PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299765
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299765
Vehicle-to-Grid Technology Market size was valued at USD 3,108.9 Million in 2022, expanding at a CAGR of 22.5% from 2023 to 2030.
Vehicle-to-grid (V2G) is a technology also known as vehicle grid integration (VGI) technology that allows the drawing of unused power from an electric car's battery into the smart grid. Additionally, a car battery can be discharged and charged based on different signals including consumption or energy production nearby with vehicle-to-grid technology. Moreover, V2G can also be used with plug-in electric vehicles including plug-in hybrids (PHEV), battery electric vehicles (BEV), and hydrogen fuel cell electric vehicles (FCEV).
Rising demand for charging stations, increasing adoption of electric vehicles, and decentralization of grids are such factors expected to increase the demand for vehicle-to-grid technology. However, the lack of standardization of electric vehicle (EV) charging and the lack of sufficient infrastructure may hamper the market growth over the forecast period. Additionally, government encouragement to switch to electric vehicle and income generation opportunities during peak loads by sharing electric energy is other key factors projected to drive the demand for the vehicle-to-grid technology market.
Moreover, rapid increases in urbanization & industrialization, and a rise in demand for solar-powered electric vehicles are expected to create growth opportunities for the market in the near future. The COVID-19 crisis has slightly disrupted the vehicle-to-grid technology market globally. The Pandemic resulted in a considerable drop in automobile sales and insufficient raw materials. As a result, production schedules and supply chains were interrupted by the COVID-19 pandemic which in turn negatively impacted the V2G market.
The global vehicle-to-grid technology market is segmented on the basis of vehicle type, components, technology, charging type, and region.
The market is divided into three categories based on vehicle type: battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles (FCVs). The plug-in hybrid electric vehicles sector is expected to dominate the market. It regenerative braking and use charging equipment to recharge their batteries. Additionally, as compared to traditional automobiles, plug-in hybrid electric vehicles consume less battery and are more energy efficient.
The market is divided into three categories based on components: electric vehicle supply equipment (EVSE), smart meters, home energy management (hem), and others. The electric vehicle supply equipment (EVSE) sector is expected to possess the market share. The EVSE is an important device that joins an electric vehicle to the electric grid and includes bidirectional charging points that assist the transfer of energy, as a result, the EVSE sector will grow as the trend for smart energy generation and renewable grow.
The market is divided into two categories based on technology: power management and software. The software sector is expected to hold the largest market share. In V2G technology software is an important component.
The market is divided into two categories based on charging type: unidirectional charging and bidirectional charging. The unidirectional charging sector is likely to maintain its dominance. The unidirectional power flow has aids includes minimum hardware, lesser battery degradation issue, and interconnection problem simplification.
Market players are implementing various strategies, such as partnerships, geographical expansion, mergers and acquisitions strategic alliances, and product/service launches, to increase their presence in the V2G market. Additionally, high-performance batteries, ongoing & upcoming smart grid projects, the need for less carbon emission, and the increasing cost of non-renewable energy are such factors expected to propel the market growth. For instance, in August 2021, EDF, a French-based electric utility company, announced its partnership with Japanese automaker Nissan, in the United Kingdom to launch a new commercial vehicle-to-grid (V2G) charging service for fleet operators.
This proposed research study on vehicle-to-grid technology market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for vehicle-to-grid technology market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the vehicle-to-grid technology market.
Impact of COVID-19 on vehicle-to-grid technology market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on vehicle-to-grid technology market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the vehicle-to-grid technology market, we have also included competitive landscape and key innovator analysis for the vehicle-to-grid technology market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the vehicle-to-grid technology market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global vehicle-to-grid technology market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: