May 24, 2022 06:46 ET | Source: Market Research Future Market Research Future

New York, New York, UNITED STATES

New York, US, May 24, 2022 (GLOBE NEWSWIRE) -- Lithium Battery Charger ICs Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Lithium Battery Charger IC Market” information by Charger Type, by Appliance, by End-user and Region – Forecast to 2030” market size to reach USD 36 billion, growing at a compound annual growth rate of 22.2% by 2030.

Lithium Battery Charger ICs Market Scope: The growing popularity of wearables, health diagnostic products, and hearing aids are inducing the demand for charger ICs that can boost battery life which in turn will fuel the market growth over the forecast period.

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Market USP Exclusively Encompassed: Lithium Battery Charger ICs Market Drivers Increasing Adoption in Different Appliances & Electronics Industries to offer Robust Opportunities Lithium-ion batteries along with being rechargeable also have a long life cycle, as well as high energy density, improved performance, and increased reliability. Lithium-ion batteries are an excellent choice for modern technologies that improve the market. Thus, lithium-ion batteries are widely utilized in a variety of appliances and electronics sectors, including energy and electricity, automotive, and others which will offer robust opportunities for the market over the forecast period.

Over the last decade, the global market for lithium-ion batteries has grown dramatically. As a result of this tendency, the market is expected to grow significantly. The growing need for smart devices & other consumer electrical products is also boosting the market for lithium battery charger ICs. In addition, the growing popularity of electric and hybrid vehicles is driving up demand for lithium battery charger ICs.

Stringent Environmental Regulations to act as Market Restraint Lithium batteries use nickel and cobalt cathodes, and solvent-based electrode manufacturing, which have the most negative environmental consequences. Global warming, ecological damage, resource depletion, & human health effects are among them. Lithium toxicity has negative pulmonary, respiratory, and neurological repercussions in people who are exposed to it. The implementation of severe environmental regulations in numerous countries may stifle current market growth, impacting lithium battery charger ICs sales and consumption in the next years.

Concerns related to Thermal Stability and Overheating to act as Market Challenge The concerns related to thermal stability and overheating of li-ion batteries may act a market challenge over the forecast period.

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Segmentation of Market Covered in the Research: The global lithium battery charger ICs market is bifurcated based on end user, appliance, and charger type.

By charger type, switching battery chargers will lead the market over the forecast period.

By appliance, small appliances will dominate the market over the forecast period.

By end user, consumer electronics will spearhead the market over the forecast period.

Regional Analysis North America to Hold Winning Streak in Lithium Battery Charger ICs Market North America will hold a winning streak in the global lithium battery charger ICs market over the forecast period. Consumption and sales of lithium-ion battery charger ICs in the region are increasing due to factors such as rising need for Li-ion batteries in smartphones as well as other consumer electronic gadgets. This is due to the presence of notable players and company investments to improve the li-on batteries’ charging capacities. The market in the region in 2017 was valued at USD 4.10 billion, and is predicted to grow to USD 12,225.9 million by 2023, representing a 21.32 percent compound annual growth rate (CAGR).

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Europe to Hold Second Largest Share in Lithium Battery Charger ICs Market In 2017, Europe had the second-largest proportion of the global market, with USD 1.79 billion in revenue. During the assessment period, the market in Europe is estimated to rise at a 17.89 percent CAGR. Factors such as increased renewable energy generation and a focus on reducing reliance on fossil fuels are expected to boost the market share in the region.

The market for lithium battery charger ICs is being driven by the rising creation of hybrid and electric vehicles in the region. In the area, Germany is predicted to be the largest market. With the presence of several automotive behemoths, the market in the region is expected to reach USD 978.87 million by 2023. The region's market will benefit from rising usage across various industries and also favourable legislation in several regional marketplaces.

Dominant Key Players in Lithium Battery Charger ICs Market Covered are:

COVID-19 Impact on the Global Lithium Battery Charger ICs Market The COVID-19 epidemic has forced the closure of multiple IC charger lithium battery production sites around the world, resulting in significant revenue losses in industries such as consumer electronics, automotive, energy and power, and others. The coronavirus-caused shutdown halted manufacturing of numerous important raw materials on the global market, causing its costs to skyrocket.

However, the market is again preparing for the tighter restrictions, which are gradually becoming less restrictive. Innovative industry companies have been actively looking for new applications for such charger ICs in COVID 19 treatment monitoring and tracking systems. Following the lifting of the lockdown in a number of nations, product need in end-use sectors may go up.

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Competitive Landscape Given the existence of leading manufacturers and distributors, the global lithium battery charger ICs market looks to be extremely fragmented. To gain traction, they look for chances to integrate across the whole value chain, focusing on research and development investments, mergers and acquisitions, and production facility development. New ICs makers join the market with high pricing in order to undercut incumbent players and gain traction in international markets.

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About Market Research Future: Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.