Vancouver, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The anticipated global market size for Vehicle to Grid (V2G) technology is projected to reach USD 20.82 Billion by 2032. During the forecast period, there is an expected steady Compound Annual Growth Rate (CAGR) of 25.3% in terms of revenue, as highlighted in the latest analysis conducted by Emergen Research. The escalating demand for Electric Vehicles (EVs) stands out as a primary catalyst propelling the growth of market revenue.
V2G technology functions as a mechanism enabling diverse electric vehicle categories, including Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs), Plug-in Hybrid Electric Vehicles (PHEVs), among others, to seamlessly interact with the power grid. This interaction facilitates the provisioning of demand response services, establishing a two-way exchange of electricity. For instance, a specific real-world case study exhibited that a sole V2G charger holds the potential to yield substantial cost savings of approximately USD 1,900 per annum in power expenditure for the associated business.
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Furthermore, a comprehensive estimate offered by the Colorado Energy Office underscores that each Electric Vehicle (EV) integrated within a V2G infrastructure can contribute around USD 600 in benefits to utility consumers throughout its operational lifespan.
The growth of market revenue faces potential hindrances due to several significant factors. These include the absence of standardization, elevated costs, and regulatory ambiguity. The absence of an established and uniform protocol for both grid interaction and communication within the V2G framework poses a substantial challenge in achieving seamless interoperability among different V2G systems. The existing cost structure associated with bidirectional chargers presents a formidable obstacle, as the high expenses make it arduous for consumers to rationalize their investment in these technologies. Additionally, the domain of V2G technology remains encircled by a cloud of uncertainty stemming from regulatory variations across diverse countries, regions, and grid operators. The absence of consistent laws and incentives further complicates the landscape and introduces potential constraints on the technology's progress.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 2.17 Billion |
| CAGR (2023-2032) | 25.3% |
| Revenue Forecast To 2032 | USD 20.82 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023-2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments Covered | Vehicle type, components, technology, charging type, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa |
| Key Companies Profiled | Wallbox USA Inc., NRG Energy, Inc., Boulder Electric Vehicle, Nissan Motor Co., Hitachi, Ltd., DENSO CORPORATION, TOYOTA INDUSTRIES CORPORATION, EnerDel, Edison International, and AC Propulsion, Inc. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global V2G technology market is fragmented, with several large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective V2G technology services. Some major players included in the global Vehicle-to-Grid (V2G) technology market report are:
- Wallbox USA Inc.
- NRG Energy, Inc.
- Boulder Electric Vehicle
- Nissan Motor Co.
- Hitachi, Ltd.
- DENSO CORPORATION
- TOYOTA INDUSTRIES CORPORATION
- EnerDel
- Edison International
- AC Propulsion, Inc.
Strategic Development
- On 16 December 2022, Toyota established a test facility in the U.S. to work on V2G technology, which will let cars return energy from their batteries to the power grid. For the first time ever, the largest manufacturer in the world will work with a public utility to develop BEVs. Toyota's pilot program will be managed by its team for electric vehicle charging solutions in collaboration with Texas electric transmission and distribution organization Oncor.
- On 10 November 2022, General Motors (GM) and San Diego Gas & Electric (SDG&E) announced a partnership to examine the viability of incorporating bidirectional Electric Vehicles (EVs) into the electrical grid as a local energy source. The research will look at the hardware, software, procedures, and construction factors required to hasten the adoption of Vehicle-to-Grid Integration (VGI) capabilities after GM's launch of its newest business unit, GM Energy.
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Some Key Highlights From the Report
- The Plug in Hybrid Electric Vehicles (PHEVs) segment is expected to account for largest revenue share in the global V2G market during the forecast period. This is due to decline in greenhouse gas emissions, rising oil prices, and reliance on foreign energy sources. The fleet of PHEVs is expected to increase the base electric load and place additional demands on a power system's ability to operate reliably. Contrarily, plug-in hybrid electric cars operate in a mode of operation known as ‘vehicle to grid’ that enables to assist the functioning of power system by providing ancillary services.
- The Electric Vehicle Supply Equipment (EVSE) segment is expected to register steadily fast revenue growth rate in the global V2G market during the forecast period. This is due to rapid growth in the battery manufacturing industry as EVs require effective battery packs that can meet propulsion, air conditioning, and auxiliary energy demands. This increase in battery output is expected to advance battery research scientifically and lower the cost per battery unit.
- The Europe market is expected to account for largest revenue share in the global V2G market during the forecast period. This is due to government initiatives promoting the use of battery-powered vehicles to control carbon emission rate. The European Union has set a target for Europe to integrate Vehicle-to-Grid (V2G) technology in the automobile industry considerably by 2030. The goal is to ensure that at least 10% of the vehicles in this region are V2G capable. In addition, countries notably the Netherlands and Denmark have already launched V2G pilot initiatives, displaying their commitment to studying and implementing this ground-breaking technology.
- On 19 November 2020, Lion Electric Co., a renowned producer of all-electric heavy-duty vehicles with headquarters in Saint-Jérôme, partnered with Nuvve Corporation, a leader in green energy technology and San Diego's V2G industry. Through this partnership, the companies will focus to make V2G technology a part of all of their zero-emission school buses.
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Emergen Research has segmented the global vehicle to grid technology market on the basis of vehicle type, components, technology, charging type, and region:
- Vehicle Type Outlook (Revenue, USD Billion; 2019–2032)
-
- Battery Electric Vehicles (BEVs)
- Plug In Hybrid Electric Vehicles (PHEVs)
- Fuel Cell Vehicles (FCVs)
- Components Outlook (Revenue, USD Billion; 2019–2032)
-
- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM)
- Others
- Technology Outlook (Revenue, USD Billion; 2019–2032)
-
- Power Management
- Software
- Charging Type Outlook (Revenue, USD Billion; 2019–2032)
-
- Unidirectional Charging
- Bidirectional Charging
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of Middle East & Africa
- North America
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