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Wired Charging Global Market to Generate $18.02 Billion By 2028, Registering at a CAGR of 5.3%
Wired Charging Global Market
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According to The Business Research Company's, The wired charging market size has grown strongly in recent years. It will grow from $13.93 billion in 2023 to $14.63 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to proliferation of smartphones, consumer electronics adoption, electric vehicle charging, urbanization and mobility, wireless charging integration.
The wired charging market size is expected to see strong growth in the next few years. It will grow to $18.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to smart home integration, fast charging ecosystem, electrification of transportation, green technology initiatives, gaming and high-performance devices.. Major trends in the forecast period include fast charging technology, usb power delivery (usb-pd), usb type-c connectivity, integration with iot devices, multiple device charging.
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Market Drivers and Trends:
The growing demand for the installation of charging stations is driving the growth of the wired charging market. Wired charging is usually done with a cable and is used to charge various consumer electronics, electric vehicles, healthcare products, and personal care products. The increasing awareness of protecting the environment has made consumers prefer electric vehicles more. As the demand for electric vehicles grows, there will be a significant need for charging infrastructure which needs wired charging to be employed at these stations. For instance, according to the Society of Manufacturers of Electric Vehicles, an Indian industry body, as of March 2021, there were 1,800 charging stations in India and there will be a need for 400,000 charging stations to meet the requirement for 2 million electric vehicles (EV) on roads by 2026. Therefore, the growing demand for the installation of charging stations is expected to propel the growth of the wired charging market.
Technological advancements and the launch of technologically advanced products is the key trend gaining popularity in the wired charging market. Technological advancements include the launch of advanced chargers with a mobile application to manage the charging alongside improved features such as fast charging, compatibility with any device, and more. Key players are focusing on launching technologically advanced chargers to gain a competitive edge in the market and acquire more customers. For instance, in October 2022, Palo Alto, a US-based company operating in EV charging software partnered with Smartenit, a US-based company for IoT (Internet of Things) solutions for smart energy, introduced a smart grid-optimized Level 1 mobile EV cable for low-cost EV charging for residents of apartment buildings or multi-unit dwellings (MUDs) who lack dedicated EV charging stations. Smart EV cable comes with a mobile charging cord with a standard charging connector and it plugs into 120v three-pronged outlet for charging. Additionally, the device's internal Wi-Fi modem links it to the app, which provides EV drivers with automatic off-peak charging schedules to reduce charging expenses.
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Major Key Players of the Market:
ABB Ltd., AOYAMA Elevator Co. Ltd., Apple Inc., Dell Technologies Inc., Delta Electronics Inc., Amazon.com Inc., Anker Innovations Limited, AUKEY, Belkin International Inc., Cable Matters Inc., Duracell Inc., Energizer Holdings Inc., Griffin Technology LLC, Hama GmbH & Co KG, SDI Technologies Inc., Incipio LLC, JBL International Ind., Just Wireless, Monoprice Inc., mophie LLC, Native Union Design Limited, Nekteck Inc., Koninklijke Philips N.V., Pisen Electronics Co. Ltd., RAVPower Inc., Samsung Electronics Co. Ltd., Scosche Industries Inc., Sony Corporation, Targus Group International Inc., Ugreen Group Limited, Ventev Innovations LLC, XtremeMac
Wired Charging Market 2024 Key Insights:
• The wired charging market size is expected to see strong growth in the next few years. It will grow to $18.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rising Electric Vehicle Adoption Fuels Wired Charging Market
• Innovative Technological Advancements Propel The Wired Charging Market Forward
• Asia-Pacific was the largest region in the wired charging market in 2023
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