Vehicle To Grid V2g Market
Vehicle-to-Grid (V2G) Market Forecasts to 2030 - Global Analysis By Vehicle Type (Battery Electric Vehicles (BEV), Plug In Hybrid Electric Vehicles (PHEV) and Fuel Cell Vehicles (FCVs)), Component (Electric Vehicle Supply Equipment (EVSE), Smart Meters, Home Energy Management (HEM), Software Solutions and Other Components), Battery Type, Capacity, Charging Type, Application and By Geography
According to Stratistics MRC, the Global Vehicle-to-Grid (V2G) Market is accounted for $3.22 billion in 2024 and is expected to reach $11.33 billion by 2030 growing at a CAGR of 23.3% during the forecast period. Vehicle-to-Grid (V2G) technology is a cutting-edge energy management system that permits electric vehicles (EVs) and the electrical grid to exchange power in both directions. EVs can function as mobile energy storage devices owing to V2G technology, returning electricity to the grid during times of high demand or power outages and recharging during off-peak hours when energy demand is lower. By reducing wind power's unpredictability, this dynamic system improves energy efficiency, stabilizes the grid, and incorporates renewable energy sources.
According to the International Energy Agency (IEA), V2G technology can help balance electricity supply and demand, reduce peak loads, and integrate renewable energy sources more effectively. The IEA estimates that V2G technology can reduce peak electricity demand by up to 20%.
Market Dynamics:
Driver:
Demand for renewable integration and grid stability
The power grid now faces difficulties like unpredictability and variability as a result of the integration of renewable energy sources like solar and wind. In order to solve these problems, V2G systems store excess energy during times of high production and return it to the grid during periods of low supply. This feature guarantees a consistent energy supply without depending on non-renewable peaking power plants, helping grid operators maintain stability. Moreover, as the use of renewable energy increases in both urban and rural areas, V2G systems are becoming essential for balancing national and local energy demands.
Restraint:
Exorbitant V2G infrastructure initial costs
The substantial initial investment needed to deploy Vehicle-to-Grid (V2G) systems is one of the main barriers to the market. Bidirectional chargers, which are necessary to allow energy to flow between EVs and the grid, are significantly more expensive than conventional unidirectional chargers. Additionally, there are additional costs associated with upgrading the current grid infrastructure to support the bidirectional energy flow. These costs include improved power electronics, software platforms, and communication networks. These high upfront costs serve as a deterrent for many utility providers, fleet operators, and individual EV owners, slowing market penetration, particularly in areas where consumers are price sensitive.
Opportunity:
Development of smart grid infrastructure
The V2G market has a significant opportunity as smart grid infrastructure grows. V2G capabilities perfectly complement the sophisticated automation and communication technologies that smart grids rely on. Real-time energy management is made possible by the bidirectional energy flow made possible by V2G systems, which also improve grid flexibility. Furthermore, V2G solutions are anticipated to become more popular as more nations make investments in modernizing their energy grids because they provide a scalable platform for controlling distributed energy resources (DERs) and maximizing energy efficiency.
Threat:
Risks of overload and grid reliability
The management of energy supply and demand becomes more complex when V2G systems are integrated into current power grids. Abrupt increases in EV energy injection or withdrawal could destabilize the grid in the absence of strong grid management systems, possibly leading to power outages or worse grid performance. Moreover, in some regions grid infrastructure may be too old or poorly maintained to manage the two-way energy flow needed for V2G, which could lead to overload and further restrict adoption in those areas.
Covid-19 Impact:
The COVID-19 pandemic affected the vehicle-to-grid (V2G) market in a variety of ways. Due to supply chain disruptions, factory closures, and a slowdown in global economic activity, the pandemic caused delays in the development and deployment of V2G infrastructure. The crisis's uncertainty also resulted in lower investments in electric vehicles (EVs) and clean energy technologies. However, the pandemic highlighted the need for energy systems that are more adaptable and resilient, which sparked a renewed interest in decentralized solutions like V2G. Because they saw V2G technologies as potential drivers of grid stability and clean energy integration, some governments and energy providers stepped up their efforts to promote them as part of post-pandemic recovery plans.
The Electric Vehicle Supply Equipment (EVSE) segment is expected to be the largest during the forecast period
The Vehicle-to-Grid (V2G) market is expected to be dominated by the Electric Vehicle Supply Equipment (EVSE) segment. In order to enable V2G functionality, EVSE comprises the infrastructure needed for electric vehicle (EV) charging. EVs can charge from or discharge energy back into the grid owing to these systems, which enable two-way communication between the car and the grid. The increasing use of EVs, government subsidies for EV infrastructure, and the requirement for grid balancing solutions are the main factors propelling this market's expansion. Moreover, the need for sophisticated EVSE solutions is increasing as more areas adopt electric vehicles and integrate renewable energy sources, making it a key component of the V2G market.
The Peak Power Sales segment is expected to have the highest CAGR during the forecast period
In the Vehicle-to-Grid (V2G) market, the Peak Power Sales segment is projected to have the highest CAGR. During peak times, when grid demand outpaces supply and energy prices rise, peak power sales use V2G technology to balance supply and demand for electricity. In order to maintain grid stability and prevent outages, V2G systems enable electric vehicles to release stored energy into the grid, adding an extra power source during these periods. Additionally, V2G systems are becoming increasingly useful in controlling intermittency and peak load demands as the use of renewable energy sources, like solar and wind, keeps growing.
Region with largest share:
The Vehicle-to-Grid (V2G) market is anticipated to be dominated by the Asia-Pacific (APAC) region. Rapid increases in the use of electric vehicles (EVs), robust government programs supporting green energy, and large investments in smart grid infrastructure are the main causes of this. With extensive EV deployments and a strong push to integrate renewable energy sources into the grid, nations like China, Japan, and South Korea are leading the way. Furthermore, the need for V2G technologies is also being fueled by the region's increasing emphasis on lowering carbon emissions and improving grid stability.
Region with highest CAGR:
In the Vehicle-to-Grid (V2G) market, the North American region is anticipated to grow at the highest CAGR. Strong government support for the integration of renewable energy sources, rising investments in EV infrastructure, and developments in smart grid technology are the main drivers of this growth. With laws encouraging EV adoption, tax breaks, and programs to lessen grid reliance on non-renewable energy, the US and Canada are major contributors. Moreover, the increasing emphasis on grid resilience and energy independence, along with notable developments in bidirectional charging technologies, positions North America as a rapidly growing market for V2G solutions.
Key players in the market
Some of the key players in Vehicle-to-Grid (V2G) market include ABB Ltd., Hitachi, Ltd, EnerDel, Inc, Honda Motor Co., Ltd., Mitsubishi Electric Corporation, Energie Baden Wuerttemberg AG (EnBW), Daimler AG, Nissan Motor Corporation, Endesa SA, Denso Corporation, Nuvve Corporation, OVO Energy Ltd, AC Propulsion, Inc, ENGIE Group and Qualcomm Inc.
Key Developments:
In November 2024, Honda Motor Co., Ltd. has signed a sponsorship agreement with World Athletics ahead of the World Athletics Championships Tokyo 25 as an official global partner. Based on this sponsorship agreement, Honda will provide vehicles from its fleet of electrified vehicles as the official transportation at the WCH Tokyo 25.
In May 2024, Hitachi Energy and Aibel have signed separate framework agreements with German renewable energy company, RWE, for multiple high-voltage direct current (HVDC) systems to accelerate the integration of offshore wind power into the grid. The agreement follows the signing of a Capacity Reservation Agreement (CRA) last November that reserves the engineering and production capacity to develop three major HVDC projects.
In March 2024, ABB is collaborating with Green Hydrogen International (GHI) on a project to develop a major green hydrogen facility in south Texas, United States. As part of the Memorandum of Understanding (MoU) ABB’s automation, electrification and digital technology will be assessed for deployment at GHI’s Hydrogen City project.
Vehicle Types Covered:
• Battery Electric Vehicles (BEV)
• Plug In Hybrid Electric Vehicles (PHEV)
• Fuel Cell Vehicles (FCVs)
Components Covered:
• Electric Vehicle Supply Equipment (EVSE)
• Smart Meters
• Home Energy Management (HEM)
• Software Solutions
• Other Components
Battery Types Covered:
• Lithium-ion
• Nickel-Metal Hydride
• Lead-acid
• Ultra-capacitors
Capacities Covered:
• 20-40kWh
• 41-70kWh
• 71-100kWh
• Above 100kWh
Charging Types Covered:
• Unidirectional Charging
• Bidirectional Charging
Applications Covered:
• Domestic
• Commercial
• Peak Power Sales
• Spinning Reserves
• Base Load Power
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Vehicle-to-Grid (V2G) Market, By Vehicle Type
5.1 Introduction
5.2 Battery Electric Vehicles (BEV)
5.3 Plug In Hybrid Electric Vehicles (PHEV)
5.4 Fuel Cell Vehicles (FCVs)
6 Global Vehicle-to-Grid (V2G) Market, By Component
6.1 Introduction
6.2 Electric Vehicle Supply Equipment (EVSE)
6.3 Smart Meters
6.4 Home Energy Management (HEM)
6.5 Software Solutions
6.6 Other Components
7 Global Vehicle-to-Grid (V2G) Market, By Battery Type
7.1 Introduction
7.2 Lithium-ion
7.3 Nickel-Metal Hydride
7.4 Lead-acid
7.5 Ultra-capacitors
8 Global Vehicle-to-Grid (V2G) Market, By Capacity
8.1 Introduction
8.2 20-40kWh
8.3 41-70kWh
8.4 71-100kWh
8.5 Above 100kWh
9 Global Vehicle-to-Grid (V2G) Market, By Charging Type
9.1 Introduction
9.2 Unidirectional Charging
9.3 Bidirectional Charging
10 Global Vehicle-to-Grid (V2G) Market, By Application
10.1 Introduction
10.2 Domestic
10.3 Commercial
10.4 Peak Power Sales
10.5 Spinning Reserves
10.6 Base Load Power
10.7 Other Applications
11 Global Vehicle-to-Grid (V2G) Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ABB Ltd.
13.2 Hitachi, Ltd
13.3 EnerDel, Inc
13.4 Honda Motor Co., Ltd.
13.5 Mitsubishi Electric Corporation
13.6 Energie Baden Wuerttemberg AG (EnBW)
13.7 Daimler AG
13.8 Nissan Motor Corporation
13.9 Endesa SA
13.10 Denso Corporation
13.11 Nuvve Corporation
13.12 OVO Energy Ltd
13.13 AC Propulsion, Inc
13.14 ENGIE Group
13.15 Qualcomm Inc.
List of Tables
1 Global Vehicle-to-Grid (V2G) Market Outlook, By Region (2022-2030) ($MN)
2 Global Vehicle-to-Grid (V2G) Market Outlook, By Vehicle Type (2022-2030) ($MN)
3 Global Vehicle-to-Grid (V2G) Market Outlook, By Battery Electric Vehicles (BEV) (2022-2030) ($MN)
4 Global Vehicle-to-Grid (V2G) Market Outlook, By Plug In Hybrid Electric Vehicles (PHEV) (2022-2030) ($MN)
5 Global Vehicle-to-Grid (V2G) Market Outlook, By Fuel Cell Vehicles (FCVs) (2022-2030) ($MN)
6 Global Vehicle-to-Grid (V2G) Market Outlook, By Component (2022-2030) ($MN)
7 Global Vehicle-to-Grid (V2G) Market Outlook, By Electric Vehicle Supply Equipment (EVSE) (2022-2030) ($MN)
8 Global Vehicle-to-Grid (V2G) Market Outlook, By Smart Meters (2022-2030) ($MN)
9 Global Vehicle-to-Grid (V2G) Market Outlook, By Home Energy Management (HEM) (2022-2030) ($MN)
10 Global Vehicle-to-Grid (V2G) Market Outlook, By Software Solutions (2022-2030) ($MN)
11 Global Vehicle-to-Grid (V2G) Market Outlook, By Other Components (2022-2030) ($MN)
12 Global Vehicle-to-Grid (V2G) Market Outlook, By Battery Type (2022-2030) ($MN)
13 Global Vehicle-to-Grid (V2G) Market Outlook, By Lithium-ion (2022-2030) ($MN)
14 Global Vehicle-to-Grid (V2G) Market Outlook, By Nickel-Metal Hydride (2022-2030) ($MN)
15 Global Vehicle-to-Grid (V2G) Market Outlook, By Lead-acid (2022-2030) ($MN)
16 Global Vehicle-to-Grid (V2G) Market Outlook, By Ultra-capacitors (2022-2030) ($MN)
17 Global Vehicle-to-Grid (V2G) Market Outlook, By Capacity (2022-2030) ($MN)
18 Global Vehicle-to-Grid (V2G) Market Outlook, By 20-40kWh (2022-2030) ($MN)
19 Global Vehicle-to-Grid (V2G) Market Outlook, By 41-70kWh (2022-2030) ($MN)
20 Global Vehicle-to-Grid (V2G) Market Outlook, By 71-100kWh (2022-2030) ($MN)
21 Global Vehicle-to-Grid (V2G) Market Outlook, By Above 100kWh (2022-2030) ($MN)
22 Global Vehicle-to-Grid (V2G) Market Outlook, By Charging Type (2022-2030) ($MN)
23 Global Vehicle-to-Grid (V2G) Market Outlook, By Unidirectional Charging (2022-2030) ($MN)
24 Global Vehicle-to-Grid (V2G) Market Outlook, By Bidirectional Charging (2022-2030) ($MN)
25 Global Vehicle-to-Grid (V2G) Market Outlook, By Application (2022-2030) ($MN)
26 Global Vehicle-to-Grid (V2G) Market Outlook, By Domestic (2022-2030) ($MN)
27 Global Vehicle-to-Grid (V2G) Market Outlook, By Commercial (2022-2030) ($MN)
28 Global Vehicle-to-Grid (V2G) Market Outlook, By Peak Power Sales (2022-2030) ($MN)
29 Global Vehicle-to-Grid (V2G) Market Outlook, By Spinning Reserves (2022-2030) ($MN)
30 Global Vehicle-to-Grid (V2G) Market Outlook, By Base Load Power (2022-2030) ($MN)
31 Global Vehicle-to-Grid (V2G) Market Outlook, By Other Applications (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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