The Global Bidirectional Electric Vehicle Charger Market Size is valued at 1,103.08 million in 2023 and is predicted to reach 4,676.06 million by the year 2031 at a 19.87% CAGR during the forecast period for 2024-2031.
Electric vehicles are growing increasingly popular, and utilities for applications go far beyond transportation. For numerous reasons, the bidirectional electric vehicle (EV) charger market is still in its early stages. To begin with, bidirectional charging technology is a relatively new concept that has yet to penetrate the market fully. This technology permits electric vehicles to consume and send energy back into the grid, delivering grid services and improving the grid's overall stability and resiliency. Second, electric car adoption is still in its early phases. Furthermore, as the percentage of renewable energy in the grid mix increases, this demand is projected to expand, as solar and wind energy are inherently intermittent and require flexible solutions like bidirectional charging to assist in balancing the system. As a result, the market for bidirectional electric car chargers is likely to grow throughout the forecast period.
However, the COVID-19 epidemic has had an impact on the bidirectional electric vehicle (EV) charger business, both positively and negatively. On the one hand, the pandemic reduced overall market growth due to the economic slump and restrictions on travel and mobility. This resulted in a decrease in demand for new electric vehicles, affecting the growth of the EV charger industry.
Recent Developments:
- In December 2022, Fermata Energy and Phoenix Motorcars entered into a long-term collaboration for V2X bidirectional charging. According to the agreement, Fermata Energy would combine Phoenix's zero-emission drive system with its V2X bidirectional chargers and AI-driven software platform.
Competitive Landscape:
Some of the Bidirectional Electric Vehicle Charger Market are:
- Wallbox Chargers, SL.
- Indra Renewable Technologies Limited
- Delta Electronics, Inc.
- Fermata Energy
- Power Research Electronics BV.
- Hyundai Mobis Co. Ltd.
- ABB
- Blink Charging Co.
- Siemens AG
- Denso Corporation
- Hitachi Automotive Systems, Ltd.
- Toyota Industries Corporation
- MAGNUM CAP
- Enphase Energy, Inc.
- Autel Energy
- The Mobility House GmbH
- EVBox
Market Segmentation:
The Bidirectional Electric Vehicle Charger Market is segmented on the basis of application, source, propulsion type, charging type and deployment of chargers. Based on application, the market is segmented as Vehicle-to-Grid (V2G), Vehicle-to-Home (V2H), and Others (Vehicle-to-Vehicle and Vehicle-to-Load). The source segment includes OEM and aftermarket. By propulsion type, the market is further segmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicles (PHEV). Charging type segment comprises 100 kWh. The deployment of the charger segment includes domestic and commercial.
Based On Propulsion Type, The Plug-In Hybrid Electric Vehicle (PHEV)Segment Is Accounted As A Major Contributor In The Bidirectional Electric Vehicle Charger Market
The Plug-in Hybrid Electric Vehicle (PHEV) category is expected to maintain a major share of the global bidirectional electric vehicle charger market in 2024. Increased government attempts to stimulate the sale of electric vehicles are a crucial cause that has led to the PHEV segment's domination in the global market. The rising global demand for alternative fuel vehicles has boosted sales of the PHEV sector. Growing production capacities of the top EV manufacturers, as well as increased production and deployment of EV charging stations, are fueling PHEV sales, and thus the development of this segment in the global EV charger market is expected to resume throughout the forecast period.
The Domestic Segment Witnessed Growth At A Rapid Rate
The domestic segment is projected to grow at a rapid rate in the global bidirectional electric vehicle charger market. The increased use of onboard chargers in residential units around the world has led to the expansion of the residential segment in the EV charger market. The majorities of consumers charge their automobiles at night and utilize them during the day for varied purposes. Rising investments in the creation of modern-day residential infrastructures, as well as the expanding use of BEV charging infrastructure in residential parking spaces, are likely to drive the expansion of this category in the future years.
Asia Pacific Bidirectional Electric Vehicle Charger Market Holds A Significant Revenue Share In The Region
Asia Pacific Bidirectional Electric Vehicle Charger Market is expected to register the highest market share in terms of revenue in the near future. The Asia Pacific EV charger market is primarily driven by rising EV charging infrastructure deployment and rising demand for electric automobiles. The increased use of EVs for public transportation in emerging and densely populated nations such as China and India is fueling the expansion of the EV charger industry. Emerging economies such as South Korea, China, and Japan intend to increase the number of charging stations in order to encourage the adoption of electric vehicles in their respective countries. Furthermore, the government's pollution rules are stringent, and EV acceptance among European customers is high. Consumers' growing awareness of carbon emissions, high disposable money, and improved living standards are driving growth.
Bidirectional Electric Vehicle Charger Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 1,103.08 Mn |
|
Revenue forecast in 2031 |
USD 4,676.06 Mn |
|
Growth rate CAGR |
CAGR of 19.87% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (Thousand Units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Application, Source, Propulsion Type, Charging Type And Deployment Of Chargers |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Wallbox Chargers, S.L., Indra Renewable Technologies Limited, Delta Electronics, Inc., Fermata Energy, Power Research Electronics BV, Hyundai Mobis Co. Ltd., ABB, Blink Charging Co., Siemens AG, Denso Corporation, Hitachi Automotive Systems, Ltd., Toyota Industries Corporation, MAGNUM CAP, Enphase Energy, Inc., Autel Energy, The Mobility House GmbH, EVBox. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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