Wired charging market expected to reach $15.9 billion by 2030

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wired charging market

Rising demand and sustainable development of electronic gadgets and demand for electric cars are driving the growth of the global wired charging market.

PORTLAND, OREGON, USA, February 28, 2022 /EINPresswire.com/ — The wired charging market The size was valued at $11.1 billion in 2020 and is expected to reach $15.9 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030. Wired charging plays an important role in the daily life of human beings, because everyone is surrounded by paid gadgets. The rise in demand for cell phones and laptops in this decade has led to an increase in the demand for wired chargers which is the main driver of the market. Moreover, the growing demand for electric vehicles is also driving the demand for wired charging. Moreover, every country is planning to transform the crude vehicle into an electric vehicle and this transformation has led to an increase in the demand for wired charging and can be the major driver of the market. In addition, the government of each nation gives subsidies such as the government of India and Japan wants new cars to be electrified to become carbon neutral by 2050, electric vehicles have increasingly become a necessity for the country to achieve these goals.

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The global wired charging market is segmented on the basis of type, charging type, application and sales channel. Based on type, the market is categorized into Type C, Micro USB, Lightning, and others. Based on the charging type, it is divided into standard and fast charging. Based on application, it is categorized into personal care, consumer electronics, automotive, energy and power, healthcare, and others. In terms of sales channels, it is categorized as online and offline. By region, it is categorized into North America, Europe, Asia-Pacific and LAMEA.

The Global Wired charging market analysis covers detailed information about the major players in the industry. Major players operating and profiled in the report are ABB, AOYAMA Elevator Co., Ltd, Apple Inc., Dell Technologies Inc., Delta Electronics, Inc., Huawei Technology Co., Ltd., Samsung Electronics Co., Ltd., Sunvalley Group, Tesla and Webasto.

The global wired charging market is analyzed and estimated based on the impacts of drivers, restraints and opportunities. The period studied in this report is 2020-2030. The report includes the study of the market with respect to growth prospects and restraints based on regional analysis. The study includes Porter’s Five Forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Main results of the study:

Based on type, type-C segment emerged as the global leader in 2020 and is expected to be the largest market during the forecast period.
Based on the type of recharge, the standard segment has become the global leader in 2020 and is expected to be the largest market during the forecast period.
Based on the demands, the consumer electronics segment recorded the highest market share and is expected to maintain it during the forecast period.
Based on sales channel, the offline segment recorded the highest market share and is expected to sustain during the forecast period.
Based on region, APAC has emerged as the global leader in 2020 and is expected to be the largest market during the forecast period.

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Impact of Covid-19 on the global wired charging market

Wired recharge sales are directly proportional to sales of mobiles, tablets and other gadgets. Global companies such as Philips, Panasonic, Sony, Canon, Nikon, Casio, Pioneer and others have a significant share in manufacturing mobiles, cameras, smart watches and others. The gadget industry (mobiles, tablets, except laptops) was negatively impacted by the lockdown imposed due to the COVID-19 outbreak and saw a huge drop in sales of mobiles and tablets in 2020, which also led to a decline in wired charging sales.

The spread of the coronavirus has had serious repercussions on the global economy due to the drop in exports, production, demand from foreign tourists and private use. Major exporter of electronics items and decline in demand for electronics led to drop in demand for wired charging and show huge decline in market.

The electric car charging system is the main market of the wired charging market, but due to the high cost of electric cars, the sales of electric cars have declined in the covid-19 situation, which also led to a decline wired charging market sales.

COVID-19 has affected almost every industry by hampering various industrial operations and disrupting the supply chain. A maximum of companies have stopped their activities due to a reduction in the workforce. However, there is a slow decline in the global wired charging market due to the impact of COVID-19.

The electronics industry has acquired a large share in terms of wired charging consumption in the world. Attributed to the outbreak of the COVID-19 pandemic, the demand for electronic items such as laptops has increased due to the increase in working from home, which in turn is also increasing the demand for wired charging.

Furthermore, the import and export business has been significantly affected, which in turn has adversely affected the industries using wired charging and thus affected the global wired charging market.

According to UNIDO, 30.0% to 70.0% of the pre-COVID-19 workforce in various industries, such as electricity and other third-party providers, migrated to their hometown, in due to uncertainties and loss of income during lockdown. This unavailability or reduced availability of labor is expected to directly affect production and manufacturing activities, thereby leading to lower demand for raw materials used in wired charging. This is expected to slow the growth of the market over the forecast period.

Automotive production garners a significant share in terms of wired charging usage. The automotive industry was negatively affected by the lockdown imposed due to the COVID-19 outbreak and saw a decline in the number of on-road vehicles (passenger and commercial) in 2020. This further reduced the demand for wired charging due to the disrupted supply chain, which in turn has hampered the global wired charging market.

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David Correa
Allied Analytics LLP
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