Vehicle-to-Grid Technology Market Predicted to Reach USD 20.06 billion by 2031, Rising at a 21.4% CAGR: TMR Report

Vehicle-to-Grid (V2G) technology enables electric vehicles (EVs) to not only draw power from the grid but also feed excess energy back, enhancing grid stability.

Wilmington, Delaware, United States, Oct. 05, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The vehicle-to-grid technology market was estimated to have acquired US$ 2.78 billion in 2021. It is anticipated to register a 21.40% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 20.06 billion. Large-scale adoption of V2G technology in electric vehicle fleets, such as taxis, delivery vans, and buses, presents an opportunity to optimize energy usage, reduce operating costs, and contribute to a cleaner environment.

V2G can play a pivotal role in the development of microgrids, especially in remote or off-grid areas. EVs can act as mobile power sources, providing electricity to communities during emergencies or in regions with limited access to traditional power infrastructure.

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Integrating V2G with smart home energy management systems allows consumers to maximize the use of renewable energy generated from their EVs, reducing reliance on the grid and promoting sustainable living. Innovative platforms that facilitate peer-to-peer energy trading among EV owners, enabling them to buy and sell surplus energy efficiently could emerge as a significant market disruptor.
Favorable regulations and incentives can further boost the V2G market, encouraging both consumers and businesses to adopt this technology on a broader scale.

Key Findings of the Market Report

• Software Solutions dominate the vehicle-to-grid technology market, facilitating efficient energy management and integration of electric vehicles into the grid.
• Bidirectional charging dominates the vehicle-to-grid technology market, allowing electric vehicles to both draw energy from and supply excess power to the grid.
• Lithium-ion batteries dominate by both battery type and charging type in the vehicle-to-grid technology market due to their efficiency and versatility.
• Battery Electric Vehicles (BEV) dominates the vehicle-to-grid technology market due to their extensive battery capacity, ideal for energy storage and grid interaction.
• The commercial sector dominates the vehicle-to-grid (V2G) technology market, leveraging electric vehicle fleets for grid support and cost savings.

Market Trends for Vehicle-to-Grid Technology

• Evolving V2G infrastructure aims to facilitate bidirectional charging at public and private locations, enhancing the technology’s accessibility.
• Integration with household appliances and commercial equipment to optimize energy consumption and reduce costs without relying on grid power.
• Expanding V2G technology to public transportation, particularly electric buses, offers an efficient solution for urban areas with high-energy demands.
• Combining V2G with renewable energy sources, like solar and wind, for improved grid stability and increased reliance on clean energy.
• Advancements in battery storage solutions, such as solid-state batteries, can improve the efficiency and viability of V2G systems.

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Market for Vehicle-to-Grid Technology: Regional Outlook

• In North America, particularly the United States, a robust electric vehicle market and forward-thinking regulatory policies are propelling V2G implementation, especially in commercial fleets and grid management initiatives.
• Europe, with its eco-conscious consumer base and renewable energy focus, is a hotbed for V2G technology. Countries like the Netherlands and Denmark lead in V2G infrastructure development.
• Asia Pacific, driven by nations like Japan and South Korea, is swiftly embracing V2G technology to address energy security concerns and support renewable energy integration.

Global Vehicle-to-Grid Technology Market: Key Players

The vehicle-to-grid (V2G) technology market is intensely competitive, featuring established automakers, charging infrastructure providers, and emerging startups vying to capture the growing demand for grid-integrated electric vehicles.

The following companies are well-known participants in the global Vehicle-to-Grid Technology market:

• Energie Baden Wuerttemberg AG (EnBW)
• Endesa SA
• NextEra Energy, Inc. (NEE)
• PG&E Corporation
• NUVVE LTD
• AC Battery Type Inc.
• Denso Corporation
• EnerDel Inc.
• Coritech Services Inc.
• Engie Group
• EV Grid
• Hitachi Ltd.
• Nissan Motor Company Ltd.
• NRG Energy Inc.
• OVO Energy Ltd.
• AC Battery Type
• Mitsubishi Motors Corporation

Product Portfolio

• EnBW offers a diverse product portfolio encompassing renewable energy, grid services, and digital solutions. They are committed to sustainable energy generation, transmission, and distribution. With a focus on innovation, EnBW provides clean, reliable, and technologically advanced energy solutions for a greener future.
• Endesa SA boasts a comprehensive product portfolio in the energy sector. They excel in electricity and gas generation, distribution, and marketing. With a strong emphasis on sustainability, Endesa is dedicated to providing efficient and eco-friendly energy solutions, ensuring a brighter and more sustainable world.
• NextEra Energy, Inc. (NEE) stands at the forefront of the energy industry with a wide-ranging product portfolio. Specializing in clean energy generation, including wind, solar, and nuclear power, NEE is committed to sustainability. They are a leading provider of innovative and renewable energy solutions for a cleaner, brighter future.

Global Vehicle-to-Grid Technology Market Segmentation

Component

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

Charging Type

• Unidirectional Charging
• Bidirectional Charging

Battery

• Battery Type
  • Lithium-ion
  • Nickel-Metal Hydride
  • Lead-acid
  • Ultra-capacitors
• Charging Type
  • 20-40kWh
  • 41-70kWh
  • 71-100kWh
  • Above 100kWh

Vehicle Type

• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)

Application

• Domestic
• Commercial

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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