The magnetic charging cable market is projected to develop to a significant worth of US$ 2.12 billion in 2023 and to register a CAGR of 19% from 2023 to 2033, when it is projected to reach US$ 12.1 billion.
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 nonessentials businesses which impacted the market growth of Magnetic Charging Cable.
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Magnetic Charging Cable: Market Dynamics
What factors can drive the demand for the 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.
Will the Emergence of Private Label Brands Affect the Sale of Magnetic Charging Cable?
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.
What are the opportunities in low and middle income region in coming Future?
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.
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What market challenges are impacting the sales of magnetic charging cable?
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.
Magnetic Charging Cable Market Key players
The key players in the magnetic charging cable market are
- AGPTEK (Shenzhen Mambate Industry Development Co., Ltd)
- FlashWire USA.
- Chargeasap Company
- TekDeals
- TOPK
- VOLTA Charging
- LLC
- Apple, Inc.
- HOCO Technology (HK) Co. Ltd.
- Voltreton
- Kanex Company
- MegaBoltand
- Others.
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.
How are Manufacturers in India Capitalizing on New Growth Opportunities in Magnetic Charging Cable 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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What is the Growth Factor for Magnetic Charging Cable Market in USA?
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.
How the Chinese market will respond to the Product?
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 report covers exhaustive analysis on
- Magnetic Charging Cable Market Segments
- Magnetic Charging Cable Market Dynamics
- Magnetic Charging Cable Market Size
- New Sales of Magnetic Charging Cable
- Current Trends/Issues/Challenges in the Magnetic Charging Cable Market
- Competition & Companies Involved in Magnetic Charging Cable Market
- New Technology for Magnetic Charging Cable
- Value Chain of the Magnetic Charging Cable Market
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K., Spain, BENELUX, Russia)
- South Asia (India, Thailand, Indonesia, Malaysia)
- East Asia (China, Japan, South Korea)
- Oceania (Australia, New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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.
Magnetic Charging Cable Market Segmentation
On the basis of String Length:
- below 0.5 meters
- 0.5 – 1 meters
- 1 – 2 meters
- Above 2 meters
On the basis of Price Range:
- Below US$10
- US$10-US$50
- Above US$50
On the basis of Sales Ghannel:
- Convenience stores
- Specialty stores
- Wholesalers and Distributors
- Online Retail
- Other sales channels (Multi-brand stores, Direct sales)
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