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Wired Charging Market Overview
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 Report
Coverage
The
report: “Wired Charging Industry Outlook
– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the
following segments of the Sound Level Meters industry.
By Component: Charging adapter and charging cable
By Sales Channel/ Market: Direct /OEM and Indirect/Aftermarket
By Charging Type: Fast Charging and standard charging
By Charging cable: USB Type C, Micro USB, Lightning and others
By Charging Adapter: Wall charger, Car charger, power bank/power
hub
By
Application: PHEV, BEV and in vehicle Charging
By Geography: North America (U.S, Canada, Mexico), South America(Brazil,
Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and
Others), APAC(China, Japan India, SK, Australia and Others), and RoW (Middle East
and Africa)
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.
Global Wired Charging Market, By Region, 2020
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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.
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.
Related Reports
Wired Electric Charging Market - Forecast(2021 - 2026)
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Wireless Charging Market - Forecast(2021 - 2026)
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