PUBLISHER: The Business Research Company | PRODUCT CODE: 1484732
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484732
Bidirectional electric vehicle chargers are advanced charging systems designed to not only replenish electric vehicle batteries but also enable energy flow from the vehicle back to the grid or to power other devices. These chargers facilitate vehicle-to-grid (V2G) capabilities, enhancing the flexibility and efficiency of electric vehicle charging infrastructure.
The main charging types of bidirectional electric vehicle chargers are categorized based on their power output: less than 20 kWh, 20-40 kWh, 40-100 kWh, and more than 100 kWh. Chargers with a power output of less than 20 kilowatt-hours fall into the first category. These chargers support various propulsion types, including battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). They are sourced from various providers, including original equipment manufacturers (OEMs) and aftermarket suppliers, for applications such as vehicle-to-grid (V2G), vehicle-to-home (V2H), vehicle-to-vehicle (V2V), and vehicle-to-load (V2L). These chargers are deployed in both domestic and commercial settings to meet diverse charging needs.
The bidirectional electric vehicle charger market research report is one of a series of new reports from The Business Research Company that provides bidirectional electric vehicle charger market statistics, including bidirectional electric vehicle charger industry global market size, regional shares, competitors with a bidirectional electric vehicle charger market share, detailed bidirectional electric vehicle charger market segments, market trends and opportunities, and any further data you may need to thrive in the bidirectional electric vehicle charger industry. This bidirectional electric vehicle charger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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%. Expansion observed in the historical period can be attributed to several key factors. These include government initiatives aimed at developing electric vehicle charging infrastructure, which fostered the growth of electric vehicle adoption by providing necessary support and incentives. The increasing demand for electric automobiles, driven by factors such as environmental concerns and advancements in electric vehicle technology, also contributed to the expansion of the charging infrastructure. The rise in the use of electric vehicles for public transportation further boosted the demand for charging solutions. Additionally, there was a growing demand for energy-efficient charging solutions to minimize environmental impact and optimize energy usage. The advent of intelligent transportation systems, incorporating advanced technologies for efficient vehicle management and charging, also played a role in the growth of electric vehicle charging infrastructure during the historic period.
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%. Anticipated growth in the forecast period can be attributed to several key drivers, including the increasing numbers of electric vehicles worldwide, which will drive the demand for charging infrastructure to support them. Additionally, there is a growing need for renewable sources of power and energy to support sustainable mobility and reduce carbon emissions. Consumer awareness about the benefits of sustainable mobility is also increasing, leading to a rise in electric vehicle sales. Major trends expected in this period include a shift towards renewable energy-based transportation infrastructure, technological advancements in energy storage to support renewable energy integration, expansion of electric vehicle charging networks to meet growing demand, integration of bidirectional charging capabilities in renewable energy projects to enhance grid flexibility, and advancements in battery technology to improve energy density, charging speed, and overall performance of electric vehicles.
The surge in electric vehicle (EV) adoption is poised to catalyze significant growth in bidirectional electric vehicle charger markets. Electric vehicles, powered by rechargeable batteries, are reshaping transportation by reducing reliance on fossil fuels and minimizing environmental impact. Technological advancements in battery longevity, charging infrastructure, and overall performance are driving this adoption. Bidirectional charging, a pivotal innovation, empowers EVs to interact dynamically with the electrical grid. They can not only draw power but also return surplus energy to the grid during periods of high demand or instability, offering ancillary services such as frequency regulation and demand response. For instance, data from April 2023, as per the International Energy Agency, showcases electric vehicles' share of new car sales rising to 14% in 2022, a significant leap from approximately 9% in 2021, thus fueling the growth of bidirectional electric vehicle charger markets.
Key players in the bidirectional electric vehicle charger market are focusing on vehicle-to-grid (V2G) bi-directional chargers such as the advanced EQ 200 charger. These chargers enable electric vehicles to feed stored energy back into the grid, balancing supply and demand. For example, Blink Charging Co. introduced the EQ 200 charger in November 2023, representing a paradigm shift towards adaptable and eco-friendly energy management systems. Equipped with intelligent features such as Bluetooth, Wi-Fi, and various connectivity options, including 2G and 4G, the EQ 200 seamlessly integrates with load-balancing and smart energy management systems. This versatility positions it to support emerging technologies such as vehicle-to-grid (VTG) and vehicle-to-everything (VTX), ensuring adaptability amidst evolving grid technologies.
In January 2024, Siemens strategically bolstered its presence in the bidirectional electric vehicle charger market through the acquisition of Heliox, a Netherlands-based company renowned for its expertise in bidirectional electric vehicle chargers. This acquisition expands Siemens' portfolio, particularly in charging solutions ranging from 40 kW to beyond a megawatt for commercial EV depots. It also reinforces Siemens' foothold in Europe and North America while enhancing its capabilities in power electronics, positioning the company as a formidable player in the bidirectional electric vehicle charger market.
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.
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.
The countries covered in the bidirectional electric vehicle charger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bidirectional electric vehicle charger market consists of sales of bidirectional chargers, power conversion systems, connectors and cables, sensors and monitoring equipment, and control and communication modules. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bidirectional Electric Vehicle Charger Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bidirectional electric vehicle charger market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bidirectional electric vehicle charger ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bidirectional electric vehicle charger market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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