The global vehicle-to-grid market size reached US$ 1.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.4 Billion by 2027, exhibiting a growth rate (CAGR) of 44.25% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Vehicle-to-Grid (V2G) refers to an advanced smart charging technology that transfers energy from the battery of an electric vehicle (EV) to the power grid or vice-versa. The V2G technology involves drawing unused power from the battery and transferring it to the smart grid for providing electricity during peak hours or power failures. It also acts as an additional or secondary source of power when weather-dependent renewable energy resources are not available. It is also a sustainable and cost-effective source of energy with zero-carbon emissions and can be used with plug-in EVs, battery EVs and plug-in hybrid or hydrogen cell EVs.
The increasing utilization of smart power generation systems and the widespread adoption of autonomous vehicles, represent as the key factors driving the growth of the market. In comparison to the conventionally used internal combustion automobiles, hybrid and electric vehicles (H/EVs) operate more efficiently and have minimal fuel consumption. As a result, with the rising deployment of bidirectional charging stations, consumers can conveniently charge their vehicles and store excess energy for powering the grid. Additionally, extensive innovations in the manufacturing processes of automobile batteries, is acting as another growth-inducing factor. Novel automobile batteries have a longer operational life and can sustain multiple charging cycles without deteriorating. Moreover, the advent of vehicle-to-everything (V2X) technology as an extension to V2G with a smaller size, lighter weight and simpler installation process, is also contributing to the market growth. Other factors, including extensive infrastructural developments, along with the implementation of favorable government policies promoting smart grid projects, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global vehicle-to-grid market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on solution type, vehicle type, charging type and application.
Breakup by Solution Type:
Electric Vehicle Supply Equipment (EVSE)
Home Energy Management (HEM) Systems
Breakup by Vehicle Type:
Battery Electric Vehicle (BEV)
Fuel Cell Electric Vehicle (FCEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Breakup by Charging Type:
Breakup by Application:
Peak Power Sales
Base Load Power
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being AC Propulsion Inc., Coritech Services Inc., DENSO Corporation, Enerdel Inc., ENGIE Group, EV Grid, Hitachi Ltd., Nissan Motor Company Ltd., NRG Energy Inc. and OVO Energy Ltd.
Key questions answered in this report:
How has the global vehicle-to-grid market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global vehicle-to-grid market?
What are the key regional markets?
What is the breakup of the market based on the solution type?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the charging type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global vehicle-to-grid market and who are the key players?
What is the degree of competition in the industry?