- Rise in demand and sustainable development in electronics gadgets, demand for electric cars, and demand for daily use electronic products drive the growth of the global wired charging market.
PORTLAND, Ore., Jan. 27, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wired Charging Market by Type (Type C, Micro USB, Lightening, Others), Charging Type (Fast and Standard), Application (Personal Care, Consumer Electronics, Automotive, Energy & Power, Healthcare and Others), and Sales Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast 2021-2030." According to the report, the global wired charging industry generated $11.1 billion in 2020, and is expected to reach $15.9 billion by 2030, witnessing a CAGR of 3.9% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in demand and sustainable development in electronics gadgets, demand for electric cars, and demand for daily use electronic products drive the growth of the global wired charging market. However, emergence of wireless charging and low range of electric vehicles hinder the market growth. On the other hand, increase in pollution by crude products, high oil prices, and surge in urbanization and tourism development present new opportunities in the coming years.
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Covid-19 Scenario
- The sale of wired charging devices is hugely dependent on the sale of smartphones, tablets, and other gadgets. Leading companies such as Philips, Sony, Panasonic, Canon, Nikon, Casio, and others needed to close manufacturing operations partially or completely during the lockdown imposed by governments in many countries. Moreover, the demand for the gadgets reduced considerably amid the lockdown restrictions and recorded a huge decline in sale. This led to decline in sale of wired charging.
- Electric cars charging system is one of the major applications for wired charging. Owing to the high cost of electric cars, the sales of electric car took a plunge during the pandemic. This resulted in decline the sales of wired charging.
- However, the adoption of work from home culture and remote working system led to increased demand for laptops and other necessary accessories. This led to increased demand for wired charging.
The type C segment to continue its lead position during the forecast period
Based on type, the type C segment contributed to the highest share in 2020, accounting for around two-fifths of the global wired charging market, and is projected to continue its lead position during the forecast period. This is due to surge in demand for mobile phones, laptops, cameras and other gadgets that need type C cables. However, the lightening segment is estimated to manifest the fastest CAGR of 4.6% from 2021 to 2030, owing to increase in demand for high-quality products such as apple mobiles, laptops, watches, and others that are supported by lightening type of charging.
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The consumer electronics segment to maintain its lead in terms of revenue during the forecast period
Based on application, the consumer electronics segment held the largest share in 2020, accounting for more than one-fourth of the global wired charging market, and is expected to maintain its lead in terms of revenue during the forecast period. This is attributed to increase in demand for smartphones, tablets, laptops, EarPods, smartwatches, cameras, Bluetooth speakers, and others along with rise in industrialization that raised the demand for computers & laptops. However, the healthcare segment is projected to portray the largest CAGR of 4.3% from 2021 to 2030. This is due to rise in demand for medical devices in hospitals and rapid expansion of the medical industry.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, accounted for the highest market share in 2020, contributing to more than one-third of the global wired charging market, and is expected to maintain its dominance by 2030. Moreover, this region is estimated to register the fastest CAGR of 4.3% from 2021 to 2030. This is due to presence of key developing nations such as China, India, and Japan with rise in usage of electronic gadgets such as mobiles & laptops, electric vehicles, and charging stations and rapid growth of manufacturing base.
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Leading Market Players
- ABB
- AOYAMA Elevator Co., Ltd.
- Apple, Inc.
- Dell Technologies Inc.
- Delta Electronics, Inc.
- Huawei Technology Co., Ltd.
- Samsung Electronics Co., Ltd.
- Sunvalley Group
- Tesla
- Webasto
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