Vancouver, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global bidirection electrical charger market size was USD 928.8 Million in 2022 and is expected to register a revenue CAGR of 20.4% during the forecast period. Growing adoption of Vehicle-to-Grid (V2G) technology by leading manufacturers, rising initiatives of governments for the expansion of electric vehicle charging infrastructure, increasing sales of electric vehicles across the globe, and growing need for energy self-sufficiency are expected to drive the market revenue growth.
This technology, aided by the Internet of Things (IoT), is enhancing environmental benefits of EV infrastructure by enabling better integration and synergy between vehicles and energy grid. Growing trend of bidirectional electrical chargers in the market in recent years prompted various companies to develop more advanced products in the market. In January 2021, for instance, Nuvve, a San Diego-based specialist in Vehicle-To-Grid (V2G) technology, and IoTecha, an expert in smart charging systems, collaborated to develop and commercialize a bidirectional EV charging solution. This solution adheres to the Combined Charging System (CCS) standard and is compatible with the ISO/IEC15118 protocol. The collaboration seeks to enable automobile Original Equipment Manufacturers (OEMs) to offer bidirectional energy flow in their vehicles by leveraging technologies supplied by IoTecha and Nuvve. In addition, there is an increasing trend in the market to use bidirectional charging at home.
However, infrastructure constraints are limiting revenue growth of the bidirectional charger market. One of the primary issues is lack of bidirectional charging infrastructure, current charging infrastructure primarily focuses on unidirectional charging, which limits the widespread adoption of bidirectional chargers. In addition, integrating bidirectional chargers into the existing electrical infrastructure necessitates renovations and adjustments to accommodate two-way power flow, which can be costly and time-consuming.
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Segment Insights
Propulsion Type Insights:
On the basis of propulsion type, the global bidirection electrical charger market is segmented into Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and others. The Battery Electric Vehicles (BEVs) segment accounted for largest revenue share in 2022 due to growing adoption of bidirectional electrical chargers in BEVs. Bidirectional charging allows BEV owners to make the most of the battery of a vehicle as a versatile energy storage system.
Application Insights:
On the basis of application, the global bidirection electrical charger market is segmented into Vehicle-to-Grid (V2G), Vehicle-to-Home (V2H), Vehicle to Load (V2L), and others. The Vehicle-to-Grid (V2G) segment accounted for largest revenue share in 2022. V2G offers benefits to electrical grid by providing grid stabilization, load balancing, and peak demand management. V2G can reduce grid stress and increase grid efficiency by tapping on the energy stored in EV batteries during times of heavy demand. In addition, V2G systems contribute to integration of renewable energy sources by providing a flexible and distributed energy storage solution. Bidirectional charging with V2G capability enhances energy resiliency by enabling EVs to function as mobile backup power sources during emergencies or power outages.
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Regional Insights:
The market in North America accounted for largest revenue share in the global bidirection electrical charger market in 2022, due to increasing government initiatives aimed at promoting electric vehicle adoption and supporting infrastructure development, especially in the U.S. and Canada. In May 2023, the Biden administration announced a funding opportunity known as Ride and Drive Electric, with a total value of USD 51 million. This initiative is focused on accelerating the transition to electric vehicles within transportation sector of the United States. One of the primary goals of this initiative is to stimulate private sector investments in clean transportation.
The market in Asia Pacific is expected to register a significantly fast revenue growth rate during the forecast period due to the rising adoption of electric cars in countries, such as China, India, and Japan, which is attributed to modernization of automobile sector and various initiatives to set up electric vehicle charging stations. In addition, growing adoption of Vehicle-to-Grid (V2G) Technology is creating a high demand for bidirection electrical chargers in this region. In 2021, China's Standardization Administration made an announcement stating its intention to update the EV charging protocol standards of the country.
The market in Europe is expected to register a steady revenue growth rate during the forecast period due to the rising adoption of electric vehicles, and growing development of charging infrastructure in countries, across the region, especially in Germany, the U.K., and France. In October 2022, The German cabinet has given its approval to the second master plan for charging infrastructure. The Ministry of Transport has put forth 68 initiatives designed to expedite development of the charging network. In this iteration, the focus is on encouraging private enterprises through various incentives. The measures encompass a range of elements, such as promoting digitalization to enhance charging infrastructure and addressing challenges encountered by electricity grids through integrating charging infrastructure with electrical systems.
Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 928.8 Million |
| CAGR (2023–2032) | 20.4% |
| Revenue forecast to 2032 | USD 5895.6 Million |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Propulsion type, application, charging type, source, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Fermata Energy, Delta Electronics, Inc., Power Research Electronics B.V., Wallbox Chargers, S.L, Hyundai Mobis Co. Ltd., ABB, Blink Charging Co., EVBox, The Mobility House GmbH, Enphase Energy, Magnum Cap, and Autel Energy |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global bidirection electrical charger market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective parachute systems. Some of the major companies included in the global bidirection electrical charger market report are:
- Fermata Energy
- Delta Electronics, Inc.
- Power Research Electronics B.V.
- Wallbox Chargers, S.L
- Hyundai Mobis Co. Ltd.
- ABB
- Blink Charging Co.
- EVBox
- The Mobility House GmbH
- Enphase Energy
- Magnum Cap
- Autel Energy
Strategic Development
- On 06 October 2022, Fermata Energy, a prominent provider of Vehicle-to-Everything (V2X) charging systems, has recently unveiled its latest V2X bidirectional charger, the FE-20. Building upon the success of their previous FE-15 bidirectional charger, Fermata Energy aims to cater to the growing demand for V2X installations by introducing the FE-20 as an additional commercial charging option. V2X encompasses various projects such as Vehicle-to-Grid (V2G) and Vehicle-to-Building (V2B) initiatives. Fermata Energy has already implemented multiple commercial projects using the FE-15 charger, and the FE-20 aims to further expand its capabilities in the V2X charging domain.
- On 28 July 2022, Infineon Technologies, a chip manufacturer based in Germany, and Delta Electronics, a charging infrastructure manufacturer from Taiwan, collaborated to create an all-in-one system that combines a solar power system, home storage, and a charging station. This innovative system incorporates bidirectional inverters, allowing electric vehicles to not only charge but also function as a backup power source for the home during emergencies. In addition to powering the electric car, the system enables the vehicle to store energy that can be utilized to provide emergency power to the household.
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For the purpose of this report, Emergen Research has segmented the global bidirection electrical charger market on the basis of propulsion type, application, charging type, source, and region:
- Propulsion Type (Revenue, USD Million; 2019-2032)
-
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Others
- Application Outlook (Revenue, USD Million; 2019-2032)
-
- Vehicle-to-Grid (V2G)
- Vehicle-to-Home (V2H)
- Others
- Charging Type Outlook (Revenue, USD Million; 2019-2032)
-
- <20 kWh
- 20-40 kWh
- 40-100 kWh
- >100 kWh
- Source Outlook (Revenue, USD Million; 2019-2032)
-
- OEM
- Aftermarket
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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