Belgium Vehicle To Grid Market is anticipated to grow with increasing investments in the automotive infrastructure advancements, in the forecast period, 2023-2027F.
According to TechSci report on, “Belgium Vehicle To Grid Market – By Region, Competition Forecast & Opportunities, 2027”, Belgium vehicle to grid market might register an impressive CAGR during the forecast period, 2023-2027, to establish growth due to factors like growing demands for alternative systems of power generation and storage. Evolving technologies in the automotive to restore the power from the vehicles to the grid is anticipated to drive the growth of the Belgium vehicle to grid market in the upcoming five years. Benefits of the technology like charging the vehicle at night when the demand for power is low and then utilizing the stored energy to help balance the high demand for peak shaving in morning is also anticipated to support the growth of the Belgium vehicle to grid market in the next five years. Advantages of the system such as avoiding instances of line losses, transmission latency, and transmission congestion also aid the market growth. Higher demands for electrical energy, exhausting non-renewable resources, etc. would benefit out of utilization of vehicle to grid system thereby aiding the growth of the Belgium vehicle to grind market in the future five years. Increasing production and sales of electric vehicles like electric cars, electric commercial vehicles etc. are further substantiating the growth of the Belgium vehicle to grid market in the forecast years through 2027.
Government schemes, higher investment in the development of the charging infrastructure, improving the vehicle to grid technology and devices, are further expected to lead the growth of the Belgium vehicle to grid market in the forecast period.
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The Belgium vehicle to grid market is segmented by charging type, component, vehicle type, application, competitional landscape, and regional distribution. Based on charging type, the market is differentiated between unidirectional charging and bidirectional charging. Bidirectional charging is anticipated to register fastest CAGR growth in the upcoming five years with significant shares due to advantage of electricity flow in both directions to recharge the vehicle battery as well as utilizing the stored energy during peak hours. Unidirectional charging is anticipated to hold the largest revenue shares of the market and dominate the market segment in the next five years on account of increasing sales of electric vehicles in the country. Surging demand for fuel efficient vehicles and rising concerns toward depleting non-renewable energy resources is further anticipated to support the segment and the growth of the Belgium vehicle to grid market in the future five years.
Vehicle type, market segment is further fragmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV). Plug-in hybrid electric vehicle (PHEV) is anticipated to dominate the vehicle type market segment in the upcoming five years and hold the largest revenue shares of the market due to surging demands of the plug-in hybrid electric vehicle. Increasing production and sales of the battery electric vehicle and plug-in electric vehicles are majorly responsible for the growth of the Belgium vehicle to grid market in the future five years. Hybrid cars are also increasing their sales due to consumer’s confusions related to fuel expenses and charges in the country.
A partial list of major market players of the Belgium vehicle to grid market includes :
- Elia Group
- Jedlix BV
- FUERGY Industries j.s.a.
- NUVVE Corp.
- ABB Group.
- YUSO BV
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“Although electric vehicle market in Belgium is slower as compared to other European countries like Netherland, Germany, etc. the market for vehicle to grid in the country is anticipated to grow steady in the future five years due to increasing investment in the sector. Technological advancement in the charging infrastructure, enhancing sales of the hybrid vehicles, and battery electric vehicles along with plug-in electric vehicle is anticipated to substantiate the growth of the Belgium vehicle to grid market in the future five years. High gas prices and European countries pledge to reduce the fuel combustion further facilitate the growth of the market. New market players may form collaborations with the charging infrastructure operators for increasing the sales of the electric vehicles and thereby supporting their brand establishments in the future five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Belgium Vehicle To Grid Market By Charging Type (Unidirectional Charging, Bidirectional Charging), By Component (EVSE, Smart Meters, Home Energy Management (HEM) Systems, Others), By Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Application (Peak Power Sales, Spinning Reserves, Base Load Power and Others), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Belgium vehicle to grid market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Belgium vehicle to grid market.
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