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Jun 23, 2023

Battery Charger Market Size, Share, Growth Rate (CAGR of 4.9%), and Forecast 2023

According to the latest report by IMARC Group, titled “Battery Charger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the

According to the latest report by IMARC Group, titled “Battery Charger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on the global battery charger market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global battery charger market size reached US$ 24.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.

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Battery Charger Industry Overview:

Battery charger refers to a device that stores energy in a battery by passing an electric current. It is manufactured using several components, such as a transformer, diode, fuse, voltage regulator, variable resistors, wires, and input and out cables. A battery charger converts the high-voltage alternating current (AC) into a low-voltage direct current (DC) via a transformer. It is widely used in consumer electronics, automobiles, boats, and industrial machinery. A battery charger is cost-effective and convenient, protects batteries, provides continuous monitoring, and offers reliable charging. It also aids batteries in achieving optimal performance and extends their service life by preventing overcharging, undercharging, and pressure build-up.

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Global Battery Charger Market Demand:

The significant growth in the electronics industry across the globe is one of the primary factors driving the market growth. The battery charger is widely used to recharge batteries in various electronic devices, such as smartphones, laptops, tablets, cameras, handheld video game consoles, torch lights, hair trimmers, portable drilling machines, toys, radios, electric toothbrushes, speakers, and music players. Furthermore, the widespread product utilization in the automotive industry to charge batteries in electric cars, scooters, bicycles, and hybrid vehicles is providing an impetus to the market growth. In addition to this, the implementation of various government initiatives to promote the adoption of electric vehicles (EVs) due to rising environmental pollution and global warming is acting as another growth-inducing factor.

Moreover, a battery charger is used by manufacturers to charge various industrial equipment, such as electric forklifts, utility vehicles, ground support equipment, and construction machinery, which is propelling the market growth. Additionally, the introduction of smart battery chargers that are safe, shock-proof, provide charging status, maintain battery health, offer switchable charging modes, and improve battery longevity is positively influencing the market growth. Apart from this, the recent development of embedded battery chargers that reduce the requirement for additional outlets, improve charging rates, allow power sharing with other devices, and offer compatibility with various battery chemistries is favoring the market growth. Other factors, including the rapid proliferation of smartphones, easy product availability across e-commerce platforms, and the introduction of advanced products, such as portable, wireless, and solar-powered chargers, are anticipated to drive the market growth.

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Top Battery Charger Brands Worldwide:

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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