New York, USA, March 29, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global wired charging market is envisioned to generate a revenue of $14,015.7 million and rise at a CAGR of 4.5% throughout the forecast period from 2021-2028.
As per our analysts, with the rising demand for laptops and smartphones all across the globe due to the increasing work-from-home and study-from-home culture because of the spread of novel coronavirus, the market is expected to see remarkable growth during the estimated period. Besides, the increasing demand for ultrathin and premium gaming laptops and smartphones for entertainment and leisure activities during the Covid-19 pandemic, is expected to fortify the growth of the wired charging market over the forecast timeframe. Moreover, the increasing adoption of electric vehicle as cleaner mode of mobility and the increasing government investment to develop electric vehicle charging infrastructure are the factors expected to create wide growth opportunities during the analysis period. However, the growing penetration of wireless charging may hinder the growth of the market during the estimated period.
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Segments of the Market
The market has divided the wired charging market into different segments based on product type, application, sales channel, and region.
Product Type: EV charger and Type C sub-segment to be Most Productive
The EV charger & type C sub-segment is projected to generate a revenue of $7,654.3 million during the analysis timeframe. This is mainly because of the increasing investment in the clean mobility sector all across the globe. Moreover, the surging demand for screened devices such as smartphones, laptops etc. due to the increasing adoption of the work-from-home and online education, is predicted to fuel the growth of the market sub-segment during the estimated period.
Application: Automotive Sub-Segment to be Most Profitable
The automotive sub-segment is expected to generate a revenue of $4,859.3 million throughout the forecast timeframe. The rising government policies and subsidies to purchase electric vehicle is projected to fortify the growth of the wired charging market sub-segment during the analysis timeframe.
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Sales Channel: Online Channel Sub-Segment to be Most Lucrative
The online channel sub-segment is estimated to grow at a CAGR of 5.4% during the forecast timeframe. This is mainly because millennials prefer online channels for purchasing electronic gadgets. Furthermore, the increasing reach of some online retailers such as Amazon, Alibaba, among others, is the factor expected to uplift the growth of the wired charging market sub-segment over the analysis period.
Region: Asia-Pacific Region to Have the Largest Share of the Market
The Asia-Pacific region of wired charging market is expected to generate a revenue of $4,737.30 million throughout the analysis period. The increasing investments of governments of this region towards the clean mobility, is the factor expected to drive the regional growth of the market over the estimated time period.
Covid-19 Impact on the Market
With the rise of the Covid-19 pandemic, likewise several other industries, the wired charging market has had a negative impact. This is mainly because of the complete lockdown imposed by the governments of many nations which has disturbed the supply chain of the market. In addition, many companies were working with a limited workforce to maintain the social distancing guidelines during the period of pandemic. This further led to the reduction in the production of wired chargers and caused revenue losses due to the increase in the backlogs of the orders over the period of crisis.
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Key Players of the Market
The major players of the wired charging market include CYD Electronics (Shenzhen) Co., Ltd., Sunvalley Group, Dell Technologies Inc., Webasto Group, Infineon Technologies AG, Tesla, SAMSUNG, Delta Electronics, Inc., Belkin International, Inc., ABB and many others. The players are broadly working on the development of new business strategies and tactics such as product development, mergers and acquisitions, collaborations and partnerships to attain leading positions in the global industry.
For instance, in September 2021, ABB Ltd., a Swedish-Swiss multinational corporation operating mainly robotics, heavy electrical equipment, robotics, and automation technology, has launched an innovative all-in-one EV charger, namely, new Terra 360, which has considered as the fastest modular charger that can charge up to four vehicles with active power distribution. This particular charger which has maximum output of 360 KW, is capable of charging any electric car completely within or less than 15 minutes.
In addition, the report also summarizes various other important aspects including the financial performance of the key players, SWOT analysis, the latest strategic developments, and product portfolio.
Report Overview & TOC: https://www.researchdive.com/8563/wired-charging-market
Related links:
Blog: https://www.researchdive.com/blog/wired-charging-vs-wireless-charging-which-is-better-and-why
Analyst Review: https://www.researchdive.com/8563/Anlyst-Review/wired-charging-market
