Latest news with #Plug-inHybridElectricVehicles
Business Recorder
3 days ago
- Automotive
- Business Recorder
Master Group partners with China's No.1 global automobile export brand, Chery
Master Group of Industries, one of Pakistan's most respected and diversified business conglomerates, has officially partnered with Chery Brand, China's No.1 global vehicle exporter, to bring the latest Super Plug-in Hybrid Electric Vehicles (PHEVs) and New Energy Vehicles (NEVs) to Pakistan. With over 60 years of industrial excellence and around 40 years of auto-manufacturing experience, Master Group is investing in a cutting-edge manufacturing facility, world-class 3S Dealership network, and comprehensive after-sales support, led by Master Auto Engineering (a subsidiary of Master Group of Industries) under the leadership of Mr. Samir Malik (CEO). This strategic alliance heralds a new era for Pakistan's automotive industry, driven by sustainable mobility, advanced technology, and an elevated customer experience. Get ready for ground-breaking product launches, innovations, and more.
Yahoo
5 days ago
- Business
- Yahoo
Vehicle-to-Grid (V2G) Market to Soar to USD 109.94 Billion by 2033, Driven by 30.2% CAGR
Vehicle-to-Grid (V2G) Market Overview (2025–2033) Luton, Bedfordshire, United Kingdom, May 29, 2025 (GLOBE NEWSWIRE) -- The vehicle-to-grid (V2G) market is set for significant expansion, projected to grow at a CAGR of 30.2% between 2025 and 2033, reaching a valuation of over USD 109.94 billion by 2033 from USD 7.37 billion in 2025. V2G is an advanced energy management solution that enables bi-directional energy exchange between electric vehicles (EVs) and the power grid. This technology leverages the stored energy in EV batteries to support grid operations during peak demand or emergencies, while also enabling vehicles to draw power when needed. V2G is gaining traction as a critical component of the renewable energy ecosystem, offering grid stabilization, cost optimization, and emission-free energy distribution. Get a Sample PDF Brochure: The market is being driven by the increasing deployment of smart grids, widespread adoption of electric vehicles, and growing concerns about energy sustainability. The integration of bidirectional charging stations further enhances the potential of V2G systems by allowing vehicles to store and supply excess energy to the grid. Advances in battery technology, coupled with the development of Vehicle-to-Everything (V2X) systems, are expected to propel market growth. However, challenges such as inadequate infrastructure, lack of standardization, and high implementation costs remain significant barriers to widespread adoption. Market Segmentation: 1. By Solution Type Hardware Bidirectional Chargers Smart Meters Inverters EVSE (Electric Vehicle Supply Equipment) Software Energy Management Systems Vehicle Aggregation Platforms Grid Integration Software Services Installation & Integration Services Maintenance & Support V2G Aggregator Services 2. By Vehicle Type Battery Electric Vehicles (BEVs) Plug-in Hybrid Electric Vehicles (PHEVs) Fuel Cell Electric Vehicles (FCEVs) Light Commercial Vehicles (LCVs) Heavy Commercial Vehicles (HCVs) Passenger Cars 3. By Charging Type Unidirectional Charging (V1G) Smart Charging (Grid to Vehicle) Bidirectional Charging (V2G) Vehicle-to-Grid (V2G) Vehicle-to-Home (V2H) Vehicle-to-Building (V2B) Vehicle-to-Load (V2L) 4. By Application Peak Load Management Backup Power Supply Frequency Regulation Energy Trading Renewable Energy Integration 5. By End User Residential Commercial Fleets Utilities Public Infrastructure Providers Government & Municipalities 6. By Region North America U.S. Canada Europe Germany UK France Norway Netherlands Asia Pacific China Japan South Korea Australia Latin America Brazil Mexico Middle East & Africa UAE South Africa By Solution Type: Among the various solution types, Electric Vehicle Supply Equipment (EVSE) dominates the market. EVSE serves as the fundamental interface between the EV and the power grid, enabling both charging and discharging processes. With increasing investments in renewable energy infrastructure, the demand for EVSE has surged due to its role in facilitating smart energy flow. Other key solutions include smart meters, home energy management (HEM) systems, and advanced software platforms for grid integration and data management. By Vehicle Type: Plug-in Hybrid Electric Vehicles (PHEVs) represent the largest share within the vehicle-type segment. Their ability to operate using both internal combustion engines and battery power makes them versatile and energy-efficient. Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs) also contribute significantly to the V2G ecosystem, particularly as governments incentivize cleaner alternatives to traditional vehicles. By Charging Type: Bidirectional charging has emerged as a key growth area, allowing EVs not only to receive power from the grid but also to return it during peak times. This dual functionality is essential for grid stability, especially with increasing reliance on intermittent renewable sources like solar and wind. Unidirectional charging, while still prevalent, is gradually being supplemented by the superior capabilities of bidirectional systems. Regional Analysis North America: North America, particularly the U.S. and Canada, is at the forefront of V2G adoption, accounting for a substantial market share. The region benefits from strong government support, progressive regulatory frameworks, and widespread EV infrastructure. Strategic collaborations between automotive manufacturers and energy companies are accelerating the deployment of V2G solutions. Europe: Europe holds more than 35% of the V2G market and is projected to maintain steady growth throughout the forecast period. The region's leadership stems from stringent emissions regulations, attractive incentives for EV ownership, and significant investments in clean energy. Countries like the Netherlands, Germany, and the UK are pioneering pilot programs and commercial deployments of V2G technologies. Asia-Pacific: The Asia-Pacific region is witnessing rapid growth, driven by massive EV adoption in countries such as China, Japan, and South Korea. Government initiatives promoting renewable energy integration and smart city development are further contributing to the regional expansion of the V2G market. Latin America, Middle East & Africa: Although still emerging, these regions present untapped potential due to their increasing urbanization, growing demand for energy security, and youth-driven EV adoption trends. National energy strategies focusing on sustainability are expected to stimulate future market growth. Buy Now : Key Players: Nissan Motor Corporation Tesla, Inc.: Nuvve Corporation Enel X ABB Ltd. Mitsubishi Motors Corporation BMW Group Hyundai Motor Company Honda Motor Co., Ltd. Hitachi Energy Daimler AG General Motors Company Proterra Inc. Stellantis N.V. Siemens AG ENGIE Group OVO Energy EDF Energy The Mobility House U.K. plc: Recent Developments: 1. Nissan Motor Corporation Nissan continues to lead in V2G innovation. In October 2024, the company became an equal investor in ChargeScape, a V2G integration platform alongside BMW, Ford, and Honda. ChargeScape facilitates communication between EVs and utility companies, allowing for managed home charging and energy redistribution back to the grid during peak demand periods. Nissan plans to introduce ChargeScape's services to its EV customers in the U.S. and Canada upon completion of the investment transaction. 2. Mitsubishi Motors Corporation Mitsubishi is actively promoting V2G technology in Australia. In 2025, Mitsubishi Motors Australia's CEO, Shaun Westcott, advocated for government subsidies to support bi-directional EV charging, positioning it as a transformative technology akin to rooftop solar systems. Bi-directional charging enables electricity to flow between EVs and homes, potentially creating a circular energy system that uses solar power to charge cars during the day and draws energy from car batteries at night. 3. Electrovaya Electrovaya, a Canadian battery technology firm, is expanding its role in the V2G market. In November 2024, the company entered into an agreement with a European automaker to supply battery systems for new V2G-capable EV models, expanding its footprint in the automotive sector. In January 2025, Electrovaya announced plans to increase production capacity to meet the growing demand for its battery systems, signaling confidence in market expansion. 4. Mobilize (Renault Group) Mobilize, Renault's mobility brand, is integrating V2G capabilities into its offerings. In June 2023, Mobilize announced its Powerbox bidirectional charging station as part of the launch of the new Renault 5 electric. In 2024, the Renault 5 with Mobilize V2G technology will offer to save money by plugging in the car. The two-way system will transform the electric city car into an energy supplier. 5. China's National Development and Reform Commission (NDRC) In April 2025, China's NDRC announced plans to initiate pilot projects in nine cities to utilize electric vehicles (EVs) as batteries to stabilize the power grid during peak demand periods. These efforts follow last year's regulatory framework aimed at integrating new energy vehicles with the grid, addressing concerns about the rapid adoption of EVs potentially overwhelming energy systems. The 30 projects, located in cities like Beijing, Shanghai, Shenzhen, and Guangzhou, will primarily feature V2G technology, where cars store and return electricity to the grid and adjust their charging times to avoid peak hours. This report is also available in the following languages : Japanese (車両から電力網へ（V2G）市場), Korean (차량-전력망(V2G) 시장), Chinese (车辆到电网 (V2G) 市场), French (Marché du véhicule vers le réseau (V2G)), German (Vehicle-to-Grid (V2G)-Markt), and Italian (Mercato Vehicle-to-Grid (V2G)), etc. Get a Sample PDF Brochure: More Research Finding – EV Smart Charge Controller MarketThe global market for Electric Vehicle (EV) Smart Charge Controllers is projected to reach a value of approximately USD 2.5 billion in 2024. The market is expected to witness robust growth, with a projected value of around USD 7.5 billion by 2034. This growth translates to a Compound Annual Growth Rate (CAGR) of 12.1% from 2025 to Parking Meter Device MarketThe global parking meter device market is poised to reach approximately USD 2 billion in 2024, driven by the increasing adoption of smart city initiatives and enhanced parking management systems. Forecasts indicate a robust growth trajectory, with a projected market value of around USD 3.6 billion by 2034. This growth translates to a Compound Annual Growth Rate (CAGR) of about 6.3% from 2025 to Gas Flow Meters MarketThe global gas flow meter market is poised for significant growth, valued at approximately $3.2 billion in 2024. This market is anticipated to reach around $5.1 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period from 2025 to Painlessly Blood Glucose Meter MarketThe global painless blood glucose meter market is poised for significant growth, with a current estimated value of approximately $8 billion in 2024. By 2034, this market is projected to reach around $20 billion, indicating robust expansion driven by increasing diabetes prevalence and a growing demand for non-invasive monitoring solutions. The Compound Annual Growth Rate (CAGR) for the forecast period from 2025 to 2034 is anticipated at 9.5%. Din Rail Energy Meter MarketThe global DIN Rail Energy Meter market is valued at approximately $1.2 billion, reflecting robust growth driven by the increasing demand for energy efficiency and smart grid technology. The market is projected to reach around $2.4 billion by 2034, indicating a compound annual growth rate (CAGR) of about 7.3% during the forecast period from 2025 to Multi-Tariff Energy Meter MarketThe global multi-tariff energy meter market is valued at approximately $1.8 billion, driven by rising demand for energy efficiency, advancements in smart metering technologies, and regulatory mandates promoting renewable energy integration. The market is projected to grow significantly, reaching an estimated $3.5 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.2% over the forecast period from 2025 to Digital Multi-function Meter MarketThe global digital multi-function meter market is poised to reach an estimated value of $5.4 billion in 2024, driven by increasing demand for accurate energy management and monitoring. With growing emphasis on energy efficiency and renewable energy integration, the market is projected to expand at a robust CAGR of 7.8%, reaching approximately $10.5 billion by Multispace Parking Meter MarketThe global multispace parking meter market is valued at approximately $1.2 billion, reflecting a steady integration of advanced technologies in urban infrastructure. The market is projected to reach about $2.6 billion by 2034, demonstrating significant growth driven by the increasing demand for smart city solutions and efficient urban mobility management. This corresponds to a Compound Annual Growth Rate (CAGR) of around 8.2% during the forecast period from 2025 to Fully Electronic Smart Meters MarketThe global fully electronic smart meter market is valued at approximately $22 billion in 2024, with a projected market value of around $36 billion by 2034. This growth trajectory indicates a robust demand for smart metering solutions, driven by the increasing need for advanced utility management systems. The market is expected to experience a Compound Annual Growth Rate (CAGR) of around 5.1% during the forecast period from 2025 to Single-phase Meter Market The global single-phase meter market is poised to reach approximately $10 billion in 2024, driven by rising energy consumption, the proliferation of smart grid technologies, and government initiatives promoting energy efficiency. The market is projected to expand significantly, with an estimated value of around $15 billion by 2034, reflecting growing demand for advanced metering 3-Phase Meter MarketThe global 3-phase meter market is poised to reach approximately $1.5 billion in 2024, with an anticipated rise to $2.4 billion by 2034. This trajectory reflects a Compound Annual Growth Rate (CAGR) of around 5.0% from 2025 to 2034, driven by accelerating demand for efficient energy management and smart grid Water Utility Monitoring System Market The water utility monitoring system market is valued at approximately $5 billion in 2024, with projections estimating a substantial increase to around $10 billion by 2034. This growth trend indicates a Compound Annual Growth Rate (CAGR) of about 7.2% during the forecast period from 2025 to US Smart Meters Market The U.S. smart meter market is projected to reach approximately $7.5 billion in 2024, bolstered by increasing demand for energy efficiency and grid modernization. The market is anticipated to grow significantly from 2025 to 2034, with a projected value of about $13.5 billion by the end of the forecast period, resulting in a Compound Annual Growth Rate (CAGR) of around 6.5%. Smart Energy MarketThe global smart energy market is poised for substantial growth, with an estimated market value of $280 billion in 2024. Projected trends indicate this value could reach approximately $680 billion by 2034, reflecting an impressive Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period of 2025– Electricity Trading Market The global electricity trading market is estimated to reach $1.2 trillion in 2024, reflecting a robust recovery post-pandemic as countries transition to more sustainable energy frameworks. The market is projected to expand significantly, with an anticipated value of approximately $2.5 trillion by 2034, representing a Compound Annual Growth Rate (CAGR) of about 8.1% during the forecast period from 2025 to Smart Meters MarketThe global smart meter market is projected to reach approximately $22.4 billion in 2024, driven by increasing adoption of advanced metering infrastructure and demand for efficient energy management solutions. The market is expected to witness substantial growth, with a projected value of around $42.1 billion by 2034, reflecting a compound annual growth rate (CAGR) of 6.7% during the forecast period from 2025 to US Smart Power Distribution System MarketThe US smart power distribution system market is valued at approximately $11.4 billion in 2024, driven by the increasing adoption of smart grid technologies and rising investments in renewable energy infrastructure. The market is projected to reach approximately $22.1 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of about 7.0% during the forecast period from 2025 to Advanced Metering Infrastructure MarketThe global advanced metering infrastructure (AMI) market is valued at approximately $15 billion in 2024, driven by the rapid digitalization of utilities and the increasing demand for smart grid solutions. As energy providers seek efficiency in operational processes, the AMI market is projected to grow to about $30 billion by 2034, reflecting a robust increase. The compound annual growth rate (CAGR) for this period is estimated at 7.2%, fueled by advancements in IoT technologies and heightened regulatory support for sustainable Digital Utility MarketThe global digital utility market is valued at approximately $600 billion in 2024, driven by increasing demand for energy efficiency and smart infrastructure. The market is poised for substantial growth, projecting to reach around $1 trillion by 2034, with a Compound Annual Growth Rate (CAGR) of about 6.3% during the forecast period (2025–2034). CONTACT: Contact Data Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@ in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Vehicle-to-Grid (V2G) Market to Soar to USD 109.94 Billion by 2033, Driven by 30.2% CAGR
Vehicle-to-Grid (V2G) Market Overview (2025–2033) Luton, Bedfordshire, United Kingdom, May 29, 2025 (GLOBE NEWSWIRE) -- The vehicle-to-grid (V2G) market is set for significant expansion, projected to grow at a CAGR of 30.2% between 2025 and 2033, reaching a valuation of over USD 109.94 billion by 2033 from USD 7.37 billion in 2025. V2G is an advanced energy management solution that enables bi-directional energy exchange between electric vehicles (EVs) and the power grid. This technology leverages the stored energy in EV batteries to support grid operations during peak demand or emergencies, while also enabling vehicles to draw power when needed. V2G is gaining traction as a critical component of the renewable energy ecosystem, offering grid stabilization, cost optimization, and emission-free energy distribution. Get a Sample PDF Brochure: The market is being driven by the increasing deployment of smart grids, widespread adoption of electric vehicles, and growing concerns about energy sustainability. The integration of bidirectional charging stations further enhances the potential of V2G systems by allowing vehicles to store and supply excess energy to the grid. Advances in battery technology, coupled with the development of Vehicle-to-Everything (V2X) systems, are expected to propel market growth. However, challenges such as inadequate infrastructure, lack of standardization, and high implementation costs remain significant barriers to widespread adoption. Market Segmentation: 1. By Solution Type Hardware Bidirectional Chargers Smart Meters Inverters EVSE (Electric Vehicle Supply Equipment) Software Energy Management Systems Vehicle Aggregation Platforms Grid Integration Software Services Installation & Integration Services Maintenance & Support V2G Aggregator Services 2. By Vehicle Type Battery Electric Vehicles (BEVs) Plug-in Hybrid Electric Vehicles (PHEVs) Fuel Cell Electric Vehicles (FCEVs) Light Commercial Vehicles (LCVs) Heavy Commercial Vehicles (HCVs) Passenger Cars 3. By Charging Type Unidirectional Charging (V1G) Smart Charging (Grid to Vehicle) Bidirectional Charging (V2G) Vehicle-to-Grid (V2G) Vehicle-to-Home (V2H) Vehicle-to-Building (V2B) Vehicle-to-Load (V2L) 4. By Application Peak Load Management Backup Power Supply Frequency Regulation Energy Trading Renewable Energy Integration 5. By End User Residential Commercial Fleets Utilities Public Infrastructure Providers Government & Municipalities 6. By Region North America U.S. Canada Europe Germany UK France Norway Netherlands Asia Pacific China Japan South Korea Australia Latin America Brazil Mexico Middle East & Africa UAE South Africa By Solution Type: Among the various solution types, Electric Vehicle Supply Equipment (EVSE) dominates the market. EVSE serves as the fundamental interface between the EV and the power grid, enabling both charging and discharging processes. With increasing investments in renewable energy infrastructure, the demand for EVSE has surged due to its role in facilitating smart energy flow. Other key solutions include smart meters, home energy management (HEM) systems, and advanced software platforms for grid integration and data management. By Vehicle Type: Plug-in Hybrid Electric Vehicles (PHEVs) represent the largest share within the vehicle-type segment. Their ability to operate using both internal combustion engines and battery power makes them versatile and energy-efficient. Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs) also contribute significantly to the V2G ecosystem, particularly as governments incentivize cleaner alternatives to traditional vehicles. By Charging Type: Bidirectional charging has emerged as a key growth area, allowing EVs not only to receive power from the grid but also to return it during peak times. This dual functionality is essential for grid stability, especially with increasing reliance on intermittent renewable sources like solar and wind. Unidirectional charging, while still prevalent, is gradually being supplemented by the superior capabilities of bidirectional systems. Regional Analysis North America: North America, particularly the U.S. and Canada, is at the forefront of V2G adoption, accounting for a substantial market share. The region benefits from strong government support, progressive regulatory frameworks, and widespread EV infrastructure. Strategic collaborations between automotive manufacturers and energy companies are accelerating the deployment of V2G solutions. Europe: Europe holds more than 35% of the V2G market and is projected to maintain steady growth throughout the forecast period. The region's leadership stems from stringent emissions regulations, attractive incentives for EV ownership, and significant investments in clean energy. Countries like the Netherlands, Germany, and the UK are pioneering pilot programs and commercial deployments of V2G technologies. Asia-Pacific: The Asia-Pacific region is witnessing rapid growth, driven by massive EV adoption in countries such as China, Japan, and South Korea. Government initiatives promoting renewable energy integration and smart city development are further contributing to the regional expansion of the V2G market. Latin America, Middle East & Africa: Although still emerging, these regions present untapped potential due to their increasing urbanization, growing demand for energy security, and youth-driven EV adoption trends. National energy strategies focusing on sustainability are expected to stimulate future market growth. Buy Now : Key Players: Nissan Motor Corporation Tesla, Inc.: Nuvve Corporation Enel X ABB Ltd. Mitsubishi Motors Corporation BMW Group Hyundai Motor Company Honda Motor Co., Ltd. Hitachi Energy Daimler AG General Motors Company Proterra Inc. Stellantis N.V. Siemens AG ENGIE Group OVO Energy EDF Energy The Mobility House U.K. plc: Recent Developments: 1. Nissan Motor Corporation Nissan continues to lead in V2G innovation. In October 2024, the company became an equal investor in ChargeScape, a V2G integration platform alongside BMW, Ford, and Honda. ChargeScape facilitates communication between EVs and utility companies, allowing for managed home charging and energy redistribution back to the grid during peak demand periods. Nissan plans to introduce ChargeScape's services to its EV customers in the U.S. and Canada upon completion of the investment transaction. 2. Mitsubishi Motors Corporation Mitsubishi is actively promoting V2G technology in Australia. In 2025, Mitsubishi Motors Australia's CEO, Shaun Westcott, advocated for government subsidies to support bi-directional EV charging, positioning it as a transformative technology akin to rooftop solar systems. Bi-directional charging enables electricity to flow between EVs and homes, potentially creating a circular energy system that uses solar power to charge cars during the day and draws energy from car batteries at night. 3. Electrovaya Electrovaya, a Canadian battery technology firm, is expanding its role in the V2G market. In November 2024, the company entered into an agreement with a European automaker to supply battery systems for new V2G-capable EV models, expanding its footprint in the automotive sector. In January 2025, Electrovaya announced plans to increase production capacity to meet the growing demand for its battery systems, signaling confidence in market expansion. 4. Mobilize (Renault Group) Mobilize, Renault's mobility brand, is integrating V2G capabilities into its offerings. In June 2023, Mobilize announced its Powerbox bidirectional charging station as part of the launch of the new Renault 5 electric. In 2024, the Renault 5 with Mobilize V2G technology will offer to save money by plugging in the car. The two-way system will transform the electric city car into an energy supplier. 5. China's National Development and Reform Commission (NDRC) In April 2025, China's NDRC announced plans to initiate pilot projects in nine cities to utilize electric vehicles (EVs) as batteries to stabilize the power grid during peak demand periods. These efforts follow last year's regulatory framework aimed at integrating new energy vehicles with the grid, addressing concerns about the rapid adoption of EVs potentially overwhelming energy systems. The 30 projects, located in cities like Beijing, Shanghai, Shenzhen, and Guangzhou, will primarily feature V2G technology, where cars store and return electricity to the grid and adjust their charging times to avoid peak hours. This report is also available in the following languages : Japanese (車両から電力網へ（V2G）市場), Korean (차량-전력망(V2G) 시장), Chinese (车辆到电网 (V2G) 市场), French (Marché du véhicule vers le réseau (V2G)), German (Vehicle-to-Grid (V2G)-Markt), and Italian (Mercato Vehicle-to-Grid (V2G)), etc. Get a Sample PDF Brochure: More Research Finding – EV Smart Charge Controller MarketThe global market for Electric Vehicle (EV) Smart Charge Controllers is projected to reach a value of approximately USD 2.5 billion in 2024. The market is expected to witness robust growth, with a projected value of around USD 7.5 billion by 2034. This growth translates to a Compound Annual Growth Rate (CAGR) of 12.1% from 2025 to Parking Meter Device MarketThe global parking meter device market is poised to reach approximately USD 2 billion in 2024, driven by the increasing adoption of smart city initiatives and enhanced parking management systems. Forecasts indicate a robust growth trajectory, with a projected market value of around USD 3.6 billion by 2034. This growth translates to a Compound Annual Growth Rate (CAGR) of about 6.3% from 2025 to Gas Flow Meters MarketThe global gas flow meter market is poised for significant growth, valued at approximately $3.2 billion in 2024. This market is anticipated to reach around $5.1 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period from 2025 to Painlessly Blood Glucose Meter MarketThe global painless blood glucose meter market is poised for significant growth, with a current estimated value of approximately $8 billion in 2024. By 2034, this market is projected to reach around $20 billion, indicating robust expansion driven by increasing diabetes prevalence and a growing demand for non-invasive monitoring solutions. The Compound Annual Growth Rate (CAGR) for the forecast period from 2025 to 2034 is anticipated at 9.5%. Din Rail Energy Meter MarketThe global DIN Rail Energy Meter market is valued at approximately $1.2 billion, reflecting robust growth driven by the increasing demand for energy efficiency and smart grid technology. The market is projected to reach around $2.4 billion by 2034, indicating a compound annual growth rate (CAGR) of about 7.3% during the forecast period from 2025 to Multi-Tariff Energy Meter MarketThe global multi-tariff energy meter market is valued at approximately $1.8 billion, driven by rising demand for energy efficiency, advancements in smart metering technologies, and regulatory mandates promoting renewable energy integration. The market is projected to grow significantly, reaching an estimated $3.5 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.2% over the forecast period from 2025 to Digital Multi-function Meter MarketThe global digital multi-function meter market is poised to reach an estimated value of $5.4 billion in 2024, driven by increasing demand for accurate energy management and monitoring. With growing emphasis on energy efficiency and renewable energy integration, the market is projected to expand at a robust CAGR of 7.8%, reaching approximately $10.5 billion by Multispace Parking Meter MarketThe global multispace parking meter market is valued at approximately $1.2 billion, reflecting a steady integration of advanced technologies in urban infrastructure. The market is projected to reach about $2.6 billion by 2034, demonstrating significant growth driven by the increasing demand for smart city solutions and efficient urban mobility management. This corresponds to a Compound Annual Growth Rate (CAGR) of around 8.2% during the forecast period from 2025 to Fully Electronic Smart Meters MarketThe global fully electronic smart meter market is valued at approximately $22 billion in 2024, with a projected market value of around $36 billion by 2034. This growth trajectory indicates a robust demand for smart metering solutions, driven by the increasing need for advanced utility management systems. The market is expected to experience a Compound Annual Growth Rate (CAGR) of around 5.1% during the forecast period from 2025 to Single-phase Meter Market The global single-phase meter market is poised to reach approximately $10 billion in 2024, driven by rising energy consumption, the proliferation of smart grid technologies, and government initiatives promoting energy efficiency. The market is projected to expand significantly, with an estimated value of around $15 billion by 2034, reflecting growing demand for advanced metering 3-Phase Meter MarketThe global 3-phase meter market is poised to reach approximately $1.5 billion in 2024, with an anticipated rise to $2.4 billion by 2034. This trajectory reflects a Compound Annual Growth Rate (CAGR) of around 5.0% from 2025 to 2034, driven by accelerating demand for efficient energy management and smart grid Water Utility Monitoring System Market The water utility monitoring system market is valued at approximately $5 billion in 2024, with projections estimating a substantial increase to around $10 billion by 2034. This growth trend indicates a Compound Annual Growth Rate (CAGR) of about 7.2% during the forecast period from 2025 to US Smart Meters Market The U.S. smart meter market is projected to reach approximately $7.5 billion in 2024, bolstered by increasing demand for energy efficiency and grid modernization. The market is anticipated to grow significantly from 2025 to 2034, with a projected value of about $13.5 billion by the end of the forecast period, resulting in a Compound Annual Growth Rate (CAGR) of around 6.5%. Smart Energy MarketThe global smart energy market is poised for substantial growth, with an estimated market value of $280 billion in 2024. Projected trends indicate this value could reach approximately $680 billion by 2034, reflecting an impressive Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period of 2025– Electricity Trading Market The global electricity trading market is estimated to reach $1.2 trillion in 2024, reflecting a robust recovery post-pandemic as countries transition to more sustainable energy frameworks. The market is projected to expand significantly, with an anticipated value of approximately $2.5 trillion by 2034, representing a Compound Annual Growth Rate (CAGR) of about 8.1% during the forecast period from 2025 to Smart Meters MarketThe global smart meter market is projected to reach approximately $22.4 billion in 2024, driven by increasing adoption of advanced metering infrastructure and demand for efficient energy management solutions. The market is expected to witness substantial growth, with a projected value of around $42.1 billion by 2034, reflecting a compound annual growth rate (CAGR) of 6.7% during the forecast period from 2025 to US Smart Power Distribution System MarketThe US smart power distribution system market is valued at approximately $11.4 billion in 2024, driven by the increasing adoption of smart grid technologies and rising investments in renewable energy infrastructure. The market is projected to reach approximately $22.1 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of about 7.0% during the forecast period from 2025 to Advanced Metering Infrastructure MarketThe global advanced metering infrastructure (AMI) market is valued at approximately $15 billion in 2024, driven by the rapid digitalization of utilities and the increasing demand for smart grid solutions. As energy providers seek efficiency in operational processes, the AMI market is projected to grow to about $30 billion by 2034, reflecting a robust increase. The compound annual growth rate (CAGR) for this period is estimated at 7.2%, fueled by advancements in IoT technologies and heightened regulatory support for sustainable Digital Utility MarketThe global digital utility market is valued at approximately $600 billion in 2024, driven by increasing demand for energy efficiency and smart infrastructure. The market is poised for substantial growth, projecting to reach around $1 trillion by 2034, with a Compound Annual Growth Rate (CAGR) of about 6.3% during the forecast period (2025–2034). CONTACT: Contact Data Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Citizen
26-05-2025
- Automotive
- The Citizen
Plug-In Hybrid EVs have proven a worldwide mobility solution instead of an interim technology
The year 2024 marked some significant developments for the EV industry. Growth continued with sales of plug-in vehicles increasing by 26% YoY (year on year) to a total of 17.2 million and an increased global market share of 22%. Of this volume, 63% comprised Battery Electric Vehicles (BEVs), with the balance of 37% being Plug-in Hybrid Electric Vehicles (PHEVs). This share grew from 31% in 2023, following YoY PHEV growth of 53% vs just 14% for BEVs. This trend contradicts previous industry assumptions that view hybrids as merely an interim solution in the transition from internal combustion engines (ICE) to BEV adoption, suggesting that the current overall BEV offering is not appealing to motorists to the extent as much as originally forecast. Those switching from an ICE vehicle to a PHEV in preference to a BEV, will have their own reasons for doing so, but these will likely include concerns over vehicle pricing, charging infrastructure, range anxiety, and resale value. The same BEV market growth forecast formed the basis of vehicle manufacturers' planning regarding future products, manufacturing facilities and development expenditure. Many planned to phase out ICE vehicles by 2030, had moved development resources away from ICE powertrains and towards new BEV line-ups on dedicated platforms, while building new BEV-dedicated manufacturing facilities, or converting existing facilities. The past year has seen numerous announcements revising these plans in line with the change in customer demand. These include extended life cycles for some existing ICE models, the inclusion of PHEV derivatives in models originally intended to be BEV-only, and resumption of ICE development, including optimisation for use in PHEV drivetrains. In addition, the launches of some planned BEV models, as well as the dedicated facilities for their production, have been delayed. As indicated by their naming, all hybrid vehicles feature both an ICE and electric motor(s). The way these complement one other determines their categorisation as mild hybrid (MHEV), hybrid (HEV) or PHEV. Each of these categories provides a different solution in terms of performance, fuel consumption, driving range and cost. The entry point to vehicle electrification is the MHEV, an ICE vehicle fitted with a Belt Driven Starter Generator (BSG) or an Integrated Starter Generator (ISG), powered by a compact 48 V battery. In addition to acting as a powerful starter, it provides an additional 10-15 kW to the ICE under high load conditions. Charged primarily by regenerative braking, the battery can also be utilised to drive ancillaries such as power steering, to further reduce engine load. The system has become popular with European manufacturers seeking a cost-effective means of reducing vehicle emissions, while Toyota recently introduced it on some Hilux derivatives, providing benefits in performance, along with reductions in fuel consumption and emissions. The next step up in electrification is the HEV, in which the ICE and electric motor(s), are usually combined in a series-parallel hybrid configuration. Here the ICE drives a generator which powers an electric motor. This, in turn, drives the wheels (series) but is capable of driving the wheels directly in certain driving conditions (parallel). The driving experience is like a conventional ICE vehicle, the power management controller engaging the electric motor to assist during acceleration when ICE consumption is at its worst, but allowing ICE-only operation at steady speeds when it is at its most efficient. The small battery is both cost-effective and has adequate capacity in this application, as it is quickly and frequently recharged by the ICE and regenerative braking. Originally popularised by the Toyota Prius and certain Honda models, the Toyota Corolla Cross Hybrid models are primarily responsible for the significant growth of HEVs in the SA market, providing cost effective fuel consumption and emission reduction benefits. In addition to charging via regenerative braking or the ICE driving a generator, PHEVs can be plugged in to the mains supply network and their traction batteries charged via an onboard charger. However, their recent popularity has seen the emergence of different PHEVs types, each with their own characteristics and benefits. Related: All of the CAR Magazine Top 12 Best Used Buys for 2025 The most common are PHEV derivatives included in predominantly ICE model ranges. Battery capacities are smaller than equivalent BEVs, usually in the 10-20 kWh range, and typically provide EV-mode ranges of 45 – 90 km, adequate for most daily commutes. Coupled with overnight charging, this battery capacity is sufficient to permit EV mode commuting in urban areas where tailpipe emissions have the most impact on human health, while overall driving range is better than their ICE equivalents. Most current PHEVs offer AC charging, either via a normal electric socket or via a home or public fast charger. Owing to the small battery size, this will prove adequate for most owners, however, those motorists requiring frequent public fast charging might prefer a model capable of DC fast charging. An interesting new development, mainly in China, has been the emergence of longer-range PHEVs with larger batteries. These can extend the EV-only range to around 200 km, reducing the necessity for frequent charging. Overall driving ranges are also increased to 1 000 km or more. Incorporating the electric motor also provides a significant performance boost, but where this is not required, the ICE is downsized for further improved fuel efficiency. Typically, the electric motor is fitted between the ICE and transmission, coupled via an automated clutch, allowing series-parallel hybrid operation. However, the electric motor is sometimes mounted on the undriven axle, providing AWD capability as an added benefit. Technically, these PHEV drivetrains are relatively straightforward, and the challenge is ensuring smooth driveability through seamless transition between the two power sources at all speeds, throttle openings, and load conditions. Related: 2025 Toyota GR Yaris Pricing Unearthed In an interesting development, BYD has become the tenth manufacturer to enter the SA PHEV market with the launch of its Shark 4×4 Double Cab. It features a 1.5T ICE primarily used to charge the 29.6 kWh battery powering front and rear electric motors, but also capable of driving the front wheels directly at higher speeds. Expected combined outputs of 320 kW and 650 N.m will make it SA's most powerful bakkie, with an impressive range of 840 km. In addition to these mainstream PHEVs, the technology is increasingly being used in supercars, covered in detail in the December 2024 issue. The focus in these applications is purely on maintaining performance when using a smaller ICE, the motor providing additional power and torque. In some cases, additional electric motor(s) are incorporated on the front axle, providing 4WD and torque vectoring to improve traction and handling. A reduction in emissions and the ability to cover short distances in EV mode are added benefits. A recent trend has been renewed interest in Extended Range Electric Vehicles (EREV), as initially seen in BMW's i3 REx model which used a 650 cc motorcycle engine to power a generator, charge the battery, and extend vehicle range. While technically series hybrid PHEVs, they differ from ICE-derived PHEVs in that they are derived from BEVs, with an ICE only working to charge the battery and not drive the wheels directly. Initial interest is coming from US full-size pick-up and SUV manufacturers, where BEVs, despite 130 kWh batteries weighing 800 kg or more, do not provide sufficient range, particularly when towing. RAM has already announced the 1500 Ramcharger, which utilises a relatively small 92 kWh battery to power its front and rear 250 kW electric motors. EV-only range is 225 km but with additional charging provided by the familiar Pentastar 3.6-litre V6 this increases to 1 100 km. Hyundai also recently confirmed an EREV version of its Ioniq 9 BEV; a large SUV due in select markets next year, describing the technology as a bridge between ICE and EV. Other than being built on EV platforms, where production volumes are possibly falling short of original forecasts, costs are contained by fitting a smaller battery to offset the cost of the ICE generator. As it doesn't drive the vehicle directly, the ICE can also be managed to run at its most efficient engine speed, or linked to vehicle speed, making it sound and feel 'normal' to the driver. The upturn in worldwide PHEV sales combined with the increase in models offered, and new developments such as long-range PHEVs and EREVs, confirm their growing appeal to consumers. Pricing is slightly lower than BEVs, smaller batteries offsetting the additional ICE cost, but the real benefit is useable EV driving without range anxiety. With BEV prices slowly falling and ranges expanding, their appeal may be relatively short-lived in markets where BEVs are already well established. However, in markets with large travelling distances and less-developed charging infrastructure, PHEVs could provide an extended transition from ICE vehicles to BEVs. Find the full feature in the May 2025 issue of CAR Magazine. Browse thousands of new and used cars here with CARmag. The post PHEVs Have Proven a Worldwide Mobility Solution Instead of an Interim Technology appeared first on CAR Magazine.
Globe and Mail
25-02-2025
- Automotive
- Globe and Mail
Electric Vehicle Powertrain Market to Skyrocket with Huge CAGR of 34.70% and 956.44 billion Market Size by 2030
Electric Vehicle Powertrain Market Research Report Information By Component (Battery, E-Motor, Power Electronics, Thermal Management Modules and Others), By Propulsion (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-in Hybrid Electric Vehicles (PHEV)), By Vehicle Type (Passenger Car and Commercial Vehicle), And By Region – Global Industry Size, Share, Growth, Trends and Forecast To 2030 The latest market report on Electric Vehicle Powertrain Market published by Market research Future suggests, Electric Vehicle Powertrain Market Size was valued at USD 88.25 billion in 2021. The Global Electric Vehicle Powertrain market is projected to grow from USD 118.87 Billion in 2022 to USD 956.44 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 34.70% during the forecast period (2024–2030). The electric vehicle (EV) powertrain market is experiencing rapid growth due to the increasing adoption of electric mobility, stringent emission regulations, and advancements in battery and motor technologies. The powertrain is the core of an electric vehicle, comprising components such as the electric motor, battery pack, inverter, and transmission system. As automakers transition from internal combustion engines to electrified powertrains, significant investments are being made to enhance efficiency, range, and overall vehicle performance. Sample Market Analysis Report for Detailed Insights; Key Trends in the Electric Vehicle Powertrain Market 1. Shift Toward Fully Electric and Hybrid Powertrains The global push toward carbon neutrality has accelerated the shift from traditional internal combustion engines to fully electric and hybrid powertrains. Automakers are investing heavily in research and development to improve EV efficiency and reduce costs, making electric vehicles more accessible to consumers. 2. Advancements in Battery Technology Battery technology remains a crucial driver in the EV powertrain market. Innovations in lithium-ion batteries, solid-state batteries, and fast-charging capabilities are enhancing energy density, reducing charging times, and improving overall vehicle performance. Manufacturers are also exploring cost-effective and sustainable battery materials to ensure long-term market growth. 3. Development of High-Performance Electric Motors Electric motors play a pivotal role in EV powertrains, with advancements focusing on increasing power output, reducing energy losses, and enhancing overall efficiency. Permanent magnet synchronous motors (PMSM) and induction motors are among the leading choices for EV manufacturers, with ongoing developments aimed at optimizing power delivery and thermal management. 4. Integration of Smart and Connected Technologies The incorporation of artificial intelligence (AI) and connected vehicle technologies is transforming the EV powertrain market. Intelligent energy management systems, predictive maintenance, and software-driven powertrain optimizations are improving vehicle efficiency and user experience. 5. Government Incentives and Regulatory Support Governments worldwide are implementing policies to support EV adoption, including tax credits, subsidies, and incentives for powertrain research. These regulatory measures are encouraging automakers to accelerate the development and deployment of efficient electric powertrains. List of the Key Companies in the Electric Vehicle Powertrain Market includes; ZF Friedrichshafen AG (Germany) EPT Co. Inc. (South Korea) WEG (Brazil) Bonfiglioli Riduttori S.P.A (Italy) IET S.p.A. (Italy) Automation Tooling Systems Inc. (Canada) GKN PLC (UK) NXP Semiconductors (the Netherlands) Robert Bosch GmbH (Germany) BorgWarner Inc. (US) Continental AG (Germany) AVL List GmbH (Austria) Mitsubishi Electric Corp (Japan) Magna International Inc. (Canada) Dana Incorporated (US). You can Buy Complete and Customizable Market Report on Electric Vehicle Powertrain Market; Regional Analysis of the Electric Vehicle Powertrain Market North America North America is witnessing strong growth in the EV powertrain market, driven by government incentives, increasing EV production, and investments in charging infrastructure. The U.S. and Canada are leading the transition, with automakers like Tesla, Ford, and General Motors expanding their EV lineups. Europe Europe is at the forefront of EV adoption, supported by stringent emission norms, government funding, and the European Green Deal. Countries such as Germany, Norway, and the UK are leading the shift toward electric mobility, with major automotive players investing in next-generation powertrain solutions. Asia-Pacific The Asia-Pacific region, particularly China, Japan, and South Korea, dominates the EV powertrain market due to strong government support, high EV production volumes, and technological advancements. China remains the largest EV market, with aggressive policies promoting electric mobility and local manufacturing of powertrain components. Latin America Latin America's EV powertrain market is emerging, with countries like Brazil and Mexico gradually adopting electrification. While infrastructure challenges exist, increasing investments and policy support are expected to drive growth in the coming years. Middle East & Africa The Middle East and Africa are in the early stages of EV powertrain adoption, with the UAE and South Africa showing initial interest in electric mobility. Government initiatives and sustainability goals are expected to encourage market expansion in the future. The electric vehicle powertrain market is set for significant growth as the automotive industry transitions toward electrification. With advancements in battery technology, smart powertrain systems, and regulatory support, the market is poised to play a critical role in shaping the future of mobility. North America, Europe, and Asia-Pacific lead the adoption curve, while other regions are gradually embracing electrified powertrains to meet sustainability goals. Explore Other Automotive Industry Reports; Battery Management System for Electric Vehicles Market Report United States Used Car Market Report About Market Research Future At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. The MRFR team have a supreme objective to provide the optimum quality market research and intelligence services for our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments enable our clients to see more, know more, and do more, which help to answer all their most important questions.
