Press release
Bidirectional Electric Vehicle Charger Market Poised for 18.3 % Growth, Set to Hit $2.39 Billion by 2029
Bidirectional Electric Vehicle Charger Market Size
The surge in embracing electric vehicles is anticipated to bolster the growth of bidirectional electric vehicle charger markets in the future. Electric Vehicles (EVs) are vehicles that operate on electricity stored in rechargeable batteries, thereby doing away with the need for conventional internal combustion engines and decreasing reliance on fossil fuels. The accelerated adoption of electric vehicles can be attributed to technological progress that improves battery longevity, charging infrastructure, and overall performance. Bidirectional charging provides EVs with the capability to interact with the electrical grid in a flexible and adjustable manner. At times of high demand or grid instability, EVs can contribute excess energy back to the grid, providing ancillary services such as frequency regulation, peak shaving, and demand response. For example, an April 2023 report from the International Energy Agency, an autonomous intergovernmental organization based in France, indicated that in 2022, new car sales saw electric vehicles accounting for 14%, a noticeable upswing from around 9% in 2021. Consequently, the escalating adoption of electric vehicles is fueling the growth of the bidirectional electric vehicle charger market.
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What Is the projected market size and growth rate for the bidirectional electric vehicle charger market?
In previous years, the market for bidirectional electric vehicle chargers has expanded exponentially. The market size is anticipated to surge from $1.03 billion in 2024 to $1.22 billion in 2025, registering a compound annual growth rate (CAGR) of 18.4%. The historical period's growth can be traced back to government measures aimed at the progression of electric vehicle charging infrastructure, an escalated demand for electric cars, amplified usage of EV for public transport, requirement for energy efficient charging systems, and the emergence of intelligent transport systems.
In the coming years, the market for bidirectional electric vehicle chargers predicts a swift expansion. With a compound annual growth rate (CAGR) of 18.3%, it is expected to reach $2.39 billion by 2029. The anticipated growth during this period can be accredited to the escalating number of electric vehicles globally, increasing infrastructure for EV charging, the necessity for renewable energy sources, heightened consumer consciousness towards sustainable mobility, and a rise in electric vehicle sales. Predicted trends for this forecast period include a shift towards a transport infrastructure based on renewable energy, technological enhancement in energy storage, enlargement of electric vehicle charging networks, inclusion of bidirectional charging in renewable energy projects, as well as advancements in battery technology.
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What trends are poised to drive the future success of the bidirectional electric vehicle charger market?
Key players in the bidirectional electric vehicle charger market, strive to gain a competitive advantage by producing vehicle-to-grid (V2G) bidirectional chargers, such as the superior EQ 200 charger. EQ 200 chargers are charging terminals that allow electric vehicles to contribute excess energy back to the grid. They accomplish this by allowing charging from the grid while simultaneously discharging energy back. For example, in November 2023, Blink Charging Co., a US electric vehicle charging solutions provider, launched the innovative EQ 200 charger. It marks a new breed of bidirectional chargers aiming to shift from traditional static EV charging to a more flexible and sustainable energy management solution, in line with the advancement of grid technology. The charger is equipped with intelligent features like Bluetooth, Wi-Fi, Ethernet, and 2G and 4G connectivity options. It integrates smoothly with various load-balancing and smart energy management systems due to its versatility. This equip the charger to support new technologies like vehicle-to-grid (VTG) and vehicle-to-everything (VTX), ensuring adaptability alongside forthcoming systems.
What major market segments define the scope and growth of the bidirectional electric vehicle charger market?
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), After market
4) By Application: Vehicle-To-Grid (V2G), Vehicle-To-Home (V2H), Other Applications
5) By Deployment Of Charger: Domestic, Commercial
Subsegments:
1) By Less Than 20 kWh: Residential Chargers, Small Commercial Chargers
2) By 20-40 kWh: Residential Chargers, Medium Commercial Chargers
3) By 40-100 kWh: Commercial Chargers, Public Charging Stations
4) By More Than 100 kWh: High-Power DC Fast Chargers, Supercharger Networks
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Which region dominates the bidirectional electric vehicle charger market?
Asia-Pacific was the largest region in the bidirectional electric vehicle charger market in 2024. 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.
Which key market leaders are driving the bidirectional electric vehicle charger industry growth?
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.
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What Is Covered In The Bidirectional Electric Vehicle Charger Global Market Report?
• Market Size Forecast: Examine the bidirectional electric vehicle charger market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the bidirectional electric vehicle charger market for a structured understanding.
• Key Players Overview: Analyze major players in the bidirectional electric vehicle charger market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bidirectional electric vehicle charger market.
• Segment Contributions: Evaluate how different segments drive overall growth in the bidirectional electric vehicle charger market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bidirectional electric vehicle charger market.
• Industry Challenges: Identify potential risks and obstacles affecting the bidirectional electric vehicle charger market.
• Competitive Landscape: Review strategic developments in the bidirectional electric vehicle charger market, including expansions, agreements, and new product launches.
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