Power Cords Market Size, Share, Growth, and Industry Analysis, By Type (Ordinary Power Cord and Shielded Insulated Power Cord), By Application (Computers, Telecommunications, Consumer Electronics, Power Tools, Medical Equipment and Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Power Cords Market REPORT OVERVIEW

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The global Power Cords market size was USD 4424.7 million in 2022 and the market is projected to touch USD 7924.06 million by 2032 at a CAGR of 6.0% during the forecast period.

Power cords are detachable means of supplying electricity from a main power source to electrical equipment or appliances. Power cords consist of a flexible cord with electrical plugs at each end, one male and one female. The female plug connects to the appliance or electrical equipment. The male plug connects the electrical receptacle, electrical outlet or power supply.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Growth in the Market

The global COVID-19 pandemic has been unprecedented and staggering with the Power Cords Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 problem has had an impact on the global economy, causing a strict lockdown and a halt to day-to-day activities in every industry. With the limits imposed by the government, the panic scenario has had a negative influence on the industries. This has resulted in a market drop as well; there was a direct and indirect impact from numerous sectors producing Power Cords. With the revival of the market following COVID-19, we are seeing a recovery of the market where the blanks are restructured with product innovation and investments into R&D activities to develop advanced technologies to meet advanced requirements, which will project a proposed increase in the Power Cords market share in the forecasted period.

LATEST TRENDS

"Adoption of USB-C Technology Driving Power Cords Market Evolution"

The increasing prevalence of USB-C technology in electronic devices serves as a primary catalyst for the evolution of the power cords market. USB-C, characterized by its reversible design, high data transfer speeds, and ability to deliver higher power, has become the preferred standard for charging and connectivity in a wide range of devices, including smartphones, laptops, tablets, and peripherals. Manufacturers and device producers recognize the need to adapt to changing consumer preferences and technological advancements. USB-C not only offers enhanced performance but also aligns with the consumer expectation of a simplified and standardized charging ecosystem. As USB-C establishes itself as a universal standard across diverse electronic platforms, the demand for power cords equipped with USB-C connectors experiences a substantial upswing. Consumers, seeking the convenience of a standardized charging and data transfer solution, are driving this trend. Consequently, the power cords market growth is witnessing a shift away from traditional connectors to USB-C-equipped cords, transforming the landscape of power delivery and connectivity. In response to consumer demand and industry trends, manufacturers are increasingly incorporating USB-C connectors into their power cord offerings. This shift is reshaping the market, as USB-C-enabled power cords become ubiquitous, supporting faster charging protocols and providing a seamless experience for users across a multitude of devices.

Power Cords Market SEGMENTATION

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• By Type

Based on Type Power Cords Market is classified as Ordinary Power Cord and Shielded Insulated Power Cord.

• By application

Based on application Power Cords Market is classified as Computers, Telecommunications, Consumer Electronics, Power Tools, Medical Equipments and Others.

DRIVING FACTOR

"Growing Embrace of Renewable Energy Sources Fueling Market Growth"

The increasing global emphasis on sustainable practices and the urgent need to address climate change drive a growing embrace of renewable energy sources, such as solar and wind power. Governments, industries, and consumers are actively seeking cleaner alternatives to traditional energy sources to reduce carbon footprints and achieve environmental sustainability goals. This heightened focus on renewable energy sources serves as a major driving factor for the power cords market. The shift towards renewable energy necessitates the development and expansion of infrastructure to harness and distribute power generated from these sources. As a result, there is an increased demand for specialized power cords and cables capable of efficiently transmitting electricity generated from solar panels, wind turbines, and other renewable sources. This trend propels innovation in the power cords market, leading to the creation of products designed to meet the unique requirements of renewable energy applications. In turn, this spurs economic growth within the industry and contributes to the overall global transition toward a more sustainable and eco-friendly energy landscape.

"Technological Advancements in Smart Homes propelling the Market Growth in the Power Cords Industry"

Rapid advancements in smart home technologies, including the proliferation of IoT (Internet of Things) devices and home automation systems, are driving a fundamental transformation in household infrastructure. Consumers are increasingly integrating smart devices, such as smart thermostats, lighting systems, and security cameras, into their homes to enhance convenience, energy efficiency, and security. This surge in smart home technology adoption is a major driving factor for the power cords market. The growing ecosystem of smart devices requires a sophisticated network of power cords and cables to facilitate seamless connectivity and power delivery. As consumers continue to invest in smart home solutions, there is a rising demand for power cords with enhanced capabilities, including data transmission and compatibility with diverse smart devices. This trend fuels innovation within the power cords market, leading to the development of advanced, technology-driven solutions that support the evolving needs of modern households. Ultimately, the integration of power cords tailored for smart homes contributes to the broader evolution of both residential infrastructure and the power cords market.

RESTRAINNG FACTORS

"Global Semiconductor Shortages Impede Power Cords Market"

The global semiconductor shortages, driven by a combination of factors such as increased demand for electronic devices, supply chain disruptions, and geopolitical tensions, emerge as a significant restraining factor for the power cords market. Semiconductor chips are integral components in the manufacturing of various electronic products, including those that use power cords. The shortages have disrupted the production and supply chains of electronics, leading to challenges in meeting the demand for finished products. The effect of the semiconductor shortages on the power cords market is characterized by supply chain disruptions and increased costs. Manufacturers of power cords are faced with difficulties in sourcing essential components, leading to delays in production and increased production costs. This, in turn, hampers the overall efficiency of the power cords market, limiting the availability of products and potentially causing price increases. The semiconductor shortages act as a bottleneck in the supply chain, creating challenges for power cord manufacturers and impacting their ability to meet the growing demand for electronic devices and associated accessories.

Power Cords Market REGIONAL INSIGHTS

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"Asia Pacific Expected to Hold Major Share of Power Cords Market"

Based on region, the global Power Cords market is classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa, where Asia Pacific is dominating the global market and is expected to dominate during the forecast owing to its Growing population, increasing industrialization and urbanization, and rising standard of living are factors augmenting demand for electricity.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The Power Cords market is extremely competitive and consists of various global and regional players. Global market is majorly driven by the top manufacturers, which holds higher share of the market. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of market players Profiled

• Volex (U.K.)
• Longwell (Taiwan)
• Electri-Cord (U.S.)
• Feller (Switzerland)
• Hongchang Electronics
• Americord (U.S.)
• CHING CHENG (Taiwan)
• Prime Wire & Cable (U.S.)
• AURICH (Germany)
• I-SHENG (Taiwan)
• CEP (U.S.)
• Yunhuan Electronics
• Coleman Cable (U.S.)
• HUASHENG ELECTRICAL
• StayOnline (U.S.)
• Yung Li (Taiwan)
• Tripplite (U.S.)
• QIAOPU (China)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.