Jersey City, NJ, May 31, 2023 (GLOBE NEWSWIRE) -- The Global Bidirectional Electric Vehicle Charger Market is estimated to reach over USD 4.61 billion by 2031, exhibiting a CAGR of 19.70% during the forecast period.
Bidirectional electric vehicle (EV) chargers are used to charge electric vehicles that have a battery and an electrical supply that assists in charging the battery. Such vehicles can be charged through various charging levels, including level 1, level 2, and level 3. Electric automobiles are less expensive to buy and maintain than traditional gasoline/diesel vehicles, and electric vehicles lessen the hazardous petrol emissions that are emitted into the atmosphere.
The global bidirectional EV charger market is anticipated to expand rapidly in the coming years as a result of various factors, such as rising global sales of electric vehicles, increasing demand for zero-emission vehicles, and developing government initiatives to encourage the adoption of electric vehicles.
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Technological advancements in the electric vehicle and charging infrastructure, such as ultra-fast chargers, portable charging stations, load management with smart charging, automated payment systems for charging, and bi-directional charging, are some of the key factors expected to drive the global bidirectional EV charger market.
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.
List of Prominent Players in the Bidirectional Electric Vehicle Charger Market:
- 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
Bidirectional Electric Vehicle Charger Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 926.96 Mn |
| Revenue forecast in 2031 | USD 4616.18 Mn |
| Growth rate CAGR | CAGR of 19.70% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, Volume (Thousand Units) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| 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 |
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Market Dynamics:
Drivers:
The rising adoption of biofuels has resulted in increased levels of air pollution, resulting in the prevalence of numerous respiratory and other ailments among the global population is increasing. The major reasons projected to boost the growth of the worldwide EV charger market are the reduction of carbon footprint and the shift towards clean and green energy. Consumer awareness of carbon emissions from vehicles, rising environmental consciousness, increases in living standards, and expanding use of new technologies are all driving the worldwide EV charger market forward.
Challenges:
The main challenge in underdeveloped countries is a lack of understanding and commercialization of bio-based products, which is expected to slow the growth of the Bidirectional Electric Vehicle Charger Market. There is a paucity of EV charging stations, as well as a lack of standards. The increased demand for premium and feature-enhanced autos, as well as wireless charging for electric vehicles, have all had a big impact on the business. Vehicle battery durability and efficiency have been reduced as a result of charging lifecycles and batteries. Overheat in Prolonged Bidirectional Charging is projected to have a negative impact on market growth throughout the forecast period.
Regional Trends:
Asia Pacific Bidirectional Electric Vehicle Charger Market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The recent increase in the price of gas and diesel has raised demand for fuel-efficient automobiles. This is due to dwindling fossil fuel reserves and an increase in firms' desire to maximize profits from these oil supplies. As a result, these factors increase the demand for sophisticated fuel-efficient technology, increasing demand for electrically driven vehicles for travel.
The United States, France, Germany, and China have enacted tough government laws and regulations regarding vehicular emissions, requiring automobile makers to adopt innovative technologies to battle high-emission levels in automobiles. The California Air Resources Board (CARB) has initiated a program that includes instructions for manufacturers to produce and deliver zero-emission cars (ZEVs), significantly increasing the adoption of electric vehicles and, thereby, bidirectional electric vehicles.
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Segmentation of Bidirectional Electric Vehicle Charger Market-
By Application-
- Vehicle-to-Grid (V2G)
- Vehicle-to-Home (V2H)
- Others (Vehicle-to-Vehicle and Vehicle-to-Load)
By Source-
- OEM
- Aftermarket
By Propulsion Type-
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV))
By Deployment of Charger-
- Domestic
- Commercial
By Charging Type-
- <20 kWh
- 20-40 kWh
- 40-100 kWh
- >100 kWh
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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