Wired Charging Market is Expected to Grow Significantly by 2028 Owing to the Growing Demand for Laptops and Smartphones

The global wired charging market is expected to see striking growth by 2028, owing to the increasing demand for laptops and smartphones worldwide. The Asia-Pacific region is expected to have the maximum share of the market.

According to the report, the global wired charging market is anticipated to generate a revenue of $14,015.7 million and grow at a healthy CAGR of 4.5% during the estimated timeframe from 2021-2028.

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Dynamics of the Market

With the growing demand for laptops and smartphones across the globe due to the increasing work-from-home and study-from-home because of the outbreak of the novel coronavirus, the market is predicted to witness progressive growth during the analysis timeframe. Besides, the growing inclination of business owners and shopkeepers towards digitalization and rising marketing and lucrative offers provided by smartphone vendors, are the factors expected to bolster the growth of the wired charging market throughout the estimated period. Moreover, the increasing adoption of electric vehicles and rising government investment to develop electric vehicle charging infrastructure are expected to create huge growth opportunities for the market over the analysis period. However, the increasing penetration of wireless charging market may impede the growth of the market during the forecast period.

COVID-19 Impact on the Market

The COVID-19 pandemic outbreak negatively impacted the growth of the wired charging market. Due to the spontaneous spread of the deadly virus, governments of many countries had imposed stringent lockdowns which had further disrupted the supply chain of the market. Moreover, to follow the social distancing guidelines, many companies were started working with a limited workforce. This led to cause increase in the order backlogs and huge revenue losses. All these factors affected the growth of the market during the period of pandemic.

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Segments of the Market

The report has divided the growth of the wired charging market into different segments based on product type, application, sales channel, and region.

By product type, the EV charger & type C sub-segment is expected to be most profitable and is estimated to generate a revenue of $7,654.3 million during the analysis timeframe. The growing adoption of screen devices such as tablets and laptops due to the increasing adoption of work-from-home and online education is projected to foster the growth of the wired charging market sub-segment over the forecast period.

By application, the consumer electronics sub-segment is predicted to be most productive and is expected to grow at a CAGR of 5.2% during the analysis timeframe. The increasing use of battery powered consumer electronics such as cameras, watches, laptops, and many others, is projected to propel the growth of the wired charging marketsub-segment during the estimated period.

By sales channel, the offline channel sub-segment is expected to be most lucrative and is predicted to generate a revenue of $9,447.1 million throughout the forecast period. The growing number of retail stores worldwide is the major factor projected to fuel the growth of the market sub-segment over the analysis timeframe.

By region, the Asia-Pacific region of the wired charging market is expected to have expansive growth opportunities and is anticipated to generate a revenue of $4,737.30 million during the estimated period. The growing awareness of adverse effects of fossil fuel on the climate and the increasing investment by the governments of this region towards clean mobility, are the factors expected to drive the growth of the market throughout the forecast period.

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Key Players of the Market

The major players of the wired charging market include Delta Electronics, Inc., SAMSUNG, ABB, Belkin International, Inc., Tesla, Infineon Technologies AG, Webasto Group, Dell Technologies Inc., Sunvalley Group, CYD Electronics (Shenzhen) Co., Ltd. And many more. These players are working on the development of new business strategies such as collaborations and partnerships, mergers and acquisitions, product development and many more, to procure the leading position in the global industry.

Further, the report also presents other vital aspects such as product portfolio, the financial performance of the key players, SWOT analysis and the latest strategic developments.

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