Industry Overview:
According to the latest report by IMARC Group, titled “Vehicle-to-Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027,” the global vehicle-to-grid market size reached US$ 1.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.4 Billion by 2027, exhibiting a growth rate (CAGR) of 44.25% during 2022-2027. Vehicle-to-grid (V2G) is an advanced smart charging technology that aids in transferring energy from an electric vehicle (EV) battery to the power grid or vice-versa. It is a technology that helps electric vehicles, including hydrogen-cell and plug-in hybrid electric vehicles to communicate with the power grids. It draws unused power from the EV battery and then transfers it to the smart grid to produce electricity during power failures or peak hours. Additionally, it acts as an additional or secondary power source, especially when weather-dependent renewable energy resources are unavailable. Since EVs are a cost-efficient and sustainable energy source with zero-carbon emissions, there has been a considerable increase in the adoption of vehicle-to-grid technology across the globe.
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The widespread adoption of electric vehicles among the masses majorly drives the global market. This can be attributed to the rapid expansion of the automotive sector and the escalating preference for personal vehicles among individuals. Since hybrid and electric vehicles generally operate efficiently with minimal fuel consumption compared to combustion automobiles, that has led to the growing development of bidirectional charging stations, thereby catalyzing the market demand. Apart from this, the rising popularity of plug-in or pluggable hybrid electric vehicles (PHEV) as they utilize electricity as the fuel that aids in declining overall cost, coupled with the growing environmental awareness among the masses, is positively influencing the market on the global level.
Moreover, the re-electrification of automobiles and the continuous improvements of the existing power grids are impelling leading players to heavily emphasize on new product developments, further driving the growth of the market. Along with this, continual innovations in automobile batteries and their manufacturing processes are significantly supporting the market growth. Furthermore, the widespread emergence of vehicle-to-everything (V2X) technology as an extension to the vehicle-to-grid (V2G) with a lighter weight, simpler installation process, and smaller size is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and numerous initiatives undertaken by the government of several countries to reduce carbon emission levels.
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Global Vehicle-to-Grid Market 2022- 2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
- AC Propulsion Inc.
- Coritech Services Inc.
- DENSO Corporation
- Enerdel Inc.
- ENGIE Group
- EV Grid
- Hitachi Ltd.
- Nissan Motor Company Ltd.
- NRG Energy Inc.
- OVO Energy Ltd.
Breakup by Solution Type:
- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM) Systems
- Software Solutions
Breakup by Vehicle Type:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
Breakup by Charging Type:
- Unidirectional Charging
- Bidirectional Charging
Breakup by Application:
- Peak Power Sales
- Spinning Reserves
- Base Load Power
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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