Wired Electric Charging Market

According to Stratistics MRC, the Global Wired Electric Charging Market is accounted for $26.6 billion in 2023 and is expected to reach $52.3 billion by 2030 growing at a CAGR of 10.1% during the forecast period. Wired electric charging is a method of replenishing electric vehicle (EV) batteries through physical connections. It involves using a cable to link the EV to a power source, typically a charging station or wall outlet. This approach ensures a stable and efficient flow of electricity, enabling faster charging compared to some wireless alternatives. Wired charging infrastructure is rapidly expanding worldwide, offering various charging speeds and power levels. As technology advances, wired charging systems continue to evolve, addressing range anxiety and supporting the growing adoption of electric transportation.

Market Dynamics: 

Driver: 

Increasing adoption of electric vehicles

As more consumers embrace EVs for their eco-friendly and cost-efficient attributes, there is a growing demand for reliable and accessible charging infrastructure. This surge in EV adoption stimulates investments in the development of charging stations, driving the expansion of the wired electric charging market. Governments and businesses are responding to this trend by implementing supportive policies, offering incentives, and actively participating in the establishment of charging networks. The rising number of electric vehicles on the road fuels a cycle of infrastructure growth, encouraging innovation in charging technologies and reinforcing the overall sustainability of the transportation sector.

Restraint:

High initial costs associated with establishing a wired electric charging infrastructure

These costs, including the installation of charging stations and necessary grid enhancements, create financial barriers for businesses and governments looking to invest in widespread charging networks. As a consequence, the limited availability of charging infrastructure can deter potential electric vehicle (EV) buyers, contributing to range anxiety and slowing down the overall adoption of EVs. Smaller businesses may face difficulties entering the market due to the substantial upfront investments required, leading to an uneven distribution of charging stations.

Opportunity:

Technological advancements

Faster charging speeds, smart charging solutions, and innovative user interfaces contribute to the market's growth. Fast-changing technologies reduce charging times, addressing a key concern for electric vehicle users. Smart charging solutions enable remote monitoring, payment integration, and dynamic energy management, enhancing convenience. Additionally, advancements in wireless charging technologies hold the potential to redefine the charging infrastructure landscape. These technological developments not only attract more users to electric vehicles but also encourage increased investments in charging infrastructure projects.

Threat:

Absence of standardized charging protocols 

The lack of universal standards for connectors, communication protocols, and power levels creates confusion for electric vehicle (EV) owners and hinders the seamless integration of charging infrastructure. This inconsistency leads to compatibility issues, forcing consumers to deal with various charging interfaces and limiting their ability to use different charging networks. The absence of standardized protocols also complicates the development and deployment of charging stations, this fragmentation not only increases costs for infrastructure providers but also undermines the overall convenience and accessibility of wired electric charging

Covid-19 Impact

While the initial months of lockdowns and economic uncertainties led to a temporary slowdown in the installation of new charging infrastructure, the latter half of the pandemic saw resurgence in the market. The pandemic underscored the importance of resilient and sustainable transportation, driving increased interest in electric vehicles. Moreover, a heightened focus on environmental concerns and a shift towards green initiatives have accelerated the adoption of electric vehicles, thereby positively influencing the demand for wired electric charging solutions.

The micro USB segment is expected to be the largest during the forecast period

The micro USB segment is estimated to have a lucrative growth, as micro USB became a universal connector for many devices, including some early EVs and charging stations. This simplified charging and reduced the need for multiple cables. Thus, the widespread adoption of micro USB as a charging standard has led to increased uniformity in charging cables, allowing users to charge their devices with a single cable across various devices, including smartphones, tablets, and other electronic gadgets. This standardization promotes user convenience and reduces the need for multiple cables, contributing to a seamless charging experience.

The electric vehicle supply equipment segment is expected to have the highest CAGR during the forecast period

The electric vehicle supply equipment segment is anticipated to witness the highest CAGR growth during the forecast period, owing to efficient and widespread EV charging. The deployment of robust EVSE networks has alleviated range anxiety, a key concern for potential EV owners, by providing accessible and reliable charging points. This surge in infrastructure has not only accelerated the adoption of electric vehicles but also stimulated innovation in charging technologies, enhancing charging speed and efficiency. Moreover, the expansion of the EVSE market has attracted investments, fostering economic growth and creating job opportunities.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to many countries in the Asia-Pacific region have been implementing policies and incentives to encourage the adoption of electric vehicles. These initiatives often include the development of charging infrastructure as a key focus to address range anxiety and promote EV adoption. Moreover various companies, both local and international, are actively involved in the development, installation, and maintenance of wired electric charging stations in the APAC region propel the growth of the market in this region.

Region with highest CAGR: 

North America is projected to have the highest CAGR over the forecast period, owing to various government initiatives at the federal, state, and local levels in the United States and Canada aim to promote the adoption of electric vehicles. These initiatives often include financial incentives, grants, and support for the development of charging infrastructure. Furthermore, the region has seen a significant expansion of electric charging infrastructure, including Level 1, Level 2, and DC fast charging stations. Both public and private entities are involved in deploying charging stations across urban and rural areas.

Key players in the market

Some of the key players in the Wired Electric Charging Market include ABB Ltd., Tesla, Inc., Siemens AG, EVgo Services LLC, ChargePoint, Inc., Bosch Automotive Service Solutions Inc., ClipperCreek, Inc., Schneider Electric SE, Delta Electronics, Inc., Nissan Motor Co., Ltd., Coulomb Technologies, Allego B.V., Heliox B.V., Efacec Power Solutions, S.A., Nissan Motor Co., Ltd., Pod Point Ltd., General Electric Company and Eaton Corporation  

Key Developments:

In March 2024, ABB secures $150 million traction contract to power Australia’s QTMP trains and announces new facility in regional Queensland New trains to be operational in time for the Brisbane 2032 Olympic and Paralympic Games.

In February 2024, ABB to acquire SEAM Group to expand electrification service offering, Enables ABB to meet the increasing demand to modernize and optimize assets for safer, smarter and more sustainable operations. 

In February 2024, Siemens Mobility and Cargounit sign agreements for the delivery of up to 100 locomotives. Cargounit is the largest customer for Siemens Mobility locomotives in Poland. With this new order, the company will have a total of 66 Vectrons and 18 Smartrons in its fleet.

Product Types Covered:
• Type-C 
• Micro USB 
• Lightning 
• Type-A 
• Other Product Types 
 
Charging Types Covered:
• Standard
• Fast

Components Covered:
• Charging Stations 
• Electric Vehicle Supply Equipment 
• Power Distribution Units 
• Connectors & Plugs 
• Grid Connection Equipment 
• Other Components 

Applications Covered:
• Mobile Phone Users 
• Laptop & Tablet 
• Camera & Electronic Device 
• Electric Vehicle (EV) 
• Hospitals & Medical Centers 
• Public Service Providers 

End Users Covered:
• Consumer Electronics
• Automotive
• Industrial Applications
• Healthcare
• Other End User

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances