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Wired Charging Global Market Report 2023
Major players in the wired charging market are ABB, AOYAMA Elevator Co Ltd., Apple Inc., Dell Technologies Inc., Delta Electronics Inc., Huawei Technology Co Ltd., Samsung Electronics Co Ltd., Sunvalley Group, Tesla, Webasto, CYD Electronics (Shenzhen) Co Ltd.
New York, March 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wired Charging Global Market Report 2023" - https://www.reportlinker.com/p06317019/?utm_source=GNW
, Infineon Technologies AG and Belkin International Inc.
The global wired charging market grew from $13.09 billion in 2022 to $13.85 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The wired charging market is expected to grow to $17.32 billion in 2027 at a CAGR of 5.7%.
The wired charging market consists of sales of type-A, type-B, and mini-USB .Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The wired charging refer to the charging in which a cable plugs into the electronic device being charged and transfers power from the source.A charger usually has two parts, one is a plug that goes into an outlet and another is a head that attaches to the device.
Wired charging makes use of a wire or cable to charge a device and is used to charge various consumer electronic products, electric vehicles, and other electronic products.
Asia-Pacific was the largest region in the wired charging market in 2022. The regions covered in the wired charging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of wired charging are type C, micro USB, lightning and others.The type C wired chargers are specially designed for faster charging of devices.
USB type C can charge smartphones two or three times quicker than USB 3.0 chargers and also helps in fast data transfer. There are basically two types of charging namely standard and fast and these chargers are sold through online and offline sales channels. Wired charging is mostly used in automotive, consumer electronics, smartphones, tablets, healthcare devices and others.
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 devices, 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 its 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.
In January 2022, ABB, a Sweden-based provider of EV charging infrastructure, service and software solutions acquired a controlling stake in InCharge Energy for an undisclosed amount.The acquisition strengthens ABB’s EV charging solutions in the US market and enables sustainable fleet electrification.
InCharge Energy Inc. is a US-based electric vehicle (EV) commercial charging infrastructure solutions company.
The countries covered in the wired charging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wired charging market research report is one of a series of new reports that provides wired charging market statistics, including wired charging industry global market size, regional shares, competitors with an wired charging market share, detailed wired charging market segments, market trends and opportunities, and any further data you may need to thrive in the wired charging industry. This wired charging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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