Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- The global vehicle-to-grid market size was valued at USD 10.0 million in 2022. The market is projected to grow from USD 11.3 million in 2023 to USD 59.2 million by 2030, exhibiting a CAGR of 26.6% during the forecast period. Fortune Business Insights provide this information in its report titled “Vehicle-to-Grid (V2G) Market, 2023-2030.”
Vehicle-2-Grid (V2G) technology allows an electric vehicle to provide power back to the grid. It is the interaction between an energy distribution and an electric car; with the help of this technology, batteries in electric vehicles (EVs) can serve as power storage and supply power to the grid whenever needed. The stored energy can be used for commercial & industrial buildings and powerhouses. Hence, the vehicle-to-grid market share is estimated to grow during the forecast period.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 26.6% | |
| 2030 Value Projection | USD 59.2 Million | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 10 Million | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 150 | |
Market Drivers & Restraints-
The increasing rate of Adoption of Electric Vehicles propels the Market Growth
One of the green modes of transportation is electric vehicles (EVs). Meanwhile, the government is noticing that to prevent power storage and maintain the grid capacity, the demand for the V2G market is expected to drive the market during the forecast period. As per the International Energy Agency (IEA), the sales of plug-in hybrid electric vehicles PHEVs and battery electric vehicles are estimated to boost by 106.4 million units by the year 2050.
To keep the environment clean, efficient, and sustainable, many people are shifting their focus towards adopting electric vehicles. Environmental concerns regarding pollution and adverse effects due to climate change have uplifted the demand for electric vehicles.
COVID-19 Impact-
Due to Disrupted Chain Supply during COVID-19, to Decline in Market Growth
Due to the outbreak of COVID-19, many restrictions were imposed on travelling, and facility shutdowns and quarantines are adversely impacting the economy globally. The COVID-19 pandemic disrupted supply chains, leading to a decline in market growth. Due to insufficient raw materials, and automotive sales, a drop has been seen in automotive sales.
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Segments-
Shifting of Time Segment to Dominate the Market Growth from 2022-2030
On the basis of service, the V2G market is divided into time shifting, frequency response & reserve, distribution services, emergency backup and arbitrage. In time shifting, the vehicle owner uses the function of time shifting at which they consume electricity. Electric vehicle owners can charge their vehicles at low prices and then discharge vehicles at high prices.
Growing Demand for V2G Infrastructure to Drive the Growth of the Commercial Segment
According to the application, the market for V2G is segmented into commercial, individual, and both. Rising investments in grid integration and the supportive government will propel the retail Vehicle-to-Grid market growth in the near future.
Quick Charging Benefits of DC Charging will drive the Segment’s Growth
Based on chargers, the market is fragmented into AC, DC, and both. Compared to AC charging stations, the speed of charging and discharging is faster in DC. However, the stations for DC charging require more space and complex parts to carry out various processes. The rising demand for rapid charging for long distances will propel the growth of DC charging stations over the coming years.
Regional Insights-
Many Upcoming New Projects in Europe are Expected to Dominate the Market Growth
Europe is expected to hold the largest market share due to the rising number of new projects in countries like the UK, Netherlands, Germany, and Switzerland in the coming years. In Switzerland, the V2X Suisse project is expected to end in 2023. Bidirectional charging is expected to drive the market across urban and rural areas as it will be used and tested for EVs.
In the Netherlands, Direct Solar V2G Hub Project is being introduced at the headquarters of Mijndomein in Lelystad. This project is anticipated to provide various factors, including distribution services, frequency response, time shifting and emergency backup.
Asia Pacific vehicle is anticipated to experience significant demand because of the rising demand for electric vehicles (EVs). The regions such as Japan, China, and South Korea have been introduced to promote the adoption of V2G and EVs technology.
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Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Competitive Landscape-
Market Players Focus on New Product Launches to Strengthen Market Position
Leading companies in the market companies are competing to increase their market share by providing solutions that are specific to particular sectors. These players strategically work with and take over local rivals to gain a solid regional footing. These companies prioritize developing innovative products and effective marketing strategies to capture a larger market share. It is projected that the growing volume of international trade will present lucrative opportunities for market players.
List of Key Players Covered in Vehicle-to-Grid (V2G) Market Report-
- Nuvve Holding Corp. (U.S.)
- E.ON UK plc (UK.)
- ABB Ltd. (Switzerland)
- Honda Motor Co., Ltd. (Japan)
- Enel Spa (Italy)
- The Mobility House GmbH (Germany)
- Mitsubishi Electric Corporation (Japan)
- Virta Global (Finland)
- Ovo Energy (UK.)
- Flexitricity (Scotland)
Vehicle-to-Grid (V2G) Market Segmentation-
By Service
- Time Shifting
- Frequency Response and Reserve
- Distribution Services
- Emergency Backup
- Arbitrage
By Application
- Commercial
- Individual
- Both
By Charger
- AC
- DC
- Both
Notable Industry Development:
April 2022: The Mobility House GmbH, in partnership with Ambibox, has agreed to build V2G charging solutions. Under this partnership, it has been said that Ambibox will provide the hardware named “ambiCHARGE”, whereas, The Mobility House has stated to provide its digital platform for integrating e-car batteries.
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Table of Content:-
Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Partnerships, and Collaborations
- Latest Technological Developments
- Porters Five Forces Analysis
- PEST Analysis
- Impact of COVID-19 on Vehicle-to-Grid
- Global Vehicle-to-Grid Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Service
- Time Shifting
- Frequency Response and Reserve
- Distribution Services
- Emergency Backup
- Arbitrage
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Individual
- Both
- Market Analysis, Insights and Forecast – By Charger
- DC
- AC
- Both
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
- Rest of the world
Toc Continue…..
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