According to the latest ResearchAndMarkets.com report, the market will surge from US$83.7m in 2022 to US$699m by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 26.60%.
This promising growth is fuelled by rising EV adoption across the region. Growing environmental concerns and government incentives are pushing consumers towards eco-friendly transportation, driving demand for bidirectional charging infrastructure.
Bidirectional chargers not only allow EVs to draw power from the grid but also feed excess energy back, enhancing grid stability. Additionally, the increasing integration of renewable energy sources in APAC benefits from bidirectional chargers, as they help manage the intermittency of renewables and improve overall energy efficiency.
The report analyses key players like Delta Electronics, Hyundai Mobis, Denso Corporation, Hitachi Automotive Systems, and Toyota Industries Corporation. It also explores prominent strategies employed by companies, including product launches, market developments, partnerships, and business expansions. Notably, market developments, partnerships, and collaborations are the preferred strategies to solidify positions in this growing market.
This comprehensive report offers valuable insights for market participants by providing a clear landscape of the competitive environment and highlighting potential untapped revenue opportunities through strategic partnerships and collaborations.
