The growing demand for battery powered electronic devices and equipment will drive the global battery chargers market through 2019. The market is expected to grow at a CAGR of 6.1%, reaching $7.7 billion in 2019, a $2 billion increase from its 2014 value.
Although the market is forecasted to grow each year, fluctuation is expected as 2015-2016 will be the slowest growing years for the market, before the market gets a big boost in 2017-2019.
Source: Technavio 2015
The growth rate from 2015-2016 will decline due to poor sales of laptops and the slowing down of the smartphone market. In 2014 laptops were the leading contributing segment to the global battery chargers market but an increased adoption of Ultrabooks has led to a decline in their growth rate.
The market is likely to witness an increase in growth rate between 2017 and 2019 because of the rising popularity of EVs, while smartwatches are slowly getting a bigger chunk of the market.
In 2014, the laptop and feature phone (phones that can access internet and store/play music but lack the advanced functionalities of smartphones) segments combined for nearly 45% of the global battery chargers market share, while EVs had under 12%. Fast forward to 2019 and EVs will be the fastest growing segment, dominating the market, nearly doubling the combined market share of laptops and feature phones. The dominance of EVs should continue as many segments are starting to decline and smartphone growth has slowed.
The rise of connected devices and EVs in emerging economies like China and India are big drivers of the global battery chargers market. North America will also play a large role as Canada and United States are two of the leading countries for adopting technological advancements. Two week ago Technavio reported that the low emission vehicles market in the United States was growing steadily thanks to the increased popularity of EVs.
Currently, EVs have to be charged at charging banks, where charging units are connected to the vehicle through a cord. EV manufacturers are looking at a scenario where vehicles can be charged while on the move using charging pads embedded in highways. However, this is still at the planning stage. Wireless charging banks that enable charging of multiple vehicles parked near these banks are also being developed on a priority basis. This presents a huge potential for manufacturers of battery chargers.
