Industrial Battery Charger Market Growth Opportunities and Forecast 2028 with Industry Leaders
According to the latest Fact.MR study, the competition in industrial battery charger market is characterized by a large number of smaller companies, which collectively hold 60% share in the global market revenues. Leaders, such as ABB Ltd, Exide Technologies, and Enersys are emphasizing improved R&D to accelerate new launches, and eventually boost their global presence. To achieve enhanced regional and global foothold in the industrial battery charger market, companies are observed to have adopted effective product innovation strategies. With growing focus on strengthening sales via direct distribution, notable industry players continue to have a strong market footprint, regionally and globally.
New product developments (NPDs) will continue to be among the key winning imperatives, governing brand repositioning strategies of leading players in the industrial battery charger market. While a majority of NPDs are customer-centric and thus revolve around evolving end-user preferences, this has been rapidly emerging as an effective strategy for a better competitive edge. For instance, EnerSys, a leading player in the industrial battery charger industry, has recently launched a new range of forklift battery chargers, which are technically the advanced on-board chargers, allow for recharging of forklift motive power batteries anytime and anywhere. These battery chargers can turn a lift truck into a portable charging room.
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In addition, strategic collaborations and M&A have been cited as the preferred competition strategies adopted by industrial battery charger market players. Several companies are entering strategic partnerships and forming joint ventures with regional players. By augmenting investments in joint ventures with regionally leading distribution partners, market participants are also likely to consider regional expansion as a preferred strategy in the near future. For instance, in March 2019, Hitachi, Ltd. announced establishment of its brand new headquarter in the Oceania region, reinforcing its business within the region.
The digital revolution continues to thrive on the back of rapid transformations in battery technology that is used during industrial operations. Intelligent solutions continue to garner increased traction, strongly backed by the proliferation of IoT. Of late, digitalization has been transforming industries, and the IoT enabled smart charging technology is highly likely to gain considerable traction as a staple trend in the near future. As the rate of smart grid adoption continues to rise, it is highly likely that the smart battery charger sales will be on the rise over the course of forthcoming years.
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