New York, USA, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global wired charging market is anticipated to rise at a stable CAGR of 4.5%, thereby garnering a revenue of $14,015.7 million in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the wired charging market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In recent years, there has been a growth in the use of mobile phones and laptops which is expected to become the primary growth driver of the wired charging market in the forecast period. Additionally, growing disposable income and rapid urbanization have led to a rise in demand for consumer electronics which is anticipated to push the market forward.
Opportunities: Increased adoption of electric vehicles across the globe is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, an increase in work-from-home and study-from-home due to the spread of the novel coronavirus is expected to push the demand for consumer electronics and help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, the growing penetration of wireless charging technology might become a restraint in the growth of the wired charging market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The wired charging market, too, was negatively impacted by the pandemic. The shutdown of many OEM industries led to a massive disruption in supply of raw materials for consumer electronics manufacturing. This led to a decline in the production, which ultimately affected the growth rate of the market.
Segments of the Market
The Research Dive report has divided the wired charging market across different segments such as product type, application, sales channel, and region.
Product Type: EV Charger & Type C Sub-segment to be the Most Dominant
By product type, the EV charger & type C sub-segment is expected to be the most dominant one and generate a revenue of $7,654.3 million by 2028. Growing investment in clean mobility sector is predicted to boost the demand for EV chargers, while the growing shift to work-from-home and online education is expected to boost the demand for type C chargers. This ultimately is anticipated to help in the growth of this sub-segment.
Application: Automotive Sub-segment to be the Most Lucrative
By application, the automotive sub-segment is predicted to have the most dominant market share and generate a revenue of $4,859.3 million by 2028. The growing shift by many countries towards clean mobility to improve air quality is predicted to boost the growth of this sub-segment.
Sales Channel: Offline Channel Sub-segment to Have the Largest Market Share
By sales channel, the offline channel sub-segment is expected to have the largest market share and generate a revenue of $9,447.1 million by 2028. An increasing number of retail stores across the globe is predicted to help in the growth of this sub-segment.
Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the wired charging market in the Asia-Pacific region is anticipated to be the most lucrative and register a revenue of $4,737.30 million by 2028. The growing investments by various countries of this region in the clean mobility sector are predicted to be the main growth drivers of the market.
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Prominent Market Players
Some prominent players in the wired charging market are
- ABB
- Sunvalley Group
- Infineon Technologies AG
- Delta Electronics Inc.
- CYD Electronics (Shenzhen) Co. Ltd.
- SAMSUNG
- Tesla
- Dell Technologies Inc.
- Belkin International Inc.
- Webasto Group
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
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For instance, in July 2021, ChargePoint Holdings, Inc., a leading electric vehicles infrastructure provider, announced that it was acquiring has.to.be, a leading e-mobility technology provider based in Europe. This acquisition is predicted to help the acquiring company gain a substantial lead over its competitors in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Wired Charging Market:
- Wired Charging Vs. Wireless Charging: Which is Better and Why?
- Acquisitions Like That of ViriCiti by ChargePoint to Propel the Growth of the Global Wired Charging Market
