DUBLIN, Feb. 23, 2023 /PRNewswire/ — The “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, By Application, By Region, Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
Belgium vehicle to grid market is anticipated to register growth with an impressive CAGR in the forecast period, 2024-2028, on the account of higher prevalence of smart power generation systems for the generation of power for multiple uses.
Increasing demand for the electric vehicles and increasing technological advancements are further driving the growth of the Belgium vehicle to grid market in the upcoming five years.
Although growth of the electric vehicle demands in the country as compared to the countries like Netherlands, Germany is considerably low, steady growth in rising awareness and consistent efforts of the electric vehicle manufacturers in increasing detailed information about clear process to install a charging station after purchasing an EV and related fuel costs, etc. may further substantiate the growth of the Belgium vehicle to grid market in the future.
Vehicle to grid technology is the system of drawing unused power from the electric vehicle to the grid. Utilization of electric vehicles to store energy and utilize the energy to power other systems like mobile phones, laptops, alike electronics along with futuristic plans to power homes using vehicle to grid technology are potentials of the system.
Through the technology, energy supply can be done in peak hours. This system also has potential to be create an extra power source when the weather dependent renewable energy sources fail to fulfill the energy demands.
Surging Demand for EVs Promise Market Growth
Demands for the electric passenger cars, and electric commercial vehicles are rapidly increasing in the country, owing to the surging demand for fuel efficient options for vehicle ownership, that is further driving the growth of the Belgium vehicle to grid market in the upcoming five years. Higher sales of electric vehicles would require increasing investments and construction of charging infrastructure and vehicle to grid infrastructure thereby aiding the growth of the market in the next five years.
According to Federation Belge de l’Automobile & du Cycle (FEBIAC), combined sales of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) had increased by 25% in the year 2021.
Higher investments through government authorities and foreign direct investment would affect the demand of the EV supporting infrastructure including charging centers, thereby substantiating the growth of the Belgium vehicle to grid market in the future five years.
Hybrid Car Sales Support Market Growth
Increasing sales of hybrid cars are also majorly responsible for the growth of the market. Customer challenges include unclear taxes and subsidies for different types of fuel thus the population tends to buy hybrid cars instead of fully electric cars. With higher investments and government initiatives toward charging infrastructure, and more clear fuel charges and tax incentives toward buying the hybrid and electric cars, would drive the growth of the Belgium vehicle to grid market in the future five years.
Electric vehicle manufacturer in collaboration with the charging point & station operators would also benefit the growth of the market. By raising awareness among the potential consumers regarding the financial implications, the existing and planned charging infrastructure, the various types of charging points and the offered driving range would also facilitate the growth of the Belgium vehicle to grid market in the next five years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Belgium vehicle to grid market.
- Elia Group
- Jedlix BV
- FUERGY Industries j.s.a.
- NUVVE Corp.
- ABB Group.
- YUSO BV
Report Scope:
Belgium Vehicle To Grid Market, By Charging Type:
- Unidirectional Charging
- Bidirectional Charging
Belgium Vehicle To Grid Market, By Component:
- EVSE
- Smart Meters
- Home Energy Management (HEM) Systems
- Others
Belgium Vehicle To Grid Market, By Vehicle Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
Belgium Vehicle To Grid Market, By Application:
- Peak Power Sales
- Spinning Reserves
- Base Load Power and Others
Belgium Vehicle To Grid Market, By Region:
- Flemish
- Wallonia
- Brussels
For more information about this report visit https://www.researchandmarkets.com/r/3pkmiv-vehicle?w=5
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SOURCE Research and Markets
