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Smart battery chargers are high-frequency chargers that automate steps and variations with embedded microprocessors to monitor the charging of any device and to provide an ambient and sustainable environment in order to attain a full charge. The smart battery charger market is rapidly developing in the sector of electric vehicle smart charging management system along with other sectors like consumer electronics. Smart battery chargers use cloud computing to monitor, manage, and restrict the use of a device remotely to optimize energy consumption. Smart batteries increase vehicle readiness and enable system-wide power management, which enhances the development and sustenance of the electric vehicle market by delivering ease of maintenance to the end-users. This feature has found a major use in US Army to reduce their operation and maintenance costs of ground vehicles.
Based on the product type, the market is classified into wired chargers and wireless chargers. The wired smart battery chargers segment is accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, due to its wide range of applications in laptops, mobiles, etc., and its comparatively lower cost. Most electronic devices in the market support wired charging.
Based on the category, the global market is classified into Original Equipment Manufacturer (OEM) and replacement; with OEM having a larger market share due to its concessionary pricing and manufacturer’s warranty. Based on the applications, the market is classified into smartphones, laptops, electric vehicles, tablets, and others. Owing to the rising demand and usage of smartphones, the smart chargers for smartphones is accounted for the major share of the market and it is anticipated that they will maintain their attractiveness during the forecast period.
The constantly evolving industries like consumer electronics and telecom, drive the smart battery charger market. The increasing demand for electric vehicles to boost sustainable development enhances the demand for smart batteries, which, in turn, propels the demand for the smart battery charger.
Using the internet of things (IoT) to collect a lot of data from distributed nodes leads to progress in energy technology. In the agriculture sector, the smart farm collects data on weather, soil moisture level, evaporation, and so forth from numerous nodes, distributed on the farming land. These nodes are battery-powered that rely on smart battery charging systems using solar power.
The key market restraint for the market is the high initial cost of smart battery chargers. Also, the high cost of replacement and switching costs are affecting the growth of the market.
Key Market Driver -
Increasing development in consumer electronics and demand of electric vehicles
Key Market Restraint -
High initial investment and maintenance cost
Some of the major companies in the smart battery charger market are Accutronics Ltd (An Ultralife Company), Analytic Systems, Associated Equipment, Delta-Q Technologies, Energizer Holdings, Exide Technologies, LLC, Ferro Magnetics Corporation, FRIWO, Hindlepower, Inc., and Panasonic.
The global smart battery charger market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global market, due to the high adoption of smart electronic devices and electric vehicles, specifically in the U.S. The U.S. Army’s investments in smart batteries and battery chargers have also given the market a boost in the region. The U.S. accounts for maximum market share in the smartphone market, which directly makes it the highest market shareholder for the smart battery charger.
Asia-Pacific is the fastest-growing region in terms of adoption of the smart battery chargers, as it is directly related to the rising adoption of technology in countries with growing economies like India and China. The digitalization of processes in these countries has led to the greater adoption of smartphones and other smart devices. The rising demand for smart devices, and hence, smart battery chargers in the developing countries makes the Asia-Pacific region a great growth potential.
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