Trends like Smart Charging and IoT Powering up the Car Battery Chargers Market Revenue - FMI predicts the Industry to have a CAGR of 7% by 2033

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Sep 28, 2023, 10:10 ET

The car battery chargers market is undergoing a detailed analysis, with a distinction between manual charging and automatic charging methods.
Car battery chargers are increasingly moving towards automation, and FMI provides in-depth insights into this trend and its implications.

NEWARK, Del., Sept. 28, 2023 /PRNewswire/ -- According to forecasts, the car battery chargers market is expected to be US$ 22.09 billion in 2023 and US$ 43.47 billion by 2033.

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Smart charging for electric vehicles to optimize energy usage based on energy cost, grid constraints, and renewable energy availability will assist battery charger market expansion.

Energy technology advances due to the Internet of Things (IoT) being used to gather much data from distributed nodes. The smart farm in the agricultural sector collects information from several nodes dispersed around the farmed field on weather, soil moisture content, evaporation, and other factors. These nodes run on batteries and rely on intelligent solar-powered battery charging devices.

The market for battery chargers is anticipated to develop due to the adoption of smart charging for electric vehicles to optimize energy use depending on energy pricing, grid constraints, and the availability of renewable energy. Due to internal enthalpy changes, electrochemical polarization, and resistive heating, the batteries' reduced performance is impeding the market's growth.

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) emphasizes that car battery chargers are indispensable tools in the automotive industry. These devices play a crucial role in maintaining and rejuvenating vehicle batteries, ensuring reliable performance, and reducing the risk of unexpected breakdowns.

Key Takeaways from the Car Battery Chargers Market Study

By 2033, the car battery chargers market in the United Kingdom will likely expand, with a CAGR of 7.2%.
In 2023, the United States is expected to develop the car battery chargers business with a share of 14.7%.
The car battery chargers market grew considerably to US$ 20.73 billion in 2022.
The car battery chargers sector expanded at a CAGR of 6.6% from 2018 to 2022.
By 2033, China's car battery chargers market is projected to develop with a CAGR of 7.9%.
By 2033, India's car battery chargers industry is projected to expand with a CAGR of 7.4%.
Japan's car battery chargers industry will likely grow significantly, with a 7.1% share in 2023.
Australia's car battery chargers are expected to develop with a share of 1.2 in 2023.
Germany's car battery chargers business is expected to grow, with a share of 5.5% in 2023.
In 2023, based on the charging type, the automatic chargers segment is expected to dominate the market, with a share of 31.2%.
In 2023, a car battery charger segment is expected to dominate the market, with a share of 35.4%, based on product type.

Country-wise Insights: Car Battery Charges Market 2023:

Country	Market Share (2023)
United States	14.70 %
Germany	5.50 %
Japan	7.10 %
Australia	1.20 %

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Strategies for Winning Against Competitors in the Manufacture of Car Battery Chargers

Models for vehicles such as cars, motorcycles, ATVs, delivery trucks, and snowmobiles are among the new car battery chargers. Electric vehicles are expected to be utilized regularly for commercial and private transportation in this new era of mobility. Also, technical cooperation has significantly impacted the entire car battery charger sector expansion.

Recent Development:

A bi-directional onboard battery charger from Bel Power Solutions with an efficiency of over 94% and the ability to connect up to four charging units in parallel was made available in January 2021. According to Bel Power, this charger charges EV batteries directly from the grid or a charging station.
At CES 2023, the premier technology event in the world, ABB E-mobility unveiled its ground-breaking Terra Home charging system. By the middle of 2023, it should be available for purchase. Terra Home's distinctive design enables consumers to maximize their use of renewable energy, thus lowering their carbon footprint.

More Insights into the Global Car Battery Chargers Market Report

In its new report, Future Market Insights (FMI) offers an unbiased analysis of the global car battery charges industry, analyzing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033.

The study reveals growth projections for the global car battery chargers industry based on charging type (manual and automatic charging), charger type (Smart/Intelligent Charger, Float Charger, Trickle Charger), by portability (plugin and portable charger), by battery capacity (Up to 12V, 12V-48V, Above 48V), product type (Car Battery Charger, Electric Car Battery Charger), by applications (garage, personal use), and region.

Get the detailed research methodology of the report, access it here!

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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SOURCE Future Market Insights