The increased demand for electric vehicles, infrastructure programs and subsidies to encourage electric vehicles, and increasing energy costs are the main drivers propelling the expansion of the automobile battery charger market. Additionally, throughout the course of the forecast period, the market expansion is anticipated to be fueled by developments in battery charging technology and a greater emphasis on offering solutions for faster charging. Additionally, producers are putting more emphasis on offering improved and more efficient charging alternatives. It is expected that this will aid the market's growth all throughout successive periods.
The Market is required because it offers affordable and effective charging solutions. This lowers the overall cost of operating electric automobiles. Over the course of the projection period, it is also projected that the growing number of smart chargers for faster charging would accelerate market expansion. Smart chargers are made to offer better safety features and consume less energy when charging batteries. Automobile makers are likewise putting a lot of effort into offering their clients dependable charging options. As a result, it is projected that this will aid in the market's growth over the coming years.
The battery of a car or other vehicle is charged using an automotive battery charger. It is commonly attached to the external power source or the onboard power source, and it is programmed to automatically control the charging pace and turn off when the battery is fully charged. Automotive battery chargers come in a variety of designs, including trickle chargers, float chargers, smart chargers, and intelligent chargers. The most often used chargers are smart chargers since they offer better safety features that can be used to start charging various battery kinds.
During the forecast period of 2021–2031, the worldwide automotive battery charger market is anticipated to expand at a CAGR of 6.5%. The sale of electric vehicles is on the rise, and there is a demand for effective charging options. The market is expanding as a result of the increasing use of smart chargers to recharge electric vehicles.
The price of battery chargers is the main issue the market is dealing with. The market's expansion is also being constrained by energy price changes and a lack of charging infrastructure, particularly in developing nations. Additionally, safety issues with specific batteries may restrict the use of chargers for particular vehicles. Nonetheless, during the projection period, it is anticipated that these difficulties would diminish greatly as a result of technological improvements and the creation of effective charging alternatives.
The Smart or Intelligent Chargers Segment emerged as the Most Lucrative Type
During the forecast period, the Automotive Battery Charger Market is expected to expand at the highest CAGR in the Smart or Intelligent Chargers segment. This growth is linked to the rise in the popularity of intelligent battery chargers, which make charging electric vehicles more convenient and efficient. Smart chargers have the ability to self-diagnose issues with a car's battery and charging system and even send notifications about the battery's charge level. This increases their consumer appeal and fuels the market's desire for them.
The Most Prominent Application is the Conventional Chargers Segment
In the Automotive Battery Charger Market, the category for conventional chargers is anticipated to expand at the highest CAGR during the forecast period. This growth is linked to the rise in demand for conventional chargers, which are used to power backup cameras, radios, and starter batteries in automobiles. Many users favour these chargers since they are affordable when compared to other kinds of battery chargers.
The North American Region to render Ample Financing Opportunities
During the projected period, North America is anticipated to dominate the automotive battery charger market. The presence of significant competitors in the area and rising demand for electric vehicles and charging stations in North American nations including the United States, Canada, and Mexico are both credited with this expansion. Government programmes aimed at encouraging the usage of electric vehicles are also boosting this region's marketplace.
COVID-19 Impact and Market Status
The market for automobile battery chargers has been significantly impacted by the COVID-19 outbreak. Lockdowns and decreased consumer spending have a significant negative influence on the global sales of electric vehicles. The pandemic's effects on production and supply chains also had an impact on the market expansion. However, sales of electric vehicles have resumed as a result of the relaxation of regulations in several nations. Moreover, the market is expanding as a result of the rising demand for effective charging solutions. The market for vehicle battery chargers is anticipated to expand substantially between 2021 and 2031.
CTEK Power AB, Vertiv Group Corporation, Delta Electronics Inc., Robert Bosch GmbH, Panasonic Corporation, Exide Technologies Inc., NOCO Company LLC, Energizer Holdings Inc., and Snap-on Incorporated are some of the leading companies in the automotive battery charger market. These businesses are making considerable investments in R&D projects to develop cutting-edge technologies for electric vehicle charging technologies.
Recent Developments in the Automotive Battery Charger Market
• Bosch Security and Safety Systems unveiled a new battery charger in February 2019 that has the capacity to charge three batteries simultaneously. The app-enabled charger has features like remote monitoring, temperature control, and maintenance warnings and is made to achieve the best charging outcomes for car batteries.
• Advanced smart auto battery chargers from CTEK that can charge, maintain, and recondition lead-acid batteries were released in August 2019 and are suited for all types of batteries. The charger has cutting-edge technologies including a temperature sensor and cutting-edge pulse technology, which aid in improving the battery's performance.
• The launch of the next generation of automobile battery chargers for electric vehicles was announced by Johnson Matthey PLC in April 2020. The chargers have sophisticated algorithms that can analyse the battery's state and improve the charging process.
• ABB Ltd. introduced a new line of EV charging solutions in March 2021 intending to give electric car owners a secure, convenient, and safe experience. Cloud-based technology is embedded into the chargers, enabling users to remotely monitor the charging process and provide energy usage information for improved optimization.
• Delphi Technologies announced the arrival of its innovative wireless automobile battery charger in April 2021. With a maximum output of 50 kW, this charger can charge two electric vehicles simultaneously. Advanced sensors and technologies are also included for increased performance and safety.
Automotive Battery Charger Market Scope
|Forecast Unit||Value (USD)|
|Growth Rate||CAGR of 6.5% during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||CTEK Power AB, Vertiv Group Corporation, Delta Electronics Inc., Robert Bosch GmbH, Panasonic Corporation, Exide Technologies Inc., NOCO Company LLC, Energizer Holdings Inc., and Snap-on Incorporated|
Key Segments of the Automotive Battery Charger Market
Type Overview, 2021-2031 (USD Billion)
- Smart or Intelligent Chargers
- Float Chargers, Trickle Chargers
Application Overview, 2021-2031 (USD Billion)
- BEV & PHEV & FCV
- Conventional Chargers
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa