Wired Charging Market to Grow $15.9 Billion by 2030, at a CAGR of 3.9%

The wired charging market is projected to hit $15.9 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030. Rise in demand for mobile & laptops in this decade led to increase in demand for wired chargers, which act as the major driving factor for the market. In addition, rising demand for electric vehicle also boosts the demand for wired charging. Moreover, every country is planning to transform the crude vehicle into electric and this transformation led to increase the demand of wired charging and may act as the major driving factor for the market. Furthermore, the government of every nation is providing subsidies such government of India & Japan wants new cars to be electrified to become carbon neutral by 2050, electric vehicles have become more of a necessity for the country to meet these targets.

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The global wired charging market is segmented on the basis of type, charging type, application and sales channel. Depending on type, the market is categorized into Type C, Micro USB, lightning and others. On the basis of charging type, it is divided into standard and fast charging. On the basis of application, it is classified into personal care, consumer electronics, automotive, energy & power, healthcare and others. Sales Channel-wise, it is categorized into online and offline. Region wise it is categorized into North America, Europe, Asia-Pacific and LAMEA.

The global wired charging market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include 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 in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020-2030. The report includes the study of the market with respect to the growth prospects and restraints based on the 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.

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Impact Of Covid-19 On The Global Wired Charging Market

Sales of wired charging is directly proportional to sales of mobiles, tablets and other gadgets. Global companies such as Philips, Panasonic, Sony, Canon, Nikon, Casio, Pioneer and others, has a significant share in the manufacturing of mobiles, camera, smartwatches and others. The gadget (mobile, tablets, except laptop) industry has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in sale of mobiles & tablets in 2020, which also led to decline in sale of wired charging.

The spread of the coronavirus had a severe impact on global economy through declines in exports, output, demand from overseas tourists and private use. The major exporter of electronic items and decrease in demand for electronics led to decline in demand for wired charging and shows a huge decline in the market.

Electric cars charging system is the major market for wired charging market, but due to the heavy cost of electric cars, the sales of electric car were decline in covid-19 situation, which also led to decline the sales of wired charging market.

COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global wired charging market due to impact of COVID-19.

The electronic industry acquired a significant share in terms of consumption of wired charging in global. Attributed to the outbreak of COVID-19 pandemic, the demand for electronic item such as laptops has increased due to increase in work from home culture, which in turn increase the demand for wired charging also.

Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using wired charging and thereby affecting the global wired charging market.

According to the UNIDO, 30.0%-70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in wired charging. This is expected to decline the growth of the market during the forecast period.

The automotive production garners a major share in terms of usage of wired charging. The automotive industry has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded decline in vehicles on road (passenger & commercial) in 2020. This has further declined the wired charging demand due to disrupted supply chain, which, in turn, hampered the global wired charging market.

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