Battery Chargers Market Size

Battery Chargers Market size was valued at USD 1.3 billion in 2024 and is projected to reach USD 2.8 billion by the end of 2037, rising at a CAGR of 6% during the forecast period, i.e., 2025-2037. In 2025, the industry size of battery chargers is evaluated at USD 1.4 billion. 

The market for battery chargers is rising rapidly due to the increasing demand for electric vehicles, boats/marine applications, golf carts, scissor lifts, pallet jacks, low-speed vehicles (LSVs)/work vehicles, and the growing thoughtfulness pertaining to renewable solutions. The growth of automotive industries toward electrification fuels the demand for efficient, high-capacity chargers and creates lucrative opportunities for manufacturers. In November 2022, BorgWarner won a major contract to supply an 800-volt bi-directional onboard charger to an OEM in North America. The move will improve the fast charging capability of the next generation of battery chargers. This development underlines the industry's commitment toward higher-scale charging solutions, meeting the efficiency and compatibility needs in the battery charging infrastructure. 

Governments around the world also push the battery chargers market growth through the promotion of expanding electric infrastructure and offering incentives for sustainable energy solutions. Significantly, government initiatives in both the U.S. and Europe have provided tax benefits and grants toward establishing EV charging networks, further propelling this industry's growth. Consequently, many government reports indicate that such programs have resulted in increased participation in public-private collaboration in infrastructure projects. Such strategic support by governments is likely to accelerate further developments and innovations in the battery chargers market.