The report suggests that the market is expected to grow at a CAGR of 20.02% between 2022-2031
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Bidirectional Electric Vehicle Charger Market – A Global and Regional Analysis.
According to this study, the global bidirectional electric vehicle charger market was valued at $0.93 billion in 2022 and is projected to reach $4.82 billion by 2031, growing at a staggering CAGR of 20.02%.
The following factors are responsible for the increase in demand for global bidirectional electric vehicle chargers:
- 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 detailed study is a compilation of 280 market data tables and 64 figures spread through 299 pages.
Check out the detailed table of content here:
Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The market is evolving rapidly and is anticipated to grow in the upcoming years. Businesses are developing innovative solutions and introducing new services in the market. Collaborations and market developments are key strategies assisting the market’s growth. The massive shift in consumer preferences has provided a viable opportunity for bidirectional electric vehicle charger providers to gain strong ground in this domain. Moreover, increasing awareness regarding electric vehicle systems and increasing government initiatives are expected to increase the adoption of bidirectional electric vehicle charging globally.”
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Major Existing Industry Leaders in the Global Bidirectional Electric Vehicle Charger Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- 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
Recent Industry Developments in the Global Bidirectional Electric Vehicle Charger Market
- 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 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 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.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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