PUBLISHER: The Business Research Company | PRODUCT CODE: 1436773
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436773
Vehicle-to-grid technology refers to an intelligent charging method that enables electric vehicle (EV) batteries to recharge the electrical grid, utilizing surplus battery capacity to support renewable energy generation.
Vehicle-to-grid technology incorporates several key components, including electric vehicle supply equipment (EVSE), home energy management (HEM) systems, smart meters, and software solutions. Electric vehicle supply equipment (EVSE) refers to charging stations designed to provide electrical power for plug-in electric vehicle charging. This technology encompasses various charging types, such as unidirectional and bidirectional charging, utilized in charge battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). These systems are applied across different power supply modes such as reactive power, baseload power, spinning reserves, peak power sales, and other electricity management processes.
The vehicle-to-grid technology market research report is one of a series of new reports from The Business Research Company that provides vehicle-to-grid technology market statistics, including vehicle-to-grid technology industry global market size, regional shares, competitors with vehicle-to-grid technology market share, detailed vehicle-to-grid technology market segments, market trends, and opportunities, and any further data you may need to thrive in the vehicle-to-grid technology industry. This vehicle-to-grid technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The vehicle-to-grid technology market size has grown exponentially in recent years. It will grow from $3.39 billion in 2023 to $4.23 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth observed during the historical period can be largely attributed to several key factors. Primarily, the adoption of electric vehicles played a significant role in driving this growth. Additionally, advancements in grid stability and management, coupled with the integration of renewable energy sources, contributed to the overall expansion. The focus on energy resilience and emergency power solutions also played a part in fostering market growth. Furthermore, government support and policies aimed at promoting sustainable energy solutions were instrumental in driving the momentum observed in this sector.
The vehicle-to-grid technology market size is expected to see exponential growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. Anticipated growth in the forecast period is expected to stem from several key drivers. Primarily, the expansion of electric vehicle fleets will play a pivotal role in driving market growth. Additionally, trends toward grid decentralization and the incorporation of distributed energy resources are anticipated to contribute significantly. Integration with smart grids and the implementation of demand response programs will further fuel this projected growth. Moreover, the pursuit of environmental sustainability goals will continue to drive the market forward.
The adoption of electric vehicles is a catalyst propelling the vehicle-to-grid technology market forward. Electric vehicles, powered by batteries and charged externally, play a pivotal role in vehicle-to-grid technology, allowing them to contribute energy back to the grid. The global sales of electric vehicles doubled in 2021, hitting a record high of 6.6 million units, signaling a significant increase in their usage. This technology's integration with electric vehicles is driving the growth of the vehicle-to-grid technology market.
The expansion of charging infrastructure is driving the growth of the vehicle-to-grid technology market. The charging infrastructure comprises stations and related equipment enabling electric vehicle charging. Vehicle-to-grid technology integrates with charging infrastructure, offering grid reliability, load management, renewable energy integration, and reduced carbon footprint. By 2030, there's an anticipated installation of 12.9 million publicly accessible EV charging stations, reflecting the significant growth in charging infrastructure contributing to the vehicle-to-grid technology market.
In the vehicle-to-grid technology market, major players are introducing cutting-edge products such as the EvoCharge max EV charging station by EvoCharge Inc. Released in April 2023, this level 2 EV charger offers quick charging for higher amperage, delivering up to 19.2 kW of power (80 amps on a 240V circuit). It aims to cater to commercial and domestic usage, prioritizing speed and scalability while maintaining affordability. EvoCharge's emphasis on reliability and security positions it strategically in the competitive charging station landscape.
Within the vehicle-to-grid technology market, major corporations are forging strategic partnerships to fortify their market positions and develop new products. A case in point is Toyota Motor Corporation's collaboration in November 2023 with San Diego Gas & Electric Company (SDG&E), a US-based utility provider. This alliance aims to optimize energy use by exploring grid-to-power capabilities in electric vehicles (EVs), enabling them to contribute back to the grid when necessary. The partnership seeks to align the demands of battery electric vehicle (BEV) owners with grid requirements for mutual benefit.
In April 2022, BorgWarner Inc., a US-based automotive supplier, acquired Rhombus Energy Solutions for $185 million. This strategic acquisition marks BorgWarner's entry into the vehicle-to-grid (V2G) direct current rapid charging service sector. By integrating Rhombus Energy Solutions, BorgWarner aims to fortify its position in supporting critical components of electric mobility infrastructure, especially focusing on charging services.
Major companies operating in the vehicle-to-grid technology market report are Daimler AG, General Motors (GM), BMW AG, Enel SpA, Honda Motor Co. Ltd., Hitachi Ltd., Tesla Inc., Engie SA, Energie Baden-Wurttemberg AG., Nissan Motor Co. Ltd., DENSO Corporation., Groupe Renault, Endesha SA, NRG Energy Inc., ABB Ltd., Toyota Industries Corporation, Mitsubishi Motors Corporation, Edison International, OVO Energy Ltd., V2G Limited, San Diego Gas & Electric (SDG&E), Wallbox Inc., EnerDel Inc., Indra Renewable Technologies, Coritech Services Inc., Fermata Energy, AC Propulsion Inc., NUVVE Holding Corp., EV Grid Inc., Boulder Electric Vehicle
North America was the largest region in the vehicle-to-grid technology market in 2023. The regions covered in the vehicle-to-grid technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the vehicle-to-grid technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The vehicle-to-grid technology market includes revenues earned by entities by providing vehicle-to-home, vehicle-to-building, and regular smart charging services. The market value includes the value of related goods sold by the service provider or included within the service offering. The vehicle-to-grid technology market also includes sales of direct current charger devices and alternating current charger devices. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The IT market is segmented into IT services, computer hardware, telecom, and software products.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Vehicle-to-Grid Technology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vehicle-to-grid technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vehicle-to-grid technology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vehicle-to-grid technology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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