Press release
Key Influencer in the Retail Electricity Market 2025: Electric Vehicle Driving Forces Behind The Retail Electricity Market Growth Driver
Retail Electricity
The surge in demand for electric vehicles (EVs) is expected to drive the growth of the retail electricity market. EVs are becoming more popular due to environmental concerns, government incentives, and technological advancements such as longer ranges and faster charging. Retail electricity is crucial for meeting the charging needs of electric vehicles. According to the International Energy Agency's April 2023 report, China accounted for about 60% of global electric vehicle sales, and the U.S. saw a 55% increase in electric car sales in 2022. This growing demand for EVs will boost the retail electricity market.
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What is the future CAGR of the retail electricity market, and how will it impact industry expansion?
The retail electricity market has expanded rapidly in recent years. It will grow from $53.2 billion in 2024 to $61.57 billion in 2025 at a CAGR of 15.7%. Factors driving this growth include deregulation of electricity markets, technological advancements in energy, increasing energy demand, government incentives, fluctuating fossil fuel prices, and environmental regulations.
The retail electricity market is set to grow to $109.45 billion by 2029 at a CAGR of 15.5%. The growth is attributed to the adoption of renewable energy, decentralized generation, the rise of electric vehicles (EVs), smart grid advancements, and energy storage solutions. Key trends include smart metering, time-of-use pricing, energy efficiency products, EV charging solutions, and energy storage systems.
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What are the most significant trends transforming the retail electricity market today?
Companies in the retail electricity market are developing personalized energy monitoring solutions, such as connected energy assistants, to enhance consumer engagement and optimize energy usage. These solutions provide real-time data and analytics to help consumers reduce energy consumption and enhance grid reliability. For example, in May 2023, Iberdrola, a Spanish electric utility, launched a smart assistant to help households optimize electricity usage. The AI-powered assistant can reduce device consumption by 10-30%, integrates with solar panels and EV charging, and offers personalized recommendations via real-time energy monitoring.
Which key market segments comprise the retail electricity market and drive its revenue growth?
The retail electricity market covered in this report is segmented -
1) By Customer Type: Regulated Customers, Deregulated Customers
2) By Energy Sources: Conventional Energy, Renewable Energy
3) By Application: Energy Efficiency Solutions, Demand Response Programs, Smart Home Technologies
4) By End User: Residential, Commercial, Industrial
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What regions are at the forefront of retail electricity market expansion?
North America was the largest region in the retail electricity market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the retail electricity market?
Major companies operating in the retail electricity market are Electricité de France SA (EDF), Enel SpA, E.ON SE, Engie SA, EnBW Energie Baden-Württemberg AG, Iberdrola S.A., Tokyo Electric Power Company Holdings Inc, RWE AG, NRG Energy Inc, Southern Company, Duke Energy Corporation, National Grid plc, Constellation Energy Resources LLC, Pacific Gas and Electric Company (PG&E), American Electric Power Company Inc, DTE Energy Company, Exelon Corporation, Xcel Energy Inc, Dominion Energy Inc, Entergy Corporation, CLP Holdings Limited, AES Corporation, Origin Energy Limited, Ameren Corporation, PPL Corporation, Emera Incorporated, Hydro One Inc, OGE Energy Corporation, Enersource Corporation
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What Is Covered In The Retail Electricity Global Market Report?
•Market Size Forecast: Examine the retail electricity market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the retail electricity market for a structured understanding.
•Key Players Overview: Analyze major players in the retail electricity market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the retail electricity market.
•Segment Contributions: Evaluate how different segments drive overall growth in the retail electricity market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the retail electricity market.
•Industry Challenges: Identify potential risks and obstacles affecting the retail electricity market.
•Competitive Landscape: Review strategic developments in the retail electricity market, including expansions, agreements, and new product launches.
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