The magnetic charging cable market is anticipated to expand to a notable valuation of US$ 2.12 Billion in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 19% from 2023 to 2033 and reach US$ 12.1 Billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 2.12 billion |
| Anticipated Forecast Value (2033) | US$ 12.1 billion |
| Projected Growth Rate (2023 to 2033) | 19% CAGR |
Smartphones are currently an essential part of modern life. Over the past decade, smartphone market development has increased to nearly 70% worldwide, as has the popularity of its accessories.
Furthermore, improvements in technology have allowed new magnetic charging cables to operate well in aspects of rapid charging, quick data exchange, and so on. Furthermore, the Nylon braided material eliminates the issue of overheating. Because the younger generation is more tech-savvy, they are drawn to technological advances including magnetic charging cables, which have the potential to establish an enormous market within the next few years.
Furthermore, the potential of goods to facilitate all forms of ports, notably iPhone, Android, and USB type-C ports, is anticipated to stimulate further widespread adoption. The aforementioned product-related aspects are projected to contribute to an increase in magnetic charging cable profits during the forecast years.
The rise of private label or shop's in-house brands has had a substantial effect on the sector, reshaping and revolutionizing the market. Consumers' purchasing patterns are shifting as a result of the rise of private-label brands.
Private-label manufacturers are reintroducing goods in a more cost-effective and higher-quality manner, which satisfies customers and results in a spike in implementation. For instance, AmazonBasics, a private label brand of Amazon, provides long-lasting, high-quality items for an affordable price.
As a result, burgeoning Private Label brands are reshaping the market in addition to customer purchasing habits.
The increased sales potential in nations with low or moderate incomes is likely to create growth avenues for magnetic charging cable market participants. Digitalization ecological penetration can also assist regional players in capitalizing on the innovative growing demands for magnetic charging cables in lower and middle income regions.
A lot of technological developments have occurred in the last decade, and the younger generation has expanded in the midst of those changes. Because the United States is a technologically sophisticated nation, sales opportunities for magnetic charging cables with advanced features are plentiful. Magnetic charging cables are one such innovative product that has enormous sales potential in the nation and can create opportunities for players.
In terms of region, the Asia-Pacific region held the largest share in 2022. In Asia Pacific China, as one of the most profitable markets for electric and electronic goods, offers tremendous market opportunities. Aside from that, the country's booming population and living standards are projected to stimulate magnetic charging sales. The presence of players offering low-cost magnetic charging cables is widespread.
To capitalize on rising demand in the region, market participants are focusing on expanding their industrial base. Volta Charging, LLC, a producer of magnetic charging cables, has recently established a plant in India.
Furthermore, perceiving future market development for magnetic charging cables, they are introducing revolutionary new variants of their product portfolio in India. Additionally, the region's rapidly growing smart phone marketplace is projected to have a beneficial influence on the development of magnetic charging cables in the Asia Pacific.
Given the increased consumption, VOLTA, another magnetic charging cable producer, introduced its spark in November 2020, which it perceives to be one of its most remarkable charging cables and can charge with a 100W USB-C output current.
VOLTA cable is constructed of military grade nylon and anti-corrosive aluminum or zinc conductor construction. All of these breakthroughs and augmentations in the portion of players are likely to have a substantial role in distinguishing themselves from other market players.
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Smartphones have now become a prerequisite of modern living. At a gathering we can find 4 out of 5 people on their smartphone then be it for streaming TV shows, internet surfing, texting etc. Since, the last decade the market penetration for smartphones has grown to almost 70% globally and in parallel, the demand for its accessories.
Further, the technological advancements has made possible for new magnetic charging cables to perform well in terms of fast charging, quick data transfer, etc. Also, the Nylon braided material eradicates the overheating problem. The millennial generation being tech-savvy, are much more attracted to technological advancements such as magnetic charging cable which can create a vast market in near future.
The covid-19 outbreak has resulted in a current economic slowdown. The change in consumer buying behavior has drastically impacted the magnetic charging cable market growth. Customers switched from brick-and-mortar stores to online shops affecting the sales of nonessential businesses which impacted the market growth of Magnetic Charging Cable.
With the advancement in technology the magnetic charging cable has the ability to charge the devices faster than the regular charger and is likely to drive product adoption in the market.Higher durability of nylon braided magnetic charging cables is another factor that is likely to positively impact the sales of magnetic charging cable.
Besides this, the ability of products to support all types of ports namely iPhone, android and USB type-C ports is expected to drive further adoption in the market.All of the above product related factors are expected to fuel growth in the sales of magnetic charging cable during the period of forecast.
The emergence of private label or retailer’s in-house brands have affected the industry significantly which in turn reshaped and revolutionized the market. Due to emergence of private label brands the customer’s behavior towards buying products is also changing.
The private label brands are reintroducing the products as cost-effective method and in better quality which in turn satisfies the customers, thus resulting in an increase in adoption. For example, AmazonBasics, a private label brand of Amazon is offering durable and high quality products at reasonable cost.
Thus, the emerging Private Label brands are reshaping the market as well as customer buying preferences.
The growing sales potent in low and middle income countries is likely to open up new opportunities for the players operating in magnetic charging cable market. Rapid penetration of digital ecosystem can further help the players in the region to capitalize on the new existing demand for magnetic charging cables in the low and middle income regions.
The changing lifestyles and standard of living is further expected to drive the adoption of smart technologies like magnetic charging cables in potential economies of Asia-Pacific region. These regions have welcomed the advancement in technology with open arms and created a hotspot for the same.
Magnetic charging cable is such an Innovation which can attract a lot of customers and increase the sales for the existing as well as the emerging brands.
Hyper convenience is highly preferred by users which is why they always tend to stick to easier way of handling devices. Leading brands such as Samsung, LG, Nokia, and Xiaomi has already introduced wireless charging feature in some of their products and users are getting along fine with this new feature.
Moreover, Apple a leading smartphone brand introduced magnetic charging for its iPhone 12. Counterfeiting is a problem faced by high value and authentic product enterprises and might pose as a challenge for those manufacturers to curb the counterfeited products.
Also, the covid-19 outbreak resulted in certain disruptions in the supply chain and other business operations. Besides this, a specular shift in consumer buying behavior from discretionary to essential products has further impacted the sales of magnetic charging cable in the past few months.
However, the sales of magnetic charging cables are likely to revive as economies across different regions have now entered into the reviving phase. Besides this, the availability of cost-effective substitutes in the market is further expected to impact the sales of magnetic charging cables in the market.
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The key players in the magnetic charging cable market are
Considering the increase in demand, VOLTA, another manufacturer of magnetic charging cable launched its VOLTA spark in November 2020, which it considers to be one of their most impressive charging cable and can charge with 100W USB-C power output.
The cables from VOLTA are made up of military grade nylon material, anti-corrosive aluminum or zinc conductor construct. All of such developments and enhancements on the part of players are likely to play a key role in differentiating their products from other suppliers in the market.
In order to capitalize on increasing demand in the region the players in the market are currently focused on enhancing their manufacturing capacity. For instance, Volta Charging, LLC a manufacturer of magnetic charging cable has recently setup their plant in India.
Sensing the market growth in coming future for magnetic charging cable they are launching new innovative versions of their product offerings. Apart from all this, the parallel growing smart phone market in the region is also expected to positively impact the growth of magnetic charging cable.
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A lot of technological changes have happened in the past decade and the millennial generation has grown around that technology change. USA being a technologically advanced country, the sales opportunities for magnetic charging cables with smart features is high. Magnetic charging cable is one such innovative product which has huge sales potential in the country and can pave the way for the players.
China being one of the lucrative country for electric and electronics products also has tremendous sales opportunities.Besides this, the growing population and standard of living is another factor that is likely to drive magnetic charging sales in the country. The penetration of players providing cost-effective magnetic charging cables is high.
This is another factor that has facilitated regional growth in the past. Magnetic Charging Cable being such a product has greater potential for boosting the sales growth in the country.
The Global Magnetic Charging Cable Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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