The car battery chargers market is anticipated to increase, from USD 22.09 billion in 2023 to USD 43.47 billion in 2033. According to FMI, the market is expected to expand at a CAGR of 7.0% over the course of the projected period.
Production of hybrid and electric cars has increased, and demand for passenger hybrid-electric vehicles is on the rise. These are the main drivers influencing the car battery chargers market revenue growth.
Additionally, strict regulatory requirements and automotive standards regarding hybrid and electric vehicles have an impact on the demand for car battery chargers. Advancements in the automotive industry and increased investment for in-car charger manufacturing businesses globally are expected to have a big impact on the market for car battery chargers shortly.
| Attributes | Details |
|---|---|
| Car Battery Chargers Market CAGR (2023 to 2033) | 7.0% |
| Car Battery Chargers Market Size (2023) | USD 22.09 billion |
| Car Battery Chargers Market Size (2033) | USD 43.47 billion |
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As the market is moving towards automation, the demand for automatic car battery chargers is much higher than for manual car battery chargers. Compared to automatic car battery chargers, it is expected that the adoption rate of manual car battery chargers is significantly low during the forecast period. Additionally, to overcome the issue of overcharging, businesses are creating innovative portable battery chargers as well as automatic car battery chargers. These cutting-edge features are useful in preventing damages brought on by overcharging and overheating batteries. This is likely to propel the car battery chargers market share during the projected period. However, by 2033, it is anticipated that the market for manual automobile battery chargers is worth more than USD 500 million. As automatic charging is so expensive, manual charging continues to rule the markets in the Asia Pacific (excluding Japan) and the Middle East & Africa areas.
Due to important factors, such as strategic moves made by key players, government initiatives to improve infrastructure and the sale of electric vehicles, and the rising demand for electric vehicles, the car battery chargers market and electric vehicle battery chargers is expected to grow over the forecast period.
Nearly 23% of worldwide GHG emissions are accounted for by the transport sectors, according to the Bureau of Energy Efficiency research, which has raised concerns among the public. Additionally, the population's demand for electric vehicles has grown, driving up demand for car battery chargers.
Inadequate support infrastructure, a lack of knowledge about electric vehicles, expensive electric car prices, and range anxiety are some significant challenges that limit car battery chargers market growth throughout the projection period. Therefore, to enhance their development and production processes, the leading worldwide key players concentrate more on these market restrictions.
Advances in digital technology are enabling effective operational maintenance, efficient production, portfolio expansion, and sales monitoring in the car battery chargers market. Increasing disposable incomes in developing countries that are developing quickly, decentralized networks, intelligent automation, and a proliferation of demand for smart storage are a few of the important car battery chargers market developments.
Moreover, the post-pandemic economic recovery increased energy consumption, as well as the sales of automobiles, industrial equipment, and consumer products, which contributed to the strong growth rate in 2021 seen in the car battery chargers market.
As a result of the ongoing increase in the production and sales of battery-operated electronic devices and equipment, along with the development of new, more effective battery technologies, the market for car battery chargers is expanding in a northward direction.
Moreover, due to its application in different sectors like the consumer electronics, automotive, telecommunications, industrial, and information technology sectors, the demand for car battery chargers is going on to new heights.
Strict emission control rules, frequent air filter replacement for IC-based engines, and cheaper maintenance and operating expenses when compared to conventional IC engine-based cars are ready to propel the worldwide car battery charger market share. Numerous standardized products that help to minimize the cost of acquiring resources have been produced as a result of research and development initiatives.
At the moment, the growth of the electronics sector is the main force behind the need for car battery chargers. The car battery chargers market growth is expected as the demand for electric vehicles (EVs) and connected gadgets rises.
For instance, global sales of electric cars reached 0.0021 billion in 2019, an increase of 6.1% from the year before. The sale of 0.00265 billion new EVs in the first half of 2021 is what is now driving the global sales of car battery chargers.
| Segment | Charging type |
|---|---|
| Top-segment | Automatic Charger |
| Market Share (2023) | 31.2% |
| Segment | Product Type |
|---|---|
| Top-segment | Car Battery Chargers |
| Market Share (2023) | 35.4% |
Over the projected period, the portable chargers segment is anticipated to have the leading revenue share. Customers take around the portable chargers that are readily available on the market due to their tiny and compact nature. Because of this, the market for car battery chargers' portable category is the most alluring.
Moreover, in the car battery chargers market, the portable segment is anticipated to expand at a CAGR of 6.9% during the forecast period.
Automatic charging is anticipated to dominate the charging type segment in the market for car battery chargers throughout the course of the forecast period. The functionality and operation of battery chargers for electric cars are more complex than those for conventional vehicles. Electric car battery chargers are available at both public and private charging facilities. These factors increase the overall demand for car battery charges.
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| Countries | Market Share (2023) |
|---|---|
| United States | 14.7% |
| Germany | 5.5% |
| Japan | 7.1% |
| Australia | 1.2% |
North America had the leading market share of 37.83%. The presence of significant manufacturers and consumers in the area supports the region's growth. Due to the significant need for car battery chargers from numerous different industries, such as automotive, telecommunications, information technology, and consumer electronics, this area is predicted to maintain its market dominance.
| Countries | Market CAGR (2023 to 2033) |
|---|---|
| China | 7.9% |
| India | 7.4% |
Over the forecast period, the Asia Pacific car battery charger market is anticipated to experience the quickest CAGR growth. As a result of government measures, particularly in China, to clean up transportation and reduce emissions, the Asia Pacific region is anticipated to grow quickly.
One of the factors anticipated to drive market sales of car battery chargers in the Asia Pacific over the forecast period is an increase in government investment in infrastructure for automotive chargers. Nations like China and Japan are primarily responsible for the Asia Pacific region's revenue growth, due to the numerous car battery chargers market key players in the region.
Technical collaboration has impacted the overall growth of the car battery chargers market. Moreover, continuous product innovation by key manufacturers is providing favorable opportunities for the global market.
Recent Developments
The producers of car battery chargers are concentrating on strategic developments, including new product introductions, business growth, alliances, and acquisitions. Like the SmartCharge Pro, SmartCharge Plus, and SmartCharge product lines that Robert Bosch GmbH unveiled in 2016.
The new line of smart charger devices includes models for automobiles, motorbikes, ATVs, boats, delivery trucks, and snowmobiles, among other vehicle types. This new era of mobility is dominated by electric vehicles, which are likely to be used frequently in urban, commercial, and private transportation.
As mobility becomes electric, infrastructure and charging systems must be built, in addition to batteries and automobiles. Schunk Transit Systems offer advanced e-mobility. Moreover, it offers well-developed, tried-and-true, industry-leading solutions for buses and passenger cars Smart Charging
Moreover, their portfolio of charging systems, brings the benefits of hybrid and all-electric vehicles to the road, making more opportunities for car battery chargers manufacturers.
In Europe, there are 3 million electric vehicles on the road by 2020, including both battery and plug-in hybrid models. It's anticipated that e-mobility is likely to increase during the next ten years.
It’s likely that by 2033 there are likely to be more than 40 million electric vehicles (EVs) on the continent of Europe. But the business must increase the ease of charging EVs if it wants to expand this market.
Moreover, an ongoing development is robotic charging. Here are a few more scenarios in which robotic charging is affecting the overall demand for car battery chargers.
The development of driverless parking and autonomous driving in the future is going to make automated car battery chargers even more important. In these instances, the car parks itself without human assistance, and a robot takes over the charging procedure. The manual charging procedure, as we know, is most likely to no longer be required thanks to automated technology.
The market is valued at USD 22.09 billion in 2023.
CTEK Holding AB, Delphi Automotive, and Schumacher Electric Corporation are key market players.
Automatic charger is likely to remain preferred through 2033.
The market will register a 7% CAGR through 2033.
By 2033, the market will reach USD 43.47 billion.
| Market Valuation (2023) | USD 5.4 billion |
|---|---|
| Market Valuation (2033) | USD 9.1 billion |
| Market CAGR (2023 to 2033) | 5.2% |
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