Statistics on Battery Chargers Market Size & Share Worth Over USD 33 Billion by 2028, Exhibit a CAGR of 7.15%, Industry Trends, Demand, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- As per Zion Market Research study, 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
Battery Chargers Market: Overview
A battery charger, also referred to as a recharger, is a device that aids the storage of energy in a battery by letting electricity run through it. The charging protocol which involves properties like voltage strength, length of the current flow, and time required for complete recharge depends on the type and size of the battery that is being charged. There are certain batteries that have a higher tolerance for overcharging and are able to function even when connected to a constant current flow. In such cases, a manual battery charger is more widely used which requires the user to disconnect the charger once the complete charging capacity is reached. Some of the more advanced devices use timers to disconnect the charging supply once they are fully charged. While using battery chargers, it is highly recommended, at least while using certain devices like laptops, phones, etc. to avoid overcharging since the product, with time, may not be able to withstand the overcharge leading to the product getting damaged like a reduced lifetime or functional capacity.
All kinds of battery chargers run on one common concept which is running an electric current through batteries for a certain period of time hoping that the battery cells will hold and store some of the electric energy passing through them. Low-quality or inexpensive chargers use a constant current supply till the time they are connected. Once they are disconnected, the charging stops. The high-quality charges use trickle charge which is around 3 to 5% of the battery's maximum rated current and run for a longer period of time.
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Zion Market Research published the latest report titled "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." into their research database.
Battery Chargers Market: Growth Drivers
The global battery chargers market is expected to grow owing to the technological advancements witnessed around the globe. Almost all objects present either in a homecare setting or in an official environment run on batteries. Digitalization can be witnessed deep within the sectors as well which is a major contributor to the rise in the demand for battery chargers. Some of the examples include shifts from stationary electronic devices to portable ones like smartphones, tablets, laptops, etc. This has resulted in a higher adoption trend for battery-operated devices subsequently affecting the demand for their chargers. The growth in the vehicle segment is expected to push the global market growth exponentially in the coming years. Fuel-run vehicles did not need batteries or their chargers; however, there is a significant growth in the electric-vehicle (EV) segment with a rising number of market players providing excellent options to end consumers. More than 6.8 million EVs were sold in 2021 which is double the amount sold a decade ago. Rickshaws, which are one of the most common modes of transportation in developing regions like India, Malaysia, and other South Asian countries have now turned into electricity-run rickshaws which are expected to contribute heavily to the growth in the global market size.
Battery Chargers Market: Restraints
The global market is full of battery chargers ranging in capacity, size, price, and other technical aspects. Some of the low-priced products may not be safe to use and there are a growing number of accidental cases related to the use of low-quality chargers. These cases are not just related to the deteriorated performance of the electronic device but have been more serious in certain situations. Safety concerns may arise due to poor control panels or defects. Lithium-ion batteries are prone to catching fire since they are extremely sensitive to high temperatures and using unassigned chargers may cause the temperature of the battery to shoot up resulting in extremely dangerous situations.
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Battery Chargers Market: Opportunities
The global market cap may find high growth opportunities owing to the rising competition in the battery-operated devices market. This is propelled by the growth in the number of domestic players along with exhaustive market penetration activities undertaken by well-established and international players. The global market has seen a rise in some of the world-class and entirely different sections of battery-run technologies that are finding more space in some of the emerging economies as well. In 2019, more than 81% of the general population was reported to be using smartphones, which increased from 65% in 2015. Such a high and continuously growing usage rate of technologically advanced devices which mostly run on batteries is expected to provide lucrative growth opportunities for the global market size.
Battery Chargers Market: Challenges
There is a growing need and demand for fast charging batteries and battery chargers that can support fast charging without hampering the performance of the product. The EV segment is one such sector where the consumers demand chargers and batteries that do not consume more time for the charging to get completed. However, there are a lot of technicalities involved in developing such chargers, especially keeping in mind the battery design, infrastructure of charging facilities, and battery chargers. The global market has to pick up the pace in rolling out chargers that meet the growing demand or else it may create challenges for the global market to reach its true potential.
Global Battery Chargers Market: Segmentation
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 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 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.
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List of Key Players in Battery Chargers Market:
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The global battery charger market was led by North America with over 38% of the market cap and is expected to follow the same trend during the forecast period owing to the presence of key players in regions like the USA, Canada, and Mexico. The regional growth may also be attributed to the advanced and constantly growing telecommunication sector which is propelled by an increasing number of innovations to upgrade technology. The USA houses some of the biggest telecommunication players like AT&T, Verizon, etc. In 2022, AT&T managed to generate a revenue of USD 176.7 Billion whereas Verizon generated more than USD 128 Billion.
Asia-Pacific may also grow significantly and a CAGR of 8% is projected to be recorded in the region. China may lead the regional growth with a revenue of USD 7 billion by 2028. This may be accorded to the heavy investment in upgrading infrastructure and the electronics market sector.
Global Battery Chargers Market is segmented as follows:
Battery Chargers Market: By Technology Outlook (2022-2028)
Battery Chargers Market: By Application Outlook (2022-2028)
Battery Chargers Market: By Product Type Outlook (2022-2028)
Battery Chargers Market: By Region Outlook (2022-2028)
Middle East & Africa
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