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Electric Vehicle Driving Forces Behind The Retail Electricity Market Growth: A Key Catalyst Accelerating Retail Electricity Market Growth in 2025
Retail Electricity
Retail Electricity Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the recent years, the retail electricity market size has seen a significant surge. The projections for growth are from $53.2 billion in 2024 to about $61.07 billion in 2025, indicating a compound annual growth rate (CAGR) of 14.8%. Various factors have contributed to the growth seen in previous years including deregulation of electricity markets, technological advancements in energy production, increased energy demand, government subsidies and incentives, changing fossil fuel prices, and stringent environmental regulations and policies.
Retail Electricity Market Size Forecast: What's the Projected Valuation by 2029?
The retail electricity market is set to experience significant expansion in the ensuing years, with its value projected to reach $107.77 billion in 2029, courtesy of a strong compound annual growth rate (CAGR) of 15.3%. This growth during the forecasted period can be linked to the rising uptake of renewable energy, distributed generation and decentralisation, burgeoning growth of electric vehicles (EVs), advances in smart grid technology, and energy storage solutions. Key trends emerging in the predicted period involve smart metering and monitoring, time-of-use (TOU) pricing mechanisms, energy efficiency product innovations, consumer-friendly billing and payment choices, electric vehicle charging facilities, and energy storage solutions.
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What Are the Drivers Transforming the Retail Electricity Market?
The growth of the retail electricity market is anticipated to be driven by a heightened demand for electric vehicles (EV). An electric vehicle, which uses one or more electric motors powered by rechargeable batteries, has seen a surge in interest due to growing environmental consciousness, encouraging government policies favoring cleaner transportation modes, and technological improvements for longer rides and quicker charging. Retail electricity is crucial for electric vehicles' charging needs, either through home charging points or communal charging outlets, and aids the shift to eco-friendly transport. For example, the International Energy Agency, an independent intergovernmental organization based in France, reported in April 2023 that China is responsible for roughly 60% of global electric car sales. The majority of the world's electric vehicles are found in China, which has already exceeded its 2025 target for sales of new energy vehicles. Europe, the second largest electric car market, saw sales increase by more than 15% in 2022, with more than a fifth of cars sold being electric. In the United States, the third largest market, electric car sales experienced a 55% boost in 2022, taking an 8% market hold. In the first quarter of 2023, electric car sales topped 2.3 million, marking a 25% increase from the previous year. By 2023's end, sales are forecasted to reach 14 million, a 35% boost from the previous year, with a significant rise in purchases expected in the second half of the year. Consequently, the heightened demand for electric vehicles will steer the evolution of the retail electricity market.
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Which Emerging Trends Are Transforming the Retail Electricity Market in 2025?
Key players in the retail electricity market are shifting their focus towards custom energy tracking assistants like connected energy solutions to boost consumer interaction and streamline energy consumption. Connected energy solutions not only improve retail energy usage but also increase grid dependability and customer engagement through real-time data and sophisticated analysis. For example, Iberdrola, Spain's electricity retailing company, debuted an innovative smart assistant in May 2023 to enhance home electricity savings. Utilizing AI, the assistant minimizes smart device energy consumption by 10-30% and is compatible with solar panels and electric vehicle chargers. Developed in collaboration with UK-based professional services network, Deloitte, this solution runs on Amazon Web Services and includes real-time energy consumption monitoring, tailored savings advice, and smooth integration with smart home devices. This strategic approach elevates energy efficiency and augments customer interaction by delivering useful insights into energy consumption patterns.
Which Segments in the Retail Electricity Market Offer the Most Profit Potential?
The retail electricitymarket 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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Which Firms Dominate the Retail Electricity Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Retail Electricity Market?
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.
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