04-Aug-2022 | Zion Market Research
The global battery chargers market size was worth around USD 24 billion in 2021 and is predicted to grow to around USD 33 billion by 2028 with a compound annual growth rate (CAGR) of roughly 7.15% between 2022 and 2028
A quality battery charger is a necessity for durable and well-performing batteries. In any price-sensitive market, chargers can sometimes be given low priority but for any battery-operated device to perform up to its full potential, it is important that the battery and its charger go hand in hand. A battery charger is most commonly known for its charging speed. A battery charger converts the stored chemical energy into electrical energy and once the electrolyte of the battery is used, it has to be recharged. It provides Direct Current (DC) to the device in order to restore the used electrolyte.
A battery charger should be disconnected from the device once the equipment is completely charged in order to avoid any malfunctions and to sustain the performance output of the product.
A consumer charger generally comes with the product and is sufficient when used as described. Industrial battery chargers are manufactured by third parties and possess various other qualities like charging at difficult or adverse temperatures. The most basic form of a charger was the overnight charger or the slow charger. Such chargers were nickel-cadmium based and could only provide a fixed charge of around 0.1C till the time the device was connected to the charger. Some chargers that charge AA, AAA, or C-type batteries still deploy this method. Rapid chargers are what fall between slow and fast chargers. The charge time for a completely drained pack lies between 3 to 6 hours. Fast chargers are currently the most in-demand type of chargers owing to the various benefits associated with them like shorter charge time. Fast chargers deploy a charge rate of 1C and can charge an empty NiMH or NiCD battery in less than an hour.
Covid-19 had a mixed impact on the global market cap. On one hand, the demand for industrial chargers did not register higher demand but the demand for mobile electronic equipment of devices at hospitals and other essential facilities marked a rise in demand owing to the growth in remote work culture and added pressure on the healthcare sector.
The global battery chargers market cap is expected to grow owing to the rising population and the subsequent rise in demand for electronic products, mostly driven by the use of smartphones, laptops, and other electronic gadgets. Smartphone manufacturing companies are investing heavily in not just upgrading technology but towards intense market penetration as well. Until a few years ago, smartphones, laptops, and other such items were considered a luxury but as of 2022, electronic items for every market segment are widely available. In the USA, more than USD 92.5 billion is expected to be generated from laptop sales in 2022 which is close to 5% of growth since 2021. In South Africa, the sales of laptops marked a 3.7% year-on-year increase as per reported. Such a higher adoption trend of battery-operated items is expected to aid global market growth during the projection period.
The safety issues related to poor-quality battery chargers are expected to restrict global market expansion.
The rise in domestic players is projected to provide global market expansion opportunities.
The complexities in developing fast-charging batteries may challenge global market growth.
The global battery chargers market is segmented by application, technology, product type, and region.
Based on application, the global market segments are vehicles, electronic products, industrial machinery, and others. Vehicle charger segments may come out as one of the most promising sectors propelled by the rising sales of EVs. The global EV charger market may reach up to USD 26 billion by 2027.
Based on technology, the global market segments are smart, solar, and conventional. The global market may witness high growth in the smart segment owing to the increasing development in the field of smart devices. Over 1.4 million units of smartphones were sold worldwide in 2021.
Based on product type, wireless and wired are the two main global market segments. Currently, wired chargers are more commonly used since the majority of the application runs on wired charging cables. However, with the growth in technology, wireless chargers may soon gain greater momentum in the coming years. From 2018 to 2022, Apple managed to sell more than 6 billion units of wireless chargers.
North America is anticipated to generate the highest revenues in the global battery chargers market owing to the economic growth of regions like Canada, Mexico, and the USA. The per capita income and expenditure index in these economies is comparatively higher which has led to higher demand for technologically advanced products ranging from personal items like electronic gadgets to heavy machinery which is mostly battery-aided. The USA currently accounts for 27% of the regional market and is expected to lead the rising trend during the projection period.
Asia-Pacific may follow suit in global market domination. China is expected to propel regional growth since it is one of the world’s largest economies, and is expected to grow at a CAGR of 10% by 2028. Japan may also assist regional growth with a CAGR of 4%.
The global battery chargers market is dominated by players like Analytic Systems Ware Ltd., Accutronics Limited, Energizer Holdings, Inc., FRIWO AG, Hop Wo Enterprise Limited, Charging Technologies Inc, Kolvin Industries Ltd., Associated Equipment Corporation, Kussmaul Electronic Co., Inc., Exide Technologies, HindlePower, Inc., Anoma Corporation, and Jeckson Electric Co., Ltd
Browse the full “Global Battery Chargers Market By Technology (Smart, Solar, and Conventional), By Application (Vehicles, Electronic Products, Industrial Machinery, and Others), By Product Type (Wireless and Wired), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/global-battery-chargers-market
The global battery charger market is segmented as follows:
By Product Type
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