Global Battery Charger Market Report and Forecast 2024-2032

Global Battery Charger Market Size

The global battery charger market value reached approximately USD 25.37 billion in 2023. The market is projected to grow at a CAGR of 5.60% between 2024 and 2032, reaching a value of around USD 41.50 billion by 2032.

Global Battery Charger Market Growth

The rising adoption of electric vehicles (EV), the growing penetration of smartphones and other smart devices, and the development of rapid charging technologies are some of the crucial factors driving the growth of the battery charger industry. Several smartphones come equipped with high-speed chargers whose voltage may range from 5V to 12V. Furthermore, wireless chargers are gaining popularity in the market as they offer the provision of charging multiple devices at once and reduce the clutter of wires.

Global Battery Charger Market Analysis

There is growing demand in the battery charger market for versatile chargers capable of powering various devices like smartphones, laptops, and power banks, reducing the need for multiple chargers. Additionally, manufacturers are investing in compact chargers that are portable and eliminate bulkiness, enhancing convenience for users on the move.

Market players are launching high-speed and efficient chargers to strengthen their position in the market. For instance, MIC Electronics announced in February 2024 that it is set to launch a 42V EV battery charger for two-wheelers.

Global Battery Charger Industry Outlook

The battery charger market dynamics and trends are influenced by the growing number of EV chargers globally. According to the Open Government Data (OGD) Platform India, 2,877 EV chargers have been sanctioned across various states and union territories in India by Sept 2023, with Maharashtra and Tamil Nadu leading with 317 and 281 EV chargers sanctioned.

As per the Federal Chamber of Automotive Industries, the total sales of electric vehicles in Australia have increased to 63,899 units in the first quarter of 2024 from 34,958 units in the first quarter of 2023, the growing number of EVs necessitates a robust infrastructure of residential, commercial, and public charging stations further driving the battery charger industry revenue.

According to the China Passenger Car Association and the European Automobile Manufacturers’ Association, In Q1 2024, global electric car sales increased to approximately 3.5 million units, up from around 1.75 million units in Q1 2022. In Europe, sales increased from 0.65 million units in Q1 2022 to approximately 1.2 million units in Q1 2024. In the United States, sales rose to approximately 0.75 million units in Q1 2024 from 0.35 million units in Q1 2022, indicating substantial growth in both regions.

As per the International Council on Clean Transportation, by the end of 2022, China had established the world's largest public charger infrastructure network, with its public charger stock reaching 1 million units.

As per the International Renewable Energy Agency, Between 2020 and 2022, global renewable energy capacity experienced significant growth. In 2020, the total capacity was 2,824,989 MW, which expanded to 3,381,758 MW by 2022, reflecting a growth of approximately 19.7%. In 2022, Asia led this expansion with a capacity of 1,636,558 MW, while Europe also demonstrated substantial growth, reaching 705,851 MW.

The growing usage of portable electronic devices and electric vehicles fuels the need for efficient battery chargers bolstering the battery charger market revenue.

• Advancements like fast charging and wireless chargers boost product attractiveness and functionality.

• Battery chargers serve multiple sectors, including consumer electronics, automotive, and industrial applications, extending market reach.

A crowded market with numerous players leads to fierce price competition and lower profit margins.

• The presence of low-quality, counterfeit products can erode consumer trust and harm brand reputation.

• Fluctuations in raw material availability and prices can impact manufacturing costs and supply chain stability.

Increasing electric vehicle sales present significant growth potential for the EV battery charger segment.

• The rising use of renewable energy sources offers opportunities for developing solar-powered and other eco-friendly charging solutions.

• Expanding into developing regions with growing disposable incomes and technological adoption can drive the battery charger industry growth.

Rapid technological advancements can render existing products outdated, necessitating ongoing innovation.

• Global economic fluctuations and uncertainties can affect consumer spending on non-essential electronic devices.

• Stringent environmental regulations and compliance requirements can increase operational costs and complicate market entry.

Key Players in the Global Battery Charger Market and their Key Initiatives

Eaton Corporation Plc

• Launch of advanced DC fast chargers for electric vehicles. 

• Investment in smart grid technology for enhanced charger integration. 

ABB Ltd.

• Formed strategic alliances with leading EV manufacturers to enhance charging infrastructure.

• The company's development of an e-mobility home charging solution meets the growing demand in the battery charger market.

Schneider Electric SE

• Launched new EVlink Pro AC and EVlink Home Smart chargers.

• Introduced EcoStruxure for improved energy efficiency in charging stations.

Hitachi Ltd.

• Developed and commercialised the multi-port EV charger, which can be applied to the solutions.

• The company has expanded its manufacturing facilities in strategic markets to meet the growing battery charger market opportunities.

Global Battery Charger Industry Segmentation

“Global Battery Charger Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Wired  

• Wireless 

Market Breakup by Application

• Smartphones 

• Laptops 

• Electric Vehicles 

• Tablets 

• Digital Cameras 

• Others 

Market Breakup by Category

• OEM 

• Replacement 

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Battery Charger Market Share

Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region holds a substantial market share driven by the rapid expansion of the electronics industry, increased adoption of electric vehicles due to heightened environmental awareness, and continuous advancements in charging capabilities through ongoing research by market participants enhances the growth of the battery charger market.

Leading Companies in the Battery Charger Market

The market participants are introducing novel battery chargers with sleek designs and superior charging capacities.

• Eaton Corporation Plc

• Schneider Electric SE  

• Hitachi Ltd. 

• ABB Ltd. 

• Phihong Technology Co. Ltd.  

• Ultralife Corp. 

• Yuasa Battery, Inc.  

• Panasonic Holdings Corp. 

• Schumacher Electric Corporation 

• Exide Technologies, LLC 

• Analytic Systems Ware Ltd. 

• Associated Equipment Corp.  

• Charging Technologies Inc.  

• Hindlepower, Inc.

Key Highlights of the Report

Battery Charger Market Report Snapshots

Battery Charger Market Size

Battery Charger Market Growth

Battery Charger Market Analysis

Battery Charger Market Share

Battery Charger Companies