Wired Charging market is analysed to grow at a CAGR of 3.7% during the forecast 2021-2026 to reach $20.8 billion. Wired Charging involves connecting devices using cables to charge or power up a device. Wired charging technology has evolved over the year as it has got smarter and has faster charging capabilities. The advancements in wired charging industry such as fast charging and USB type charging have also aided the growth of the market. Recently, the market for wired chargers has been increasing due to the rise of electric vehicles and Plug in Hybrid vehicles over IC Engine vehicles that use wired charging technology through charging points for single phase electric motors. Wired charging technology also records faster charging speeds than wireless charging. Further, growing popularity of consumer electronics products and growing demand for the installation of charging stations is also expected to create positive outlook for the growth of the market.
Wired Charging Market Segment Analysis – By Charging Cable
By charging cable, the wired charging market is segmented into USB Type C, Micro USB, Lightning and others. USB Type C are analysed to hold highest share at 48.9% as it is considered a ubiquitous advancement in the computing and consumer electronics industry. It began its appearance in consumer product during 2014 and has revolutionized the wired charging market through 2020. Also, tech giants are introducing new consumer electronics with USB Type C as it is reversible, allows for faster charging speeds, and supports fast media transferring functionalities. USB Type C connectors have also replaced headphone jacks from newer phones and devices. All such trends would broaden up the growth prospects for USB Type C cable during the forecast period.
Wired Charging Market Segment Analysis – By Application
By application type, the wired charging industry is segmented into Consumer electronics, Automotive, Personal Care and others. Consumer electronics is the largest segment in the wired charging market which accounts for major share. The growth of the segment is attributed owing to increased adoption as the use of wired chargers in consumer electronics has been a traditional use and most of the people prefer wired chargers over wireless chargers as it helps in fast charging and is portable when compared to wireless chargers. Further, the increasing number of smartphone users around the globe and introduction of fast charging and USB type C chargers by the players present in the market is resulting in higher adoption of wired chargers, thereby promoting in the growth of the wired charging market.
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Wired Charging Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 57.6% in 2020 for the wired charging owing to the increasing adoption of fast charging units for electric and hybrid electric vehicles. However, the increasing usage of wireless charging technology has poised the market growth during the forecast period. However, APAC is analysed to grow at highest rate during the forecast period 2020-2026 majorly attributed to the rising sales of electric vehicles and the initiatives taken by the government for the implementation of charging stations in APAC countries including India, Japan and China which would further upsurge the growth of the region. In addition, increasing investments in development & adoption of advanced consumer electronic devices and high adoption of wired chargers for these devices set to drive the region growth.
Wired Charging Market Drivers
Rising sales of electric vehicles (EVs):
The rising popularity for electric vehicles for reducing the level of pollution in the environment is driving the growing need for wired charging station for charging these electric vehicles, thereby driving the market growth. According to International Energy Agency (IEA), the number of battery electric vehicles have been increased from 1.19 million units to 3.29 million units during 2016-2018 period at global level. As the industry strive to find new advancements such as the deployment of hybrid and plug-in electric vehicles to cater industry as well as environmental needs, which has led towards the increased adoption of wired charging & related technologies. Moreover, increasing demand for autonomous vehicles set to create opportunities for the wired charging thereby powering the market growth.
Growing demand for the Installation of Charging Stations:
The growing requirement for the installation of charging station for residential and commercial purposes is emerging significantly for EV charging applications. With the rising adoption of electric vehicles, the need for efficient fast charging stations is observed which will significantly drive the need for advanced usage of cabling system to promote wired charging technology. Also, private players are also making several efforts which would positively influence the growth of the market. For Instance: Enel X, an advanced energy services subsidiary of Italian group Enel SpA, has announced the close of its project called AMBRA-Electrify Europe (AMBRA-E) in February 2020. This project will lead to the installation of more than 3,000 charging stations for electric vehicles (EVs) across Spain, Romania and Italy. Additionally, an investment of $76.8m will take place for quick, fast and ultra-fast charging points. These trends would revolutionise the wired charging industry outlook.
Wired Charging Market Challenges
Introduction of wireless charging systems along with Internet of Things (IoT) Devices:
As technology is getting more disruptive, there is a growing need for more reliable technology such as Wireless charging technology. This technology is more portable than traditional wired charging technology which is hindering the growth of wired charging market. Also, the adoption of wireless charging improves the performance of the device by making them completely waterproof and dustproof, and easier to maintain which makes this technology better then wired charging. All such factors are restraining the growth of the Global wired charging market.
Wired Charging Market Landscape
Product launches, Acquisition, Partnership, Expansion, and R&D investment activities are key strategies adopted by players in the Wired Charging Market. The key players in the market include ChargePoint, Inc, ABB Ltd, Webasto Group, Dell Inc, Apple Inc, Samsung Electronics Co., Ltd, Anker Innovations Ltd, RAVPOWER, Huawei and Aukey
Expansions/Product Launches/ Investments
In June 2020, Webasto Group opened a new roof plant and battery center in Jiaxing (China). It will also manufacture charging stations and electric heaters along with the roofs for automotive industry.
In December 2019, ChargePoint launched ChargePoint Home Flex,a charging station for residential use. The device delivers 50amps with 9 times faster charging than standard outlet.
Key Takeaways
Rising sales of electric vehicles is analysed to significantly drive the market during the forecast period 2021-2026.
Among the components, charging adaptor are analysed to hold significant share in 2020, attributed to the prolonged evolution and expansion of the electronics industry. Moreover, increasing demand for electrical vehicles (EVs) and connected devices acts as another major force stimulating the growth of the charger adapter market.
APAC is analysed to grow at highest CAGR during the forecast period owing to the increasing adoption of fast charging units for electric and hybrid electric vehicles. The rising sales of electric vehicles and the initiatives taken by the government for the implementation of charging stations in APAC countries including India, Japan and China will drive adoption of wired charging.
Related Reports
A. Wired Electric Charging Market
https://www.industryarc.com/Report/19196/wired-electric-charging-market.html
B. Wireless Charging Market
https://www.industryarc.com/Report/7384/wireless-charging-market-report.html
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