Global Bidirectional Electric Vehicle Charger Market to 2031: Rise in Demand for Solar-Powered Electric Vehicles Presents Opportunities
DUBLIN, May 11, 2023 -- The "Bidirectional Electric Vehicle Charger Market - A Global and Regional Analysis: Focus on Application, Product, and Country-Level Analysis - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
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:
- Increased Demand for Renewable Energy Integration: With the world shifting toward sustainable energy, there has been an increase in demand for integrating renewable energy sources like solar panels and wind turbines into the grid. Bidirectional EV charging technology allows electric vehicle batteries to store excess renewable energy when it is available and feed it back into the grid when there is a shortage.
- Growing EV Penetration: As the adoption of EVs continues to grow, the demand for charging infrastructure is also increasing. Bidirectional EV charging provides an opportunity to improve charging infrastructure by allowing EVs to not only receive electricity from the grid but also send it back during peak demand.
- Reduced Energy Costs: Bidirectional charging technology enables EV owners to sell excess energy stored in their vehicle batteries back to the grid or use it during peak demand hours. This feature can help EV owners reduce their energy costs and even earn profits in some cases.
- Government Incentives: Various governments around the world are providing incentives such as tax credits and subsidies to promote the adoption of bidirectional EV charging technology. This has encouraged manufacturers to invest in research and development of these products.
- Advancements in Technology: Recent advancements in electric vehicle and battery technology have improved the efficiency and reliability of bidirectional charging systems, making them a more practical option for widespread deployment.
Recent Developments in the Bidirectional Electric Vehicle Charger Market
- In October 2021, WALLBOX Inc. partnered with Nuvve Holding Corporation for a pioneering vehicle-to-grid (V2G) cooperation in Iberia aimed at easing grid load and providing users with substantial financial incentives.
- In October 2022, Indra, in collaboration with Manchester University NHS Foundation Trust (MFT) and Hitachi ZeroCarbon, a division of Hitachi Europe, released the findings from the first-ever NHS initiative to deploy ground-breaking vehicle-to-grid (V2G) technology after five Hitachi-funded Indra V2G chargers were installed for electric pharmacy truck fleet. The Trust received an average 6 per kWh drop in electricity costs.
- In December 2022, Fermata Energy and Phoenix Motorcars formed a long-term partnership for V2X bidirectional charging. According to the deal, Fermata Energy would integrate Phoenix's zero-emission drive system with its V2X bidirectional chargers and AI-driven software platform.
- In February 2020, a publicly financed V2G technology demonstration project received the all-clear in Japan in partnership with Mitsubishi. In several places throughout Japan, a vehicle-to-grid charging network for BEVs and PHEVs is to be established by 2025.
Demand - Drivers and Limitations
The following are the demand drivers for the Bidirectional Electric Vehicle Charger Market:
- Growing Numbers of Electric Vehicles Worldwide
- Government Initiatives for the Development of Electric Vehicle Charging Infrastructure
- Need for Energy Self-Sufficiency
- Advent of Intelligent Transportation Systems
The market is expected to face some limitations as well due to the following challenges:
- Lack of Standardization of Electric Vehicle (EV) Charging
- Lack of Government Support in Bidirectional Charging
- Reduced Battery Durability and Battery Efficiency of Vehicles due to Charging Lifecycles
- Batteries Overheat Issue in Prolonged Bidirectional Charging
Key Companies Profiled
- Wallbox Chargers, S.L.
- Indra Renewable Technologies Limited
- Delta Electronics, Inc.
- Fermata Energy
- Power Research Electronics B.V.
- Hyundai Mobis Co. Ltd.
- 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
No. of Pages
2022 - 2031
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2031
Compound Annual Growth Rate
Key Topics Covered:
1.1 Industry Outlook
1.2 Business Dynamics
1.2.1 Business Drivers
22.214.171.124 Growing Numbers of Electric Vehicles Worldwide
126.96.36.199 Government Initiatives for Development of Electric Vehicle Charging Infrastructure
188.8.131.52 Need for Energy Self-Sufficiency
184.108.40.206 Advent of Intelligent Transportation Systems
1.2.2 Business Restraints
220.127.116.11 Lack of Standardization of Electric Vehicle (EV) Charging
18.104.22.168 Lack of Government Support in Bidirectional Charging
22.214.171.124 Reduced Battery Durability and Battery Efficiency of Vehicles due to Charging Lifecycles
126.96.36.199 Batteries Overheat Issue in Prolonged Bidirectional Charging
1.2.3 Business Strategies
188.8.131.52 Product Development
184.108.40.206 Market Development
1.2.4 Corporate Strategies
220.127.116.11 Mergers and Acquisitions
18.104.22.168 Partnerships, Joint Ventures, Collaborations, and Alliances
1.2.5 Business Opportunities
22.214.171.124 Rise in Demand for Solar-Powered Electric Vehicles
126.96.36.199 Growth of Aftermarket Bidirectional Chargers
1.3 Technical Analysis of Bidirectional Electric Vehicle Charger
1.4 The Road to Bidirectional Chargers: Grid Integration Levels
1.5 Impact of COVID-19 on the Industry
2.1 Bidirectional Electric Vehicle Charger Market - Applications and Specifications
2.1.1 Bidirectional Electric Vehicle Charger Market (by Application)
188.8.131.52 Vehicle-to-Grid (V2G)
184.108.40.206 Vehicle-to-Home (V2H)
2.1.2 Bidirectional Electric Vehicle Charger Market (by Source)
2.1.3 Bidirectional Electric Vehicle Charger Market (by Propulsion Type)
220.127.116.11 Battery Electric Vehicles (BEVs)
18.104.22.168 Plug-in Hybrid Electric Vehicles (PHEVs)
2.2 Demand Analysis for Bidirectional Electric Vehicle Charger Market (by Application), Value and Volume Data, 2021-2031
2.2.1 Demand Analysis for Bidirectional Electric Vehicle Charger Market (by Application), 2021-2031
22.214.171.124 Vehicle-to-Grid (V2G)
126.96.36.199 Vehicle-to-Home (V2H)
188.8.131.52 Others (Vehicle-to-Load and Vehicle-to-Vehicle)
2.2.2 Demand Analysis for Bidirectional Electric Vehicle Charger Market (by Source), 2021-2031
2.2.3 Demand Analysis for Bidirectional Electric Vehicle Charger Market (by Propulsion Type), 2021-2031
184.108.40.206 Battery Electric Vehicles (BEVs)
220.127.116.11 Plug-in Hybrid Electric Vehicles (PHEVs)
3.1 Bidirectional Electric Vehicle Charger Market - Products and Specifications
3.1.1 Bidirectional Electric Vehicle Charger Market (by Deployment of Charger)
3.1.2 Bidirectional Electric Vehicle Charger Market (by Charging Type)
18.104.22.168 <20 kWh
22.214.171.124 20-40 kWh
126.96.36.199 40-100 kWh
188.8.131.52 >100 kWh
3.2 Demand Analysis for Bidirectional Electric Vehicle Charger Market (by Product Type), Value and Volume Data, 2021-2031
3.2.1 Demand Analysis for Bidirectional Electric Vehicle Charger Market (by Deployment of Charger), 2021-2031
3.2.2 Demand Analysis for Bidirectional Electric Vehicle Charger Market (by Charging Type), 2021-2031
184.108.40.206 <20 kWh
220.127.116.11 20-40 kWh
18.104.22.168 40-100 kWh
22.214.171.124 >100 kWh
3.3 Product Benchmarking: Growth Rate - Market Share Matrix
3.3.1 Opportunity Matrix (by Region)
3.3.2 Opportunity Matrix (by Deployment of Charger)
3.4 Technology Roadmap
3.5 Global Pricing Analysis
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.2 Market Share Snapshot
5.3 Product/Service Matrix
5.4 Company Profiles
5.5 Start-Up Profiles
6 Research Methodology
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