Rise in Demand for Consumer Electronics is Anticipated to Boost the Wired Charging Market During the Forecast Period 2021-2026. Wired Charging Market is analysed to grow at a CAGR of 3.7% during the forecast 2021-2026 to reach $20.8 billion.
The Wired Charging is anticipated to grow with a CAGR of 3.7 % during the forecast period (2021-2026). The use of wired chargers in consumer electronics has been a traditional use and most people prefer wired chargers over wireless chargers as it helps in fast charging and is portable when compared to wireless chargers. Presently, technological advancements by the manufacturers such as fast charging and USB type charging have resulted in the better adoption of wired chargers in electronic devices. For Instance: In September 2019, Apple announced the iPhone 11 Pro and 11 Pro Max with a new 18-watt wall USB – fast Charger, whereas Samsung released a new 25W USB –C Fast Charge technology that chargers the smartphone battery from zero to 50% in about 30 minutes. In addition, the ease of handling these wired chargers and available of options for charging adapters such as wall charger, car charger and through power hub or power bank is also resulting in the growth of the wired charging market. Thus, the growth in the users of consumer electronics around the world is also having a positive impact on the growth of the wired charging market. Whereas manufacturers present in the market are innovating and are trying to make wireless chargers as a mainstream technology in the market which would influence the growth of the market.
Further, user demand for advanced accessories, growing development opportunities of next-generation smart interface screens, growing Internet of Things popularity and mobile devices, increasing awareness of the advantages of wearables and technical innovation which require charging networks is set to create lucrative growth prospects for wired charging market. For Instance: According to the International Data Corporation's (IDC) Worldwide Quarterly Wearable Device Tracker, the wearable device’s shipments were estimated at 305.2 million units in 2019, which is an increase of 71.4% from 2018 which holds almost 178.0 million-unit shipments. Also, IDC predicted that the total shipment of wearable devices around the world will grow to nearly 500 million units by 2023, resulting in a CAGR of 22.4%. From entertainment to fitness and health care, multi-function wearable devices are helping people to perform multiple tasks. Such devices are normally powered by batteries, adapters and dongles, which needs quick charging on a regular basis. As a result, availability of fast wired chargers would propel the growth of the wired charging market.
Asia-Pacific held the largest share of the Wired Charging Market in 2020, with the China accounting for the majority of shares followed by Rest of APAC and Japan. The growth of the region is attributed owing to the high demand of charging systems for the power supply of smartphones, tablets, laptops and consumer electronic devices in China as well as Installation of new charging stations and increasing funding activities from public and private firms have been escalating the demand for wired charging market. For Instance: In 2020, New Zealand Government had planned to provide funding of $7.56 million for the deployment of 110 EV charging and to encourage projects focused towards low-emission transport. Moreover, growing sales of EV would also drive the growth of the region. For Instance: As of 2019, China had sold more than 1.2 plug in electric vehicles (PEV). According to data the China Electric Vehicle Charging Infrastructure Promotion Association, as of 2019, the number of public charging stations for EVs owned and operated are of 401,000 units, of which 229,000 were AC charging stations, 171,000 were DC and 500 AC/DC stations. With the growing environmental concerns owing to the rise in exhaust emissions, the country has been focusing on and working toward the adoption of EVs which set to drive the wired charging across Asia-Pacific.
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Wired Charging Market Growth Drivers:
Adoption of Plug-in Electric Vehicles (PEVs):
In the recent time, the need for advanced electric vehicles is rising rapidly in order to reduce harmful air pollution from exhaust emissions. Moreover, with the growing acceptance of plug-in electric vehicles (PEVs) has resulted in the rising need for the installation of charging stations both for residential and commercial, also known as electric vehicle supply equipment (EVSE). There is a rapid transition in the automotive industry for the requirement of electric vehicles in order to decrease pollution arising from petrol or diesel vehicles, which is also leading to the need for plug-in electric vehicles. For Instance: According to Center for American Progress, it is estimated that the United States will add 14 million new PEVs and more than 330,000 new public charging outlets by the end of 2025. Thus, growing adoption of plug-in electric vehicles along with the implementation of policies by State governors and legislatures for enabling the adoption of PEV, which will upsurge the need for wired charging stations thereby, driving the market growth.
The Major Players in this Market Include:
The major companies in the Wired Charging Market include ChargePoint, Inc, ABB Ltd, Webasto Group, Dell Inc, Apple Inc, Samsung Electronics Co., Ltd, Anker Innovations Ltd, RAVPOWER, Huawei and Aukey. In 2019, ChargePoint launched ChargePoint Home Flex,a charging station for residential use. The device delivers 50amps with 9 times faster charging than standard outlet.
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