Press release
Soaring Demand Set to Propel Bidirectional On Board Battery Charger Market to $2.97 Billion by 2029
Bidirectional On Board Battery Charger
What Is the Expected CAGR for the Bidirectional On Board Battery Charger Market Through 2025?
The market for bidirectional on-board battery chargers has experienced swift expansion lately, projected to climb from its 2024 valuation of $1.37 billion to $1.60 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.0%. This upswing during the historical period is fueled by several factors, notably the accelerating integration of electric automobiles into the transport sector, the proliferation of supportive governmental policies aimed at boosting electric vehicle charging facilities, a heightened focus on energy conservation within transportation methods, the increasing expense associated with traditional fuels, and a growing public consciousness regarding environmentally sound methods of travel.
What's the Projected Size of the Global Bidirectional On Board Battery Charger Market by 2029?
The market encompassing bidirectional on-board battery chargers anticipates significant expansion in the upcoming years, projected to reach a valuation of $2.97 billion by 2029, reflecting a compound annual growth rate (CAGR) of 16.7%. This upward trajectory throughout the forecast duration is fueled by several factors, such as the broader adoption of intelligent charging infrastructure, escalating requirements for auxiliary power systems, the growing trend of electrifying commercial vehicle fleets, augmented capital flowing into grid enhancement initiatives, and consumers' increasing inclination toward residential bidirectional charging setups. Key developments shaping this market during the forecast timeframe involve advancements in creating highly efficient conversion technologies, synergistic incorporation with fleet oversight platforms, pioneering techniques for maximizing battery longevity, novel approaches to charging multiple vehicles concurrently, and the creation of vehicle-to-home (V2H) utility applications.
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Top Growth Drivers in the Bidirectional On Board Battery Charger Industry: What's Accelerating the Market?
Projections indicate that the expanding utilization of electric vehicles (EVs) will serve as a major catalyst for advancing the bidirectional on-board battery charger sector in the future. These automobiles, which run fully or partly on electrical power, present an environmentally preferable substitute for conventional engines fueled by internal combustion. The surge in electric vehicle acceptance stems largely from heightened ecological consciousness, as consumers aim to lower their output of greenhouse gases and address the challenges of a changing climate. Enhancements to electric vehicles arrive via bidirectional on-board battery chargers, which furnish the capability for not only effective power replenishment from the electrical network but also the crucial option of returning energy to support vehicle-to-grid functionalities and superior energy control systems. To illustrate this trend, data from the U.S. Department of Energy, confirmed in February 2024, shows a substantial escalation in monthly EV sales across the preceding three years when comparing the same months annually; sales figures climbed from an approximate high of 50,000 units in 2021 to roughly 80,000 units in 2022, ultimately exceeding the 100,000 mark in 2023. Consequently, the rising prevalence of electric vehicles is directly fueling the market expansion for bidirectional on-board battery chargers.
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What Trends Will Shape the Bidirectional On Board Battery Charger Market Through 2029 and Beyond?
Key players within the bidirectional on-board charger (OBC) sector are prioritizing the creation of novel technologies, such as reduced-size and lighter modular charging apparatuses, aimed at boosting energy optimization and facilitating smooth connectivity for both vehicle-to-grid (V2G) and vehicle-to-home (V2H) functionalities.These easily manageable charging devices, constructed with swappable segments, reduce complexity associated with setup, upkeep, and future scalability for electric automobiles.A concrete illustration of this innovation comes from Dilong Newerg Eny Technology Hebei Co. Ltd., a Chinese producer, which in June 2024 introduced a powerful 22kW bidirectional OBC capable of adhering to international charging specifications across nations like the US, Europe, and China ($text{IEC}$ 61851, $text{DIN}$ SPEC 70121, $text{ISO}$ 15118, and $text{GB/T}$ 18487-2015).This unit accommodates both two-phase and three-phase alternating current inputs reaching a maximum of $22 text{ kW}$ while covering an extensive direct current output voltage spectrum of $200 text{ V}$ to $850 text{ V}$, thereby guaranteeing suitability across various power infrastructures in the specified regions.Demonstrating superior performance with conversions reaching $96%$ efficiency, the device facilitates two-way energy transfer vital for $text{V}2text{G}$ and $text{V}2text{H}$ functions, incorporating necessary safeguards against excessive voltage, current, and heat; further enhancing its robustness, the charger boasts an $text{IP}67$ rating for water resistance, utilizes liquid cooling, permits parallel linking for increased output capability, and sustains a power factor of $0.99$ or higher.
What Are the Main Segments in the Bidirectional On Board Battery Charger Market?
The bidirectional on board battery chargermarket covered in this report is segmented -
1) By Type: Silicon-Based, Silicon Carbide-Based
2) By Battery Type: Lithium-Ion Batteries, Lead Acid Batteries, Nimh Batteries, Solid-State Batteries
3) By Charging Technology: Alternating Current (AC) Charging, Direct Current (DC) Charging, Wireless Charging, Hy-Id Charging
4) By Application: Electric Vehicles (EVs), Renewable Energy System, Power Backup System, Electricity Guide Services
5) By End User: Residential, Commercial, Industrial, Public Charging Stations
Subsegments:
1) By Silicon-Based: Silicon-Based Unidirectional Charger, Silicon-Based Bidirectional Charger
2) By Silicon Carbide-Based: Silicon Carbide-Based Unidirectional Charger, Silicon Carbide-Based Bidirectional Charger
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Which Top Companies are Driving Growth in the Bidirectional On Board Battery Charger Market?
Major companies operating in the bidirectional on board battery charger market are Volkswagen Aktiengesellschaft, Mitsubishi Electric Corporation, Build Your Dreams Company Limited., Hitachi Ltd., Renault Société Anonyme, ZF Friedrichshafen AG, DENSO Corporation, Hyundai Mobis Co Ltd., BorgWarner Inc., Delta Electronics Inc., Enphase Energy Inc., Preh GmbH, Wolfspeed Inc., FSP Power Solution Co Ltd., Wallbox Chargers S.L., Blink Charging Co., Rectifier Technologies Ltd., Dilong Newerg Eny Technology Hebei Co. Ltd., Excel Technologies Inc., Fermata Energy Inc.
Which Regions Will Dominate the Bidirectional On Board Battery Charger Market Through 2029?
North America was the largest region in the bidirectional on-board battery charger market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bidirectional on-board battery charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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