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Manual Car Charger Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Manual Car Charger Market Rising Trends
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According to The Business Research Company's, The manual car charger market size has grown steadily in recent years. It will grow from $9.56 billion in 2023 to $9.89 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to increasing automobile ownership, development of the automotive industry, increasing focus on vehicle maintenance, rapid urbanization, and the increasing number of public and private charging stations.
The manual car charger market size is expected to see steady growth in the next few years. It will grow to $11.48 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to the growth of electric vehicles (EVs), increased vehicle electrification, rising fuel prices, and operating costs, the rise of ride-sharing and fleet services, and the expansion of e-commerce and online sales channels. Major trends in the forecast period include advancements in battery technology, development of portable electronic devices, innovations in charging technology, digitalization and Internet of Things (IoT) integration, and smart and connected charging solutions.
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Market Drivers and Trends:
The rising demand for electric vehicles (EVs) is expected to propel the growth of the manual car charger market going forward. Electric vehicles (EVs) refer to vehicles that are powered entirely or primarily by electric motors and batteries instead of internal combustion engines that use fossil fuels. The demand for electric vehicles is growing due to people's awareness of environmental issues, improvements in battery technology, government incentives, and rising fuel prices. Manual car chargers allow EV owners to charge their cars at home or public stations, making charging the battery for daily use and longer trips easy. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, rising demand for electric vehicles (EVs) drives the manual car charger market.
Major companies operating in the manual car charger market are focused on developing innovative products, such as controller chargers, to meet the growing demand for convenient and efficient charging solutions. A controlled battery charger, also known as a smart or intelligent charger, is a device designed to charge batteries while monitoring and controlling the charging process. For instance, in October 2023, Schumacher Electric Corporation, a US-based manufacturer of battery chargers, jump starters, and power inverters, primarily catering to the automotive industry, launched a line-up of manual timer-controlled battery chargers and jump starters for car, SUV, truck, and boat batteries. The new products offer users complete manual control over charging and jump, starting with precision timers and charging mode selectors. They feature a compact, portable design with wheeled options for easy transportation.
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Major Key Players of the Market:
Stanley Black & Decker Inc., Schumacher Electric Corporation, CTEK Sweden AB, Midtronics Inc., The NOCO Company, DEWALT, Associated Equipment, Clore Automotive, CRAFTSMAN, Battery Tender, DieHard, Motopower, Ampeak, Verilux, GOOLOO, Clarke, Vector, Foxsur, Foval, REHTRAD, TOPDON Incorporated
Manual Car Charger Market 2024 Key Insights:
• The manual car charger market size is expected to see steady growth in the next few years. It will grow to $11.48 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%.
• Rising Demand For Electric Vehicles (EVs) Growth In Manual Car Charger
• Technological Advancements In Manual Car Charger
• North America was the largest region in the manual car charger market in 2023
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