New York, June 08, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Battery Charger Market” published by Consegic Business Intelligence, the market was worth USD 21,782.90 Million in 2022 and is anticipated to reach over USD 35,096.74 Million by the year 2030, growing at a CAGR of 6.4%.
Battery chargers are the devices that recharge batteries by passing electric current through the device. Battery chargers provide faster charging speeds, compatibility with different charging types, and safety features such as overcharge protection. Moreover, battery chargers are used for charging lithium ion batteries in electric vehicles to allow efficient functioning for prolonged periods.
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The increasing adoption of consumer electronics devices such as smartphones, laptops, and tablets are driving the demand for battery chargers. Manufacturers are increasingly producing wired and wireless charging systems for efficient functioning of consumer electronics devices. Battery chargers provide extended battery life and fast charging capabilities for efficient functioning for prolonged periods. For instance, in June 2021, HYPER introduced Foldable 4-in-1 MagSafe-compatible wireless charging stand that allows simultaneous charging of multiple devices such as iPhone 12, Apple Watch, AirPods, and Qi Smartphone.
The adoption of smart charging for electric vehicles to optimize energy consumption based on energy pricing, grid constraints, and renewable energy availability is expected to create potential opportunities for the growth of battery charger market. However, the reduced performance of the batteries due to enthalpy changes, electrochemical polarization and resistive heating inside a battery is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 35,096.74 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 6.4% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Accutronics Limited, Analytic Systems Ware Ltd., Anoma Corporation, Associated Equipment Corporation, Energizer Holdings Inc., Exide Technologies, Ferro Magnetics Corporation, FRIWO AG, HindlePower, Inc. |
| By Product Type | Wired and Wireless |
| By Category | OEM and Replacement |
| By Application | Smartphones, Laptops, Electric Vehicles, Tablets, Digital Cameras, Feature Phones, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Battery Charger Market Growth Drivers:
- The increasing adoption of consumer electronics devices among households is driving the growth of the market.
- The rising demand for battery chargers for charging lithium-ion batteries in Electric Vehicles (EVs) is accelerating the growth of the market.
- The growing adoption of smart wearables among consumers is driving the demand for battery chargers, resulting in market growth.
Restraints
- The reduced performance of the batteries due to heat generation is hindering the growth of the market.
- The limited charging cycles of battery chargers is restraining the growth of the market.
Opportunities
- The adoption of smart charging for electric vehicles to optimize energy consumption based on energy pricing, grid constraints, and renewable energy availability is expected to create potential opportunities for the growth of battery charger market.
Global Battery Charger Market Segmentation Details:
Based on Product Type, the wired charger contributed the largest shares to the market growth in 2022. The ability of wired chargers to take less time to replenish the battery of devices such as smartphones, laptops, and tablets is driving the growth of the market. Moreover, wired chargers provide a reliable and smooth connection between a charger and a battery, thereby ensuring smooth flow of electricity.
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Based on Category, the OEM segment accounted for the maximum revenue share in the year 2022. OEM chargers are designed to be integrated with the original design and manufacturing of a device or system. Moreover, the devices provide faster charging speeds and play a crucial role in battery health protection. Therefore, the ability of battery chargers to provide compatibility and seamless integration with other devices is accelerating the growth of the market.
Based on Application, the smartphones segment accounted for the maximum revenue share in the year 2022. Battery chargers play an essential role in providing the necessary power for efficient functioning of smartphones. Battery charger function by converting AC power to DC, thus allowing charging of Li-Ion batteries in order to power the smartphones. Moreover, the ability of battery chargers to improve battery life and charging capabilities is driving the growth of the market.
Based on region, North America accounted for the largest revenue share in the year 2022. The increasing adoption of electric vehicles in the region is driving the growth of the market. Battery chargers are used to charge the lithium-ion batteries used in electric vehicles to provide improved energy density, discharge tolerance, cycle life, and faster re-charge times. Moreover, the rising adoption of consumer electronics devices in the region is accelerating the growth of the market.
Recent Developments
- In April 2022, Volkswagen Group and BP collaborated to rapidly roll-out EV fast charger in order to boost the adoption of electric vehicles (EVs) across Europe.
- In August 2022, Sunrun Inc. launched an electric vehicle charger allowing customers to power their vehicles at home with abundant and affordable solar energy.
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List of Major Global Battery Charger Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Accutronics Limited
• Analytic Systems Ware Ltd.
• Associated Equipment Corporation
• Energizer Holdings Inc.
• Exide Technologies
• Ferro Magnetics Corporation
• FRIWO AG
• HindlePower, Inc.
• Anoma Corporation
Global Battery Charger Market Segmentation:
- By Product Type
- Wired
- Wireless
- By Category
- OEM
- Replacement
- By Application
- Smartphones
- Laptops
- Electric Vehicles
- Tablets
- Digital Cameras
- Feature Phones
- Others
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Key Questions Covered in the Battery Charger Market Report
- What are Battery Chargers?
- Battery Charger are the devices that provide faster charging speeds, compatibility with different charging types, and protection from overcharging. As a result, battery chargers play a crucial role in utilizing the chemical energy stored within the battery for efficient functioning of the device.
- What are some of the most important applications of battery Charger and how do they impact the industry's growth potential?
- Battery Charger are used for a wide variety of applications such as charging of consumer electronics devices such as smartphones, laptops, and tablets. Moreover, chargers are used for efficient charging of electric vehicles.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the battery Charger growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing adoption of electric vehicles in the region is driving the growth of battery chargers market. Moreover, technological advancements in the region such as wireless charging systems is accelerating the growth of the market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia Pacific is anticipated to register fastest CAGR growth during the forecast period. The rising adoption of consumer electronics devices along with smart wearables is driving the growth of the regional market.
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