Battery Charger Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

By Product Type :

Based on the product type, the market is bifurcated into wired and wireless. The wired segment accounted for the largest revenue share in the year 2022. The ability of wired chargers to provide efficiency and high charging speed is driving the growth of the market. Wired charging takes less time to replenish the battery of devices such as smartphones, laptops, and tablets. Wired charging delivers a high current flow directly to the battery, allowing for a more efficient charging process. Moreover, wired chargers provide a reliable and smooth connection between a charger and a battery to ensure consistent flow of electricity.

The wireless segment is expected to witness the fastest CAGR growth during the forecast period. Wireless charging involves transferring power from the charger to a receiver in the device via electromagnetic induction. Wireless charging technology allows multiple devices to charge simultaneously, thereby eliminating the need for separate cables or wires. Moreover, wireless chargers automatically turn off once devices are fully charged to stop overheating leading to less damage to the battery. For instance, in July 2020, Qualcomm Technologies, Inc. launched Quick Charge 5, the fastest wireless commercial charging technology for Android devices to deliver high charging speed and efficiency for smartphones. Consequently, the ability of wireless chargers to transfer power to your phone efficiently is accelerating the growth of the market.

By Category:

Based on the category, the market is separated into OEM and replacement. The OEM (Original Equipment Manufacturer) segment accounted for the largest revenue share in the year 2022. OEM chargers are integrated with the original design and manufacturing of the device or system. Therefore, OEM battery chargers are compatible and provide seamless integration with the device to provide an efficient charging solution. For instance, in February 2022, 150W SUPERVOOC with Battery Health Engine (BHE) and 240W SUPERVOOC flash charge technology offering 1,600 charge cycles for fast charging and ensuring battery's health protection.

The replacement segment is anticipated to register the fastest CAGR growth during the forecast period. Replacement chargers are designed to be compatible for a wide range of devices or systems, allowing for flexibility in upgrading the charging capabilities of existing equipment. Moreover, replacement chargers provide a cost-effective solution for charging as the chargers provided by the OEM is quite expensive. Thus, the compatibility and cost-effectiveness of replacement chargers is expected to drive the market growth during the forecast period.

By Application :

Based on the application, the market is segregated into smartphones, laptops, electric vehicles, tablets, digital cameras, feature phones, and others. The smartphone segment accounted for the largest revenue share of 26.32% in the year 2022. A mobile charger works by converting AC power from a USB port or wall socket into DC power that is utilized to charge a mobile device's battery. Therefore, battery chargers play a crucial role in providing necessary power for efficient functioning of smartphones. Moreover, battery chargers are crucial in maintaining battery health and longevity in order to prevent damage to the smartphone batteries, resulting in market growth.

The electric vehicles segment is expected to emerge as the fastest-growing segment during the forecast period. Battery chargers play a crucial role in charging Lithium-ion batteries deployed in electric vehicles. Battery chargers in electric vehicles provide different charging modes and speeds to accommodate different charging requirements. Therefore, the increasing adoption of battery chargers in EV charging stations to convert AC power to DC power is accelerating the growth of the market. For instance, in September 2021, ABB launched an innovative all-in-one Electric Vehicle (EV) charger ideal for refueling stations, urban charging stations, retail parking and fleet applications. Thus, the ability of battery chargers to allow electric vehicles to function for prolonged periods is proliferating the growth of the market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022. The increasing adoption of electric vehicles in the region is driving the growth of battery charger market. Battery chargers play a crucial role in charging the Lithium-ion batteries used for operating electric vehicles efficiently. For instance, according to IEA, sales of electric cars doubled to 6.6 million, representing approximately 9% of the global car market in 2021. Therefore, the rising adoption of electric vehicles among consumers is accelerating the growth of the regional market.

The Asia-Pacific region accounted for a revenue share of USD 3,725.26 Million in 2022 and is expected to reach USD 6137.84 Million in 2030 registering a CAGR of 6.7% during the forecast period, 2023-30. In addition, in the region, China accounted for a revenue share of 29.5% in the same year. The growing adoption of consumer electronics devices such as smartphones, laptops, and tablets among the population is driving the growth of the market. Manufacturers are taking several initiatives to manufacture wired and wireless charging systems for efficient functioning of consumer electronics devices. Moreover, the growing trend of smart wearables among consumers is driving the demand for battery chargers, leading to the market growth during the forecast period.