain over the next five years (by end of 2027). Tamil Nadu is leading the pack with 34% of the total planned investments for EV, followed by Andhra Pradesh and Haryana with 14% and 9% respectively. Such factors are projected to provide growth opportunities for wired charging in the coming years.
Global Wired Charging Market, Segmentation
The global wired charging market is segmented based on product type, application, sales channel, and region.
The product type segment is further classified into EV charger and Type C, micro USB, lightning, and others. Among these, the EV charger & type C sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $7,654.3 million by 2028, with an increase from $5,266.6 million in 2020. Electric vehicles are quiet and economical compared to gasoline vehicles. As a result, to reduce carbon emission and air pollution, the government of several countries is encouraging companies to develop electric vehicles. Such factors are expected to propel the demand for wired charging in the coming years.
The application segment is further divided into automotive, consumer electronics, smartphones, tablets, healthcare devices, and others. The automotive sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $4,859.3 million during the analysis timeframe. The clean mobility sector is gaining momentum attributed to growing investment in the EV sector and supportive government policies. However, the consumer electronics sub-segment is projected to grow with the highest CAGR of 5.2% from 2021–2028. The growing demand for laptops due to the work from home and study from home is projected to drive the growth of consumer electronics sub-segment.
The sales channel segment is further divided into the offline channel and online channel. The offline channel sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $9,447.1 million during the analysis timeframe. The growing number of consumer electronics retail stores is the main factor driving sales of wired charging through an offline channel. However, the online sub-segment is projected to grow with the highest CAGR of 5.4% from 2021–2028. Growing penetration of e-commerce giants such as Amazon, Alibaba, and Flipkart in countries like India and China is the main factor driving the sales of wired charging through the online channel.
The wired charging market for the Asia-Pacific region is projected to witness a dominant share. This market generated a revenue of $3,240.0 million in 2020 and is further projected to reach up to $4,737.3 million by 2028. The market for wired charging is driven by supportive government policies along with growing investment in the clean mobility sector in countries like China, India, and South Korea. Furthermore, growing demand for smartphones due to the increasing penetration of the internet and affordable mobile phones is projected to drive the wired charging market.
Key Players in the Global Wired Charging Market
Some of the leading wired charging market players are
- Delta Electronics, Inc.
- Webasto Group
- Sunvalley Group
- CYD Electronics (Shenzhen) Co., Ltd.
- Dell Technologies Inc
- Infineon Technologies AG
- Belkin International, Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Wired Charging Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: There is higher power of buyer as they can switch from one vendor to another.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Companies in the wired charging market require specialized knowledge and technology to manufacturer wired charging.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: Growing investment in wireless charging technology may act as substitute for the wired charging market.
Therefore, the threat of substitutes is moderate.
- Competitive Rivalry in the Market: The ventures operating in the global wired charging are opting for various businesses deployment strategies to hold their position in the market. Companies are launching innovating products in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.