(MENAFN - Market Press) The latest report by IMARC Group, titled 'Battery Charger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023', finds that the global battery charger market reached a value of around US$ 17.2 Billion in 2017. Battery charger refers to a device which converts AC current into low-voltage AC or DC current for charging an array of portable electronic devices across various industries. There is a wide variety of battery chargers available in the market which can be powered through a wall outlet, car port or even a computer USB port. In addition, these battery chargers are designed to work at alternate charging speeds to suit the requirements of different types of batteries. Characterised by growing disposable incomes and widespread use of modern technologies, there has been a significant growth in the demand for battery chargers.
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Battery Charger Market Trends:
In the recent years, the ubiquity of portable electronics, such as laptops, smart watches, digital cameras, mobile phones, etc. has created a huge demand for battery chargers. Apart from this, these chargers are also required for a number of wearable medical devices including hearing aids, diagnostics monitoring patches and fitness bands. In order to meet the emerging needs of the consumers, the manufacturers are improving the functionality and capacity of battery chargers so as to make them faster, more powerful and affordable. They have also developed solar battery chargers which can be used in remote locations without any electricity and help in reducing the dependence on conventional sources of electricity. In addition, the growing demand for electric vehicles (EVs) has encouraged market players to invest in the development of safe and efficient EV battery chargers. Looking forward, the battery charger market size is projected to reach a value of US$ 27.6 Billion by 2023, exhibiting a CAGR of around 8% during 2018-2023.
Battery Charger Market Summary:
• On the basis of application, smart phones represent the largest segment, holding the majority of the global share. Other application segments include laptops, electric vehicles, tablets, digital cameras and feature phones.
• Based on category, the market has been segregated into OEM (Original Equipment Manufacturer) and replacement battery chargers. Currently, the OEM segment dominates the market, accounting for the largest share.
• The market has been classified on the basis of product type into wired and wireless battery chargers. Amongst these, wired battery chargers represent the most popular product type in the market.
• Region-wise, North America enjoys the leading position in the global battery charger market on account of the large base of tech-savvy consumers in the region. Other major regions are Asia Pacific, Europe, Middle East and Africa, and Latin America.
• The competitive landscape of the global battery charger market has been examined with some of the key players being Anoma Corporation, Accutronics Limited, Analytic Systems Ware Ltd., Exide Technologies, Associated Equipment Corporation, Energizer Holdings Inc., Ferro Magnetics Corporation, Panasonic Corporation of North America, FRIWO AG, HindlePower, Inc., Phihong USA Corporation, Powerbase Industrial (HK) Ltd., Saft S.A., Salcomp Plc, Schumacher Electric Corporation, Scud (Fujian) Electronics Co. Ltd., Shun Shing Standard Corporation Development Ltd., Spectrum Brands Inc. (Rayovac Division), Uniross Batteries S.A.S and Yuasa Battery Inc.
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