The latest report by IMARC Group, titled “Battery Charger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global battery charger market reached a value of around US$ 18.5 Billion in 2018. A battery charger is an external device that passes an electric current through a secondary cell or rechargeable battery to transfer energy. It operates by converting the high voltage AC into low voltage DC via a transformer. It can be powered through a wall outlet, carport or a computer USB port. Over the years, the growing applications of rechargeable batteries in various devices have led to the rising demand for battery chargers worldwide. As a result, they are now extensively utilized across industries such as electronics, automotive and healthcare.
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Expanding consumer electronics industry is one of the key factors for the market growth. Portable electronic devices such as tablets, laptops, mobile phones, smartwatches and digital cameras have been gaining rapid popularity among the masses, which has led to the significant increase in the demand for battery chargers. Furthermore, they are also crucial in charging wearable medical devices such as hearing aids, blood glucose monitors, blood pressure machines and diagnostics monitoring patches. Along with this, the increasing demand for electric vehicles (EVs) and connected devices is significantly contributing to the market growth. Moreover, to meet the evolving and emerging needs of the consumers, manufacturers are continually engaging in R&D activities to launch innovative products such as smart, wireless and high-temperature resistant chargers that are faster, more powerful and affordable. On account of these factors, the global battery charger market size is anticipated to reach US$ 29.8 Billion by 2024, exhibiting a CAGR of around 8.3% during 2019-2024.
Market Breakup by Application
3. Electric Vehicles
5. Digital Cameras
6. Feature Phones
Based on the application, smartphones account for the largest market share. Other major segments include laptops, electric vehicles, tablets, digital cameras and feature phones.
Market Breakup by Category
On the basis of the category, the market has been bifurcated into Original Equipment Manufacturer (OEM) and replacement battery chargers. Amongst these, the OEM segment accounts for the majority of the total market share.
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Market Breakup by Product Type
Based on the product type, the market has been classified into wired and wireless battery chargers. Currently, wired battery chargers represent the most popular product type.
Market Breakup by Region
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
On the geographical front, North America holds the dominant market share owing to the large base of tech-savvy consumers in the region. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the global battery charger market has been analyzed with some of the major players being Anoma Corporation, Accutronics Limited, Analytic Systems Ware Ltd., Exide Technologies, Associated Equipment Corporation, Energizer Holdings Inc., Ferro Magnetics Corporation, Panasonic Corporation of North America, FRIWO AG, HindlePower, Inc., Phihong USA Corporation, Powerbase Industrial (HK) Ltd., Saft S.A., Salcomp Plc, Schumacher Electric Corporation, Scud (Fujian) Electronics Co. Ltd., Shun Shing Standard Corporation Development Ltd., Spectrum Brands Inc. (Rayovac Division), Uniross Batteries S.A.S and Yuasa Battery Inc.
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