Lithium Battery Charger ICs Market Overview
The Lithium Battery Charger ICs Market will witness a healthy growth from 2018 to 2023, a research report suggests. Growing at a CAGR of 21.11%, the market is projected to reach USD 34.45 billion by 2023. Lithium-ion batteries are rechargeable and have a good life cycle with features like high energy density, better performance and higher reliability. The lithium-ion battery is a great option for advanced devices that enhance the market. Lithium-ion batteries are highly used in various appliances and electronics industries such as energy and power, automotive, and other sectors. The higher demand from the consumer electronics and automotive sectors are propelling the share value of the Lithium Battery Charger ICs Market for a significant growth rate.
The COVID-19 pandemic has resulted in the shutdown of IC charger lithium battery manufacturing facilities worldwide. The huge revenue losses in end-use industries such as consumer electronics, energy & power, automotive, and others have resulted in a decreased growth rate. The coronavirus- lockdown halted the production of raw materials in the global market, which affected the production of lithium battery charger ICs.
Competitive Landscape
The global lithium battery charger ICs market research report brings a comprehensive study of charger type, end-user, region, and appliance market segments, regional analysis, and consumer electronics based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to the presence of untapped market opportunities and the introduction of new products, the market is set to grow at a compound annual growth rate of 21.11% and is predicted to reach a value of US$34.45 billion by 2023. With SWOT analysis of consumer electronics based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the fluctuating prices of raw materials and the lack of effective policies, companies in the consumer electronics sector can change the way business is done.
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Market Segmentation
The consumer electronics sector has seen growth across charger type, end-user, region, and appliance segments owing to growing investments across different sectors and the rising developments in industrialization. To study the market, analysts have further segmented charger type, end-user, region, and appliance into charger type on the basis of buck/boost battery chargers, linear battery chargers, pulse battery chargers, smbus/i2c/spi controlled battery chargers, switching battery chargers, µmodule battery chargers. The market is further segmented into appliances which are split into gardening tools, power tools, small appliances, vacuum cleaners, and others. Additionally, the lithium battery charger ICs market on the basis of end-user is segmented into automotive, consumer electronics, energy & power, and others.
The segmental analysis presented in the report provides consumer electronics based organizations insights into key growth factors such as automation in industries as well as challenges such as resource depletion and human health impacts the market will face from 2018 to 2023. Technological advances and consumers’ growing inclination towards convenience are some of the key factors having an influence on consumer electronics based companies, suggest analysts as per the lithium battery charger ICs market report. But the report also identifies adverse respiratory and pulmonary effects and the growing impact on health as major threats companies in consumer electronics will face till 2023.
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Regional Overview
Consumer electronics based companies in the lithium battery charger ICs market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The presence of many untapped opportunities across the market will be a key growth driver for regional markets. However, the availability of alternative solutions will turn out to be a threat. For the forecast period 2018 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and consumer electronics based companies are spread across the United States, Canada, and Mexico.
The lack of a developed infrastructure will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the surging usage across different industries as well as favorable policies across regional markets, suggests the report. Similarly, the consumer electronics sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the lithium battery charger ICs market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.
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