Vehicle-To-Grid (V2G) Technology Market to Hit $20.06 Billion By 2030

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The global Vehicle-To-Grid Technology market size is expected to be worth around US$ 20.06 billion by 2030 and is anticipated to grow at a noteworthy CAGR of 50% during forecast period 2021 to 2030.

Vehicle-To-Grid (V2G) Technology Market (By Component: Electric Vehicle Supply Equipment (EVSE), Smart Meters, Home Energy Management (HEM), Software; By Application: Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Vehicles (FCVs)) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

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Combining BEVs (Battery Electric Vehicles) with vehicle-to-grid technology is creating revenue opportunities for various stakeholders in the market. This technology helps consumers to be a part of smart grid solution systems, which empowers them with price arbitrage and enables them to control energy reserves. Thus, vehicle owners can provide ancillary services to large distribution network operators and earn revenue by providing operators with energy reserves.

Report Coverage

Report Scope Details
Market Size USD 20.06 Billion by 2030
Growth Rate CAGR of 50% From 2021 to 2030
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Component, Application
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Nissan Motor Corporation, Mitsubishi Motors Corporation, NUVVE Corporation, ENGIE Group, OVO Energy Ltd, Groupe Renault, Honda Motor Co., Ltd.

Growth Factors

There are several factors that are influencing the growth of the global vehicle to grid technology market. One of the most influential factor is the integration of battery electric vehicles (BEVs) with the vehicle to grid technology. This is creating a wide range of business opportunities for the growth of the market.

Combining BEVs (Battery Electric Vehicles) with vehicle-to-grid technology is creating revenue opportunities for various stakeholders in the market. This technology helps consumers to be a part of smart grid solution systems, which empowers them with price arbitrage and enables them to control energy reserves. Thus, vehicle owners can provide ancillary services to large distribution network operators and earn revenue by providing operators with energy reserves.

Report Highlights

Market scenario analysis, trends, drivers, and impact analysis – Increase in demand for electric vehicles and the government’s encouragement to shift toward e-vehicle are expected to surge the demand for vehicle-to-grid technology over the forecast period. Moreover, the high cost associated with electric vehicle charging equipment is a major factor that hampers the market growth.

Increase in demand for electric vehicles – Awareness about the damage caused to the environment with the increasing usage of combustion engines has effectively increased the demand for electric vehicles. Hence, the electric vehicle market is considered to be the future of the automobile as many customers are shifting to electric vehicles, owing to their economical and eco-friendly nature. This is expected to further drive the electric vehicle equipment market over the forecast period.

Market players should tap into high incremental opportunities in Europe and Asia Pacific. Increased research and development is helping technology providers integrate V2G with vehicle-to-everything (V2X) technology.

There is a direct impact of vehicle-to-grid technology on car batteries, since the implementation of the technology reduces their life cycle.

Countries such as France have strict regulatory norms to control how electricity can be injected into a grid from individual producers. Also, multiple administrative steps require approval from government authorities. Such complicated procedures are highly unwelcome for BEV and PHEV owners.

Key Players

Nissan Motor Corporation

Mitsubishi Motors Corporation

NUVVE Corporation

ENGIE Group

OVO Energy Ltd

Groupe Renault

Honda Motor Co., Ltd.

Market Segmentation

By Component

  • Electric Vehicle Supply Equipment (EVSE)
  • Smart Meters
  • Home Energy Management (HEM)
  • Software

By Application

  • Battery Electric Vehicles (BEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Fuel Cell Vehicles (FCVs)

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Norway
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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Daksh

Daksh is an SEO Analyst having 3 years of experienced. we can quickly understand and support initiatives that will contribute to the goals and success of client campaigns. and also Perform keyword research in coordination with client business objectives to optimize existing content and uncover new opportunities.

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