Vehicle to Grid Technology

Vehicle-to-Grid Technology Market Report Study 2020

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The global vehicle-to-grid technology market is projected to garner revenue around US$ 17.40 billion by 2027 by recording compound annual growth rate (CAGR) of 46.3% during the forecast period from 2020 to 2027.

Vehicle to grid market perceives substantial growth due to exponentially growing number of EV charging stations across the world. EVs have less range than hybrid and internal combustion engine (ICE) vehicles. As a result, several charging facilities are essential to be installed on the road and off the road to progress their adoption rate. The intensifying number of charging stations will result in additional vehicles being integrated into the grid which in turn bolsters the demand for the vehicle to grid technologies.

Upsurge of electric vehicles will go hand in hand with smart grid applications such as vehicle-to-grid or V2G, permitting fleets to employ their EVs as storage units for sustainably created power. The advantage for the grid operator is balancing capacity, whereas the fleet owner can sell back electricity at a higher rate and earn money. Electric Vehicle Supply Equipment (EVSE) expected to outpace the global vehicle-to-grid technology market by the year 2027. The EVSE is helpful in charging the electric vehicles and supplying energy back to the grid. This factor drives the EVSE segment significantly in the coming years. 95% of the times, the electric vehicles are not in use, the vehicle-to-grid technology helps to use that energy by supplying energy back to the grid. This helps in achieving the electricity requirement during peak hours. In addition, they also fulfill the requirement during blackouts and natural calamities to run the necessary or emergency services.

The spread of the vehicle to grid technology market is now intensifying to homes, schools, and fleets. For occurrence, the batteries in school buses are adequate and have scope of charging other batteries during their downtime or mid-day. Similarly, the owners can save more on energy expenses at their homes by consuming the electricity generated via plug-in hybrid electric vehicles. This will also benefit them avoid paying excessively during the peak hours.

North America and Europe are the major markets in the global vehicle-to-grid technology market. Early adoption for new technologies and environment awareness among the public are the key factors contributing to the market growth. Technological advancement and high per capita income are other prime factors accelerating the market for electric vehicles and thus vehicle-to-grid technology market. From past records, Europe has taken major initiatives in the deployment of electric vehicles and vehicle-to-grid technology. For instance, in September 2019, Nissan Motor Co. Ltd., a Japanese automotive giant announced to work with a French utility company EDF Group to accelerate the adoption of electric vehicles across Europe through smart charging.

Asia Pacific is projected to offer explicit growth during the forecast period. Several Asian countries such as China, Japan, and India are participating in green revolution and are investing significantly in the smart solutions that trigger the market growth. As per a research study conducted by Morgan Stanley in 2019, Chinese government has planned to invest US$ 800 Bn in autonomous electric vehicles, high-speed rail, smart grid technology, powerful 5G networks shared mobility, and big data technologies by 2030.

Ongoing COVID-19 pandemic and low oil prices have put a damper on EV sales in 2020.

The adoption rate of electric vehicles is growing, and numerous countries across the world are investing profoundly in R&D. Nations such as Canada, France, the Netherlands, India, and France have introduced numerous campaigns to boost the adoption of electric vehicles. However, on account of ongoing COVID-19 outbreak, the global automobile sector is facing a slowdown due to the lockdown in numerous countries that has constrained the production of electric vehicles. The operations of some vital companies affected by COVID-19 epidemics include Nissan Motor Co., BMW AG, Kia Motors Corp., Daimler AG, and Tesla, Inc. Most of these corporations have shut down their electric vehicle production facilities and shifted their focus towards the manufacturing of personal protective equipment.

COVID 19 impact on Automotive Sales (Vehicle Sale in Million Units)

2019 (M units) 2020 (M units)
China 25.8 21.91
U.S. 17.54 13.36
Europe 18.26 13.48
RoW 28.4 23.01
Total 90.1 80.01

Global Vehicle-To-Grid Technology Market Revenue (USD Million) and Growth Rate Comparison by Component (2016-2027)

Component 2016 2019 2027 CAGR % (2020-2027)
Smart Meters 18.2 54.8 1,062.80 44.92%
Electric Vehicle Supply Equipment (EVSE) 219 684.4 14,698.00 46.78%
Home Energy Management (HEM) 14.9 43.5 756 42.93%
Software 17 50.3 918.5 43.80%
Total 269.2 832.9 17,435.30 46.31%

Company Profile | Nissan Motor Co Ltd Overview

Description
Company name Nissan Motor Co Ltd
Website www.nissan-global.com
History Founded on 1933, Kanagawa, Japan
Employee 1,36,134 ~
Locations Global
Competitors Mitsubishi Motors Corporation, Honda Motor, Ford Technology, Others

Recent Activity | August, 2020

  • Nissan has been partnering with a variety of players for years on vehicle-to-grid pilot projects. a new partnership between Nissan, E.ON, is expected to bring new opportunities for both the units.

Some of the prominent players in the vehicle-to-grid technology market include:

  • Nissan Motor Corporation
  • Mitsubishi Motors Corporation
  • NUVVE Corporation
  • ENGIE Group
  • OVO Energy Ltd
  • Groupe Renault
  • Honda Motor Co., Ltd.

Segments Covered in the Report

By Component Type           

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

By Application Type

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

By Regional Type

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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Flair Insight covers consultation, syndicated market studies, and customized research reports. We share online news distribution to different portals.

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