PUBLISHER: BIS Research | PRODUCT CODE: 1269571
PUBLISHER: BIS Research | PRODUCT CODE: 1269571
Global Bidirectional Electric Vehicle Charger Market to Reach $4,820.6 Million by 2031
Bidirectional Electric Vehicle Charger Overview
The global bidirectional electric vehicle charger market was valued at $933.2 million in 2022 and is anticipated to reach $4,820.6 million by 2031, witnessing a CAGR of 20.02% during the forecast period 2022-2031. The growth in the bidirectional electric vehicle charger market is expected to be driven by the need for renewable sources of power and energy and increasing sales of electric vehicles around the world.
Market Lifecycle Stage
The bidirectional electric vehicle (EV) charger market is in the early growth phase for several reasons. Firstly, bidirectional charging technology is a relatively new concept, and as such, it has not yet penetrated the market fully. This technology enables electric vehicles to not just consume energy from the grid but also feed it back to the grid, providing grid services and enhancing the overall stability and resiliency of the grid. Secondly, the adoption of electric vehicles is still in its early stages. However, with the increasing demand for greener mobility and the decreasing cost of battery technology, the adoption of electric vehicles is expected to increase in the coming years. As more and more electric vehicles hit the road, the demand for bidirectional charging will increase. Lastly, there is a growing need for grid services such as frequency regulation, which bidirectional charging can provide. Additionally, this need is expected to grow as the share of renewable energy in the grid mix increases, as solar and wind energy are inherently intermittent and require flexible solutions like bidirectional charging to help balance the grid. As a result, the bidirectional electric vehicle charger market is expected to flourish in the forecast period.
There are several factors driving the growth of the bidirectional electric vehicle (EV) charger market:
Impact of COVID-19
The COVID-19 pandemic has had both positive and negative impacts on the bidirectional electric vehicle (EV) charger market. On one hand, the pandemic slowed down the overall growth of the market due to the economic slowdown and restrictions on travel and movement. This resulted in a reduction in the demand for new electric vehicles, which in turn affected the growth of the EV charger market. On the other hand, the pandemic has also highlighted the importance of reducing air pollution and protecting the environment. This has resulted in an increased focus on sustainable transportation, including electric vehicles, and the need for efficient and reliable charging infrastructure. Furthermore, the pandemic has also accelerated the shift toward remote working, which has reduced the usage of commercial office space and increased the need for smart and efficient energy management systems. Bidirectional EV charging technology has the potential to play a vital role in such systems by enabling the use of EV batteries for energy storage and balancing grid demand. To summarize, the pandemic has slowed down the growth of the bidirectional EV charger market in the short term, but it has also highlighted the importance of sustainable transportation and the potential of bidirectional charging technology in building a smarter and more sustainable energy system.
Segmentation 1: by Application
Segmentation 2: by Source
Segmentation 3: by Propulsion Type
The bidirectional electric vehicle charger market based on the propulsion type segment is expected to be dominated by the BEV segment throughout the forecast period 2021-2031. Based on the application, the V2G segment is expected to dominate the market throughout the forecast period. Moreover, based on the source, the OEM segment is anticipated to dominate the market during the forecast period.
Segmentation 4: by Deployment of Charger
Segmentation 5: by Charging Type
Based on the deployment of charger, the domestic segment is expected to dominate the market, and based on charging type, the <20 kWh is likely to dominate the market, offering a wide scope of development in the forecast period.
Segmentation 6: by Region
Europe is home to several electric vehicle manufacturers as well as bidirectional electric vehicle charger providers. Hence, the region is expected to dominate the bidirectional electric vehicle charger market during the forecast period.
Recent Developments in the Bidirectional Electric Vehicle Charger Market
Demand - Drivers and Limitations
The following are the demand drivers for the Bidirectional Electric Vehicle Charger Market:
The market is expected to face some limitations as well due to the following challenges:
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different applications of the available based on source (OEM and aftermarket), application (vehicle to grid, vehicle to home, and others), propulsion type (BEV and PHEV), deployment of charger (domestic and commercial), and charging type (<20 kWh, 20-40 kWh, 40-100 kWh, and >100 kWh).
Growth/Marketing Strategy: The bidirectional electric vehicle charger market is an exponentially growing market holding enormous opportunities for the market players. Some strategies covered in this segment are product launches, market developments, partnerships and collaborations, business expansions, and investments. The companies' preferred strategy has been market developments, partnerships, and collaborations to strengthen their positions in the global bidirectional electric vehicle charger market.
Competitive Strategy: Key players in the global bidirectional electric vehicle charger market analyzed and profiled in the study involve bidirectional electric charger manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the global bidirectional electric vehicle charger market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The competitive landscape of the bidirectional electric vehicle charger market includes different strategies undertaken by bidirectional charger manufacturers to gain market presence. Some strategies adopted by them include new product launch and development activities, market development activities, partnerships, collaborations, joint ventures, and mergers and acquisitions. Among all the strategies adopted, market development activities have dominated the competitive landscape and are the most widely adopted strategies among service providers.
Key Companies Profiled