The vehicle-to-grid (V2G) technology market has seen exponential growth, increasing from $3.39 billion in 2023 to $4.23 billion in 2024, at a CAGR of 25.0%. This growth is driven by the adoption of electric vehicles, grid management needs, renewable energy integration, and government policies. The market is forecasted to reach $9.64 billion by 2028, with a CAGR of 22.8%. Growth will be supported by expanding EV fleets, smart grid integration, demand response programs, and sustainability goals. Key trends include automaker-utility collaborations, V2G-capable charging stations, pilot programs, renewable energy integration, and regulatory standardization.
Major Driver In The Vehicle to Grid Technology Market
The growth of the vehicle-to-grid technology market is set to surge due to the increasing adoption of electric vehicles. Electric vehicles, powered by electric motors and rechargeable from external sources, utilize vehicle-to-grid technology for smart charging, enabling electric vehicle batteries to contribute electricity back into the grid. As per the May 2022 published Global EV Outlook 2022 report, electric vehicle sales reached a new high of 6.6 million in 2021, doubling from the previous year, with global electric car sales reaching 6,600,000 units. This surge in electric vehicle adoption is a key driver propelling the vehicle-to-grid technology market in 2023, 2024, and 2028.
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Vehicle to Grid Technology Market Competitive Landscape
Daimler AG General Motors (GM), BMW AG, Enel SpA, Honda Motor Co Ltd., Hitachi Ltd., Tesla Inc., Engie SA, Energie Baden-Württemberg 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
Key Vehicle to Grid Technology Market Trend
Major companies operating in the vehicle-to-grid technology market are developing new products such as level 2 EV charger to gain a competitive edge in the market. Level 2 electric vehicle (EV) chargers are a type of charging station that provides electric vehicles with alternating current (AC) power. For instance, in April 2023, EvoCharge Inc. a US-based company that provides electric vehicle (EV) charging solutions launched EvoCharge max EV charging station. The new charger is appropriate for boat rental companies as well as other commercial and domestic uses because it is made to provide quick charging for higher amperage. The level 2 EvoCharge max EV charging station can provide up to 19.2 kW of power (80 amps on a 240V circuit). With the goal of accelerating system development cycles and time to market, it is designed to be open, scalable, and modular. EvoCharge is dedicated to offering dependable, secure, and reasonably priced electric car charging stations.
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Vehicle to Grid Technology Market Segmentation
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
By Geography:The regions 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.
North America was the largest region in the vehicle-to-grid technology market in 2023.
The Vehicle to Grid Technology Global Market Report 2024 furnishes information about the global vehicle to grid technology market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
