Car Battery Chargers Market size, Share, Growth, And Industry Analysis, By Type (Smart or Intelligent Chargers, Float Chargers, Trickle Chargers), By Application (Electric or Hybrid Car Battery Chargers, Conventional Chargers), Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

Car Battery Chargers Market Report Overview

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global car battery chargers market size was USD 549 million in 2020 and market is projected to touch 941.53 Million By 2031, exhibiting a CAGR of 5% during the forecast period.

Electric cars such as battery electric vehicles and plug-in hybrid electric vehicles may be charged using a battery charger, which distributes electricity from the power grid. A broad variety of AC to DC converters and battery chargers have been developed and produced by the electric vehicle battery charger industry. The efficiency of battery charging is being improved by battery charger manufacturers, along with the conversion of alternating current to direct current. These companies are concentrating more on creating and developing various kinds of automobile battery chargers. Due to their growing adoption, electric vehicles are now a need on the worldwide market.

The application sector for battery chargers for electric and hybrid vehicles held the biggest market share, at more than 50%. Batteries of conventional vehicles, which include trucks, buses, and cars among other types of vehicles, are charged using standard vehicle battery chargers. The market for conventional car battery chargers is anticipated to expand significantly as a result of rising demand from end users and automobile manufacturers all over the world.

COVID-19 Impact: COVID-19 outbreak leading disruption in production demand hence decline in market growth

The continuous global pandemic brought on by COVID-19 has impeded the growth of the electric vehicle battery charger industry for the year 2020. During this pandemic period, the global market's supply chain has been disrupted, resulting in widespread disruption. This has had an impact on the financial sector of the global market. The leading firms' continuous dedication to the international market has led to increasing success in the current year, according to research on the global market. Additionally, it has prioritized growing its market share throughout the course of the predicted term.

Latest Trends

"Faster charging speeds and more customer convenience drives the market"

Faster charging speeds and more customer convenience are driving the demand for fast charging technologies. With some models offering charging durations as low as 15 to 30 minutes, manufacturers are investing in research and development to increase the speed and efficiency of electric car battery chargers. Consumers may now charge conveniently without cords because to the growing popularity of wireless charging technologies. Physical cords are not required for wireless charging since electromagnetic fields are used to transport energy from the charging pad to the vehicle's battery.

Numerous electric battery chargers, including inductive, alternating current, and direct current chargers, have been created for usage in home, workplace, public, or commercial charging. The market is expanding as a result of rising interest in electric and hybrid vehicles as well as increased knowledge of energy-efficient charging techniques.

Car Battery Chargers Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into smart or intelligent chargers, float chargers, trickle chargers. smart or intelligent chargers is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into electric or hybrid car battery chargers, conventional chargers. electric or hybrid car battery chargers will be the dominating segment.

Driving Factors

"Rising environmental concerns and technological improvements fuel market growth"

The move to electric vehicles is being driven by rising environmental concerns, which in turn is driving up demand for electric car battery chargers. The use of fossil fuels increases greenhouse gas emissions, a major factor in climate change. These emissions may be greatly reduced by using electric vehicles that are fueled by sustainable energy sources like solar or wind energy. Electric car battery chargers are becoming more effective, quick, and practical thanks to technological improvements. The most recent fast chargers, for instance, can fully charge an electric vehicle in as little as 30 minutes, making them a feasible alternative for long-distance travel. Additionally, wireless charging technology is being researched, which may make charging even more practical by doing away with the need for wires.

"Rising consumer electronics innovation and demand for electric cars fuel market growth"

The market for electric car battery chargers is significantly impacted by governmental rules and regulations. Globally, governments are enacting laws and policies to encourage the use of electric vehicles (EVs) in an effort to cut greenhouse gas emissions and enhance air quality. The need for electric car battery chargers grows along with the growth of electric automobiles. The International Energy Agency estimates that there were 10 million electric vehicles on the road in 2020, and that there will be 145 million by 2030.

Restraining Factors

"Significant maintenance costs and early investment may hamper the market growth"

Battery Chargers market restraints over the forecast period include adherence to strict regulations and disparate standards around the world, rising competition, inflation estimated to remain above the upper band during the short term in key nations, and fluctuating raw material prices. The most prevalent market barrier is a lack of infrastructure for charging, which affects industrialized as well as emerging markets. In addition to these, several emerging economies have low financial resources, which discourage them from funding the development of EV charging infrastructure.

Car Battery Chargers Market Regional Insights

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"Asia Pacific will be the leading region during forecast period"

The region with the fastest projected growth is Asia Pacific. The demand for electric vehicles in the area has been rising, which has also raised demand for car battery chargers there. By promoting the use of electric cars, nations like China and Japan have been concentrating on lowering carbon emissions, which will further enhance the growth of this sector throughout the anticipated period. Due to significant product penetration across several applications, including marine batteries and golf cart batteries among others, North America is predicted to have moderate growth.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• CTEK Holding AB (U.S.)
• Schumacher Electric Corporation (U.S.)
• Robert Bosch (Germany)
• Stanley Black & Decker (DeWalt) (U.S.)
• Current Ways Inc. (U.S.)
• Clore Automotive LLC (U.S.)
• NOCO Company (U.S.)
• Battery Tender (U.S.)
• Jiangsu Jianghe (China)
• Hengyuan Dianqi (China)
• Nanjing Super (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.