The Vehicle-to-Grid Technology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vehicle-to-Grid Technology Global Market Report 2024, 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 in the historic period can be attributed to electric vehicle adoption, grid stability and management, renewable energy integration, energy resilience and emergency power, government support and policies.
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%. The growth in the forecast period can be attributed to expansion of electric vehicle fleets, grid decentralization and distributed energy resources, integration with smart grids, demand response programs, environmental sustainability goals. Major trends in the forecast period include collaborations between automakers and utilities, introduction of V2G-capable charging stations, expansion of V2G pilot programs and demonstrations, integration with renewable energy sources, regulatory support and standardization initiatives.
The increasing adoption of electric vehicles is expected to propel the growth of the vehicle-to-grid technology market going forward. An electric vehicle is one that is propelled by an electric motor that receives its energy from a battery and can be charged from an external source. Vehicle-to-grid technology is utilized in electric vehicles for smart charging technology, which allows vehicle batteries to give electricity back into the grid. It uses information technology to control energy use while travelling on roadways. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing adoption of electric vehicles is driving the growth of the vehicle-to-grid technology market.
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The vehicle-to-grid technology market covered in this report is segmented –
1) By Component: Electric Vehicle Supply Equipment (EVSE), Home Energy Management (HEM) System, Smart Meters, Software Solutions
2) By Charging Type: Unidirectional Charging, Bidirectional Charging
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
4) By Application: Reactive Power, Baseload Power, Spinning Reserves, Peak Power Sales, Other Applications
Major companies operating in the vehicle-to-grid technology market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the vehicle-to-grid technology market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in November 2023, Toyota Motor Corporation, a Japan-based automotive manufacturer partnered with San Diego Gas & Electric Company (SDG&E), a US-based regulated public utility that provides natural gas and electricity services. Through this partnership, energy use will be optimized as we investigate the use of grid-to-power electric vehicles (EVs) that can return to the grid when needed. This partnership is aiming to identify areas of overlap between the demands of BEV owners and grid requirements.
The vehicle-to-grid technology market report table of contents includes:
- Executive Summary
- Vehicle-to-Grid Technology Market Characteristics
- Vehicle-to-Grid Technology Market Trends And Strategies
- Vehicle-to-Grid Technology Market – Macro Economic Scenario
- Global Vehicle-to-Grid Technology Market Size and Growth
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- Global Vehicle-to-Grid Technology Market Competitive Benchmarking
- Global Vehicle-to-Grid Technology Market Competitive Dashboard
- Key Mergers And Acquisitions In Vehicle-to-Grid Technology Market
- Vehicle-to-Grid Technology Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Daimler AG General Motors (GM)
- BMW AG
- Enel SpA
- Honda Motor Co Ltd.
- Hitachi Ltd.
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