Bidirectional Electric Vehicle Charger Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The bidirectional electric vehicle charger market size has grown rapidly in recent years. It will grow from $0.87 billion in 2023 to $1.03 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to government initiatives for the development of electric vehicle charging infrastructure, raising demand for electric automobiles, increase use of EV for public transportation, demand for energy-efficient charging solutions, advent of intelligent transportation systems.
The bidirectional electric vehicle charger market size is expected to see rapid growth in the next few years. It will grow to $2.02 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to growing numbers of electric vehicles worldwide, raising EV charging infrastructure, need for renewable sources of power and energy, increasing consumer awareness about sustainable mobility, increasing sales of electric vehicles. Major trends in the forecast period include shift towards renewable energy-based transportation infrastructure, technological advancements in energy storage, expansion of electric vehicle charging networks, integration of bidirectional charging in renewable energy projects, advancements in battery technology.
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Scope Of Bidirectional Electric Vehicle Charger Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bidirectional Electric Vehicle Charger Market Overview
Market Drivers –
The increasing adoption of electric vehicles is expected to propel the growth of bidirectional electric vehicle charger markets going forward. Electric vehicles (EVs) refer to vehicles powered by electricity stored in rechargeable batteries, eliminating the need for traditional internal combustion engines and reducing reliance on fossil fuels. The increasing adoption of electric vehicles is due to technological advancements that enhance battery life, charging infrastructure, and overall performance. Bidirectional charging allows electric vehicles (EVs) to engage with the electrical grid in a dynamic and adaptable way. During high demand or grid instability, EVs can return surplus energy to the grid, offering ancillary services like frequency regulation, peak shaving, and demand response. For instance, in April 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, in 2022, the proportion of new car sales represented by electric vehicles rose to 14%, a significant increase from approximately 9% in 2021. Therefore, the increasing adoption of electric vehicles is driving the growth of the bidirectional electric vehicle charger market.
Market Trends –
Major companies operating in the bidirectional electric vehicle charger market focus on developing vehicle-to-grid (V2G) bi-directional chargers, such as the advanced EQ 200 charger, to gain a competitive edge. Advanced EQ 200 charger are charging stations facilitating electric vehicles feeding stored energy back into the grid. They achieve this by accommodating both charging from the grid and discharging energy back to it. For instance, in November 2023, Blink Charging Co., a US-based electric vehicle charging solutions company, launched an advanced EQ 200 charger. The EQ 200 represents an advanced category of bi-directional chargers aiming to transition from conventional static EV charging to a more adaptable and eco-friendly energy management system, aligning with the evolution of grid technology. It has intelligent features such as Bluetooth, Wi-Fi, Ethernet, and various connectivity options, including 2G and 4G. This charger seamlessly integrates with various load-balancing and smart energy management systems. This versatility enables it to support emerging technologies such as vehicle-to-grid (VTG) and vehicle-to-everything (VTX), ensuring adaptability as new systems come into play.
The bidirectional electric vehicle charger market covered in this report is segmented –
1) By Charging Type: Less than 20 kWh, 20-40 kWh, 40-100 kWh, More than 100 kWh
2) By Propulsion Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Source: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Vehicle-To-Grid (V2G), Vehicle-To-Home (V2H), Other Applications
5) By Deployment Of Charger: Domestic, Commercial
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Regional Insights –
Asia-Pacific was the largest region in the bidirectional electric vehicle charger market in 2023. The regions covered in the bidirectional electric vehicle charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bidirectional electric vehicle charger market are Volkswagen Group, Mercedes-Benz AG, Bayerische Motoren Werke AG, Hyundai Motor Company, Honda Motor Co. Ltd., Tesla Inc., Hitachi Ltd., Siemens AG, Audi AG, BYD Company Limited, Panasonic Corporation, Renault S.A., Schneider Electric SE, ABB Group, Eaton Corporation plc, Check Point Software Technologies, LG Electronics Inc., ChargePoint Inc., EVBox Group, Tritium Pty Ltd, Blink Charging Co., Mitsubishi Electric Corporation, Toyota Industries Corporation, Nissan Motor Corporation, Delta Electronics Inc.
Table of Contents
- Executive Summary
- Bidirectional Electric Vehicle Charger Market Report Structure
- Bidirectional Electric Vehicle Charger Market Trends And Strategies
- Bidirectional Electric Vehicle Charger Market – Macro Economic Scenario
- Bidirectional Electric Vehicle Charger Market Size And Growth
…..
- Bidirectional Electric Vehicle Charger Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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