LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global vehicle to grid chargers market to grow at a CAGR of around 50% during the period 2018-2022, according to their latest market research report.
The increasing adoption of EVs is one of the major trends being witnessed in the market. EVs were introduced in the early 1990s. But, they lacked popularity among end users in the initial years. The increased marketing by vendors and widespread awareness led to the rise in popularity of EVs. Benefits such as low air and noise pollution are the major reasons triggering their demand in the market. Support from governments for both manufacturers and consumers has also been a major driver for the increase in the penetration of EVs. The total ownership cost of EVs is higher than that of conventional internal combustion engine (ICE) vehicles. This is because of the additional high capacity batteries used in EVs along with the use of electronic components and design considerations.
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In this report, Technavio analysts highlight the ability to meet growing demand for electricity as a key factor contributing to the growth of the global vehicle to grid chargers market:
Ability to meet growing demand for electricity
EVs have the potential to reduce pollution and dependence on fossil fuels. Governments of several countries are providing incentives and building the necessary infrastructure to support the adoption of these vehicles. As a result, the adoption rate of EVs has been increasing steadily. The growing demand for EVs has increased the demand for charging outlets that could increase the need for electricity. The cost of charging EVs has been categorized based on the demand for electricity. There are different electric rate plans such as flat-rate plans, tiered flat-rate plans, and critical peak pricing plans. During peak hours, the cost of charging is high, while it is less during off-peak hours. This is because services providers could devise comparatively cheaper methods of electricity generation.
According to a senior analyst at Technavio for automotive components, “Vehicle to grid technology could reduce the cost of charging EVs during the peak hours when the demand for electricity is high. On an average, EVs are idle for 95% of the time. If that idle time could be utilized by transferring the energy from vehicle to the grid during peak hours, the availability of energy would be more. This would help in meeting the growing demand for electricity at lesser cost.”
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Americas dominates the vehicle to grid chargers market
This market research report segments the global vehicle to grid chargers market into the following end-users (residential chargers and commercial chargers) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major end-users, the residential chargers segment held the largest market share in 2017, accounting for nearly 75% of the market. The market share of this end-user is expected to increase by nearly 4% during the forecast period.
The Americas was the leading region for the global vehicle to grid chargers market in 2017, accounting for a market share of approximately 36%. The market share of this region will decrease by almost 2% by 2022. However, the Americas will dominate the global market through the forecast period.
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