PUBLISHER: BIS Research | PRODUCT CODE: 1679112
PUBLISHER: BIS Research | PRODUCT CODE: 1679112
Bidirectional Electric Vehicle Charger Market Lifecycle Stage
The bidirectional electric vehicle (EV) charger market is in the early growth phase for several reasons. Firstly, bidirectional charging technology is a relatively new concept, and as such, it has not yet penetrated the market fully. This technology enables electric vehicles to not just consume energy from the grid but also feed it back to the grid, providing grid services and enhancing the overall stability and resiliency of the grid. Secondly, the adoption of electric vehicles is still in its early stages. However, with the increasing demand for greener mobility and the decreasing cost of battery technology, the adoption of electric vehicles is expected to increase in the coming years. As more and more electric vehicles hit the road, the demand for bidirectional charging will increase. Lastly, there is a growing need for grid services such as frequency regulation, which bidirectional charging can provide. Additionally, this need is expected to grow as the share of renewable energy in the grid mix increases, as solar and wind energy are inherently intermittent and require flexible solutions like bidirectional charging to help balance the grid. As a result, the bidirectional electric vehicle charger market is expected to flourish in the forecast period.
Impact
There are several factors driving the growth of the bidirectional electric vehicle (EV) charger market:
Bidirectional Electric Vehicle Charger Market Segmentation:
Segmentation 1: by Application
Segmentation 2: by Source
Segmentation 3: by Propulsion Type
The bidirectional electric vehicle charger market based on the propulsion type segment is expected to be dominated by the BEV segment throughout the forecast period 2025-2034. Based on the application, the V2G segment is expected to dominate the market throughout the forecast period. Moreover, based on the source, the OEM segment is anticipated to dominate the market during the forecast period.
Segmentation 4: by Deployment of Charger
Segmentation 5: by Charging Type
Based on the deployment of charger, the domestic segment is expected to dominate the market, and based on charging type, the <20 kWh is likely to dominate the market, offering a wide scope of development in the forecast period.
Segmentation 6: by Region
Europe is home to several electric vehicle manufacturers as well as bidirectional electric vehicle charger providers. Hence, the region is expected to dominate the bidirectional electric vehicle charger market during the forecast period.
Recent Developments in the Bidirectional Electric Vehicle Charger Market
Demand - Drivers and Limitations
The following are the demand drivers for the Bidirectional Electric Vehicle Charger Market:
The bidirectional electric vehicle charger market is expected to face some limitations as well due to the following challenges:
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different applications of the available based on source (OEM and aftermarket), application (vehicle to grid, vehicle to home, and others (vehicle to vehicle and vehicle to load)), propulsion type (BEV and PHEV), deployment of charger (domestic and commercial), and charging type (<20 kWh, 20-40 kWh, 40-100 kWh, and >100 kWh). Increasing demand for electric vehicles is pushing the consumption of bidirectional electric vehicle charging. Therefore, the bidirectional electric vehicle charging business is a high-investment and high-revenue generating model.
Growth/Marketing Strategy: The bidirectional electric vehicle charger market is an exponentially growing market holding enormous opportunities for the market players. Some strategies covered in this segment are product launches, market developments, partnerships and collaborations, business expansions, and investments. The companies' preferred strategy has been market developments, partnerships, and collaborations to strengthen their positions in the global bidirectional electric vehicle charger market.
Competitive Strategy: Key players in the global bidirectional electric vehicle charger market analyzed and profiled in the study involve bidirectional electric charger manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the global bidirectional electric vehicle charger market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and bidirectional electric vehicle charger market penetration.
The competitive landscape of the bidirectional electric vehicle charger market includes different strategies undertaken by bidirectional charger manufacturers to gain market presence. Some strategies adopted by them include new product launch and development activities, market development activities, partnerships, collaborations, joint ventures, and mergers and acquisitions. Among all the strategies adopted, market development activities have dominated the competitive landscape and are the most widely adopted strategies among service providers.
Some prominent names in this bidirectional electric vehicle charger market are:
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
Scope and Definition
Market/Product Definition
Key Questions Answered
Analysis and Forecast Note