Vehicle-to-Grid Technology Market projected to reach USD 12.3 Billion by 2030, growing at a CAGR of 21.5% during the forecast period of 2023-2030 – says MarketDigits in its latest study

The Global Vehicle-to-Grid Technology Market was valued USD 3.15 Billion in 2023 and projected to reach USD 12.3 Billion by 2030, growing at a CAGR of 21.5% during the forecast period of 2023-2030

Richmond, Feb. 01, 2024 (GLOBE NEWSWIRE) — According to a research report “Vehicle-to-Grid Technology Market, By Component (Smart Meters, Electric Vehicle Supply Equipment (EVSE), Home Energy Management, Software Solutions), Charging Type (Unidirectional Charging, Bidirectional Charging), Vehicle Type (BEVs, PHEVs, FCVs), Application (Domestic, Commercial) and Region – Global Forecast to 2030.

Global Vehicle-to-Grid Technology Market Report Scope:

Report Details
Market size value in 2023 USD 3.15 Billion
Market size value in 2030 USD 12.3 Billion
CAGR (2023-2030) 21.5%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Charging Type, Vehicle Type, Component, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Allon Therapeutics, Inc
 
  • Angiochem Inc
Sample of Companies Covered
  • Armagen Technologies, Inc
 
  • Bristol-Myers Squibb
 
  • BiOasis Technologies, Inc

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TOC Covers in Depth & Breath on Vehicle-to-Grid Technology Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

The Vehicle-to-Grid (V2G) technology market is witnessing substantial growth driven by increasing focus on renewable energy integration and the need for efficient energy management solutions. V2G enables bidirectional energy flow between electric vehicles (EVs) and the grid, allowing EVs to serve as mobile energy storage units. This technology holds promise for optimizing grid stability, reducing peak demand, and maximizing the utilization of renewable energy sources. Factors such as government initiatives promoting clean energy adoption, advancements in smart grid infrastructure, and the rising popularity of electric vehicles are further propelling market expansion. Additionally, collaborations between automotive manufacturers, energy companies, and technology firms are fostering innovation in V2G systems, paving the way for enhanced grid reliability and energy efficiency. Despite regulatory challenges and infrastructure limitations, the Vehicle-to-Grid market is poised for considerable growth as stakeholders increasingly recognize its potential in shaping the future of sustainable energy ecosystems.

Major Vendors in the Global Vehicle-To-Grid Technology Market:

  • Allon Therapeutics, Inc.
  • Angiochem Inc.
  • Armagen Technologies, Inc.
  • Bristol-Myers Squibb
  • BiOasis Technologies, Inc.
  • Sanofi Genzyme
  • CarThera
  • Cephalon Inc.
  • Nanomerics
  • F. Hoffman La-Roche AG

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Rise in Adoption Of Electric Vehicles

The Vehicle-to-Grid (V2G) technology market is witnessing substantial growth driven by increasing focus on renewable energy integration and the need for efficient energy management solutions. V2G enables bidirectional energy flow between electric vehicles (EVs) and the grid, allowing EVs to serve as mobile energy storage units. This technology holds promise for optimizing grid stability, reducing peak demand, and maximizing the utilization of renewable energy sources. Factors such as government initiatives promoting clean energy adoption, advancements in smart grid infrastructure, and the rising popularity of electric vehicles are further propelling market expansion. Additionally, collaborations between automotive manufacturers, energy companies, and technology firms are fostering innovation in V2G systems, paving the way for enhanced grid reliability and energy efficiency. Despite regulatory challenges and infrastructure limitations, the Vehicle-to-Grid market is poised for considerable growth as stakeholders increasingly recognize its potential in shaping the future of sustainable energy ecosystems.

Market Dynamics

Drivers:

  • Rising urbanization and industrialization
  • Increasing Renewable Energy Integration
  • The aging electricity grid is in need of modernization

Opportunities:

  • Growing Government initiatives for the adoption of electric vehicles
  • Rising Emission Regulating Measures Relating To Environmental Issues

Rising Smart Charging Infrastructure

The trend of rising smart charging infrastructure is profoundly shaping the Vehicle-to-Grid (V2G) technology market by enabling seamless integration and optimization of bidirectional energy flow between electric vehicles (EVs) and the grid. Smart charging infrastructure incorporates advanced communication and control capabilities, allowing for real-time monitoring of EV charging patterns, grid conditions, and energy prices. This facilitates intelligent management of charging and discharging processes, maximizing the utilization of EV batteries for grid services while ensuring optimal charging for vehicle owners. Moreover, the deployment of smart charging stations equipped with V2G capabilities not only enhances grid stability and reliability but also opens up new revenue streams for EV owners by enabling participation in energy markets and demand response programs. As the adoption of EVs continues to surge, the proliferation of smart charging infrastructure is poised to accelerate, driving the growth and scalability of Vehicle-to-Grid technology solutions.

Europe dominates the market for Vehicle-to-Grid Technology Market.

Europe is dominating the Vehicle-to-Grid (V2G) technology market for several reasons. The region has witnessed significant investment and innovation from manufacturers in the design and development of electric mobility and smart energy management solutions, leading to the creation of reversible charging technologies. For instance, Groupe Renault has deployed bi-directional chargers, such as the Renault Z.E Smart Charge, across Europe, enhancing energy efficiency. Moreover, Europe boasts a higher number of on-road electric vehicles and electric vehicle manufacturers compared to other regions, which naturally boosts the adoption and development of V2G technology.

In the United Kingdom, multiple manufacturers have invested in designing and developing technologies for electric mobility and smart energy management, resulting in the emergence of reversible charging solutions. Groupe Renault, for instance, has rolled out bi-directional chargers known as Renault Z.E Smart Charge across Europe, offering efficient and intelligent energy usage. The presence of a higher number of electric vehicles and manufacturers in Europe further drives the vehicle-to-grid technology market. Additionally, stringent vehicle emission regulations and government incentives for electric vehicle adoption in Europe have contributed to the expansion of the vehicle-to-grid market in the region.

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Bidirectional Charging Segments is anticipated to hold the Largest Market Share during the Forecast Period

Based on the Charging Type segment categorized into Unidirectional Charging and Bidirectional Charging. Bidirectional charging holds a major share compared to unidirectional charging. This dominance is primarily due to the versatility and flexibility offered by bidirectional charging technology, allowing electric vehicles (EVs) to not only receive energy from the grid but also to discharge stored energy back into the grid when needed. Bidirectional charging enables EVs to serve as mobile energy storage units, contributing to grid stabilization, peak demand reduction, and integration of renewable energy sources. This capability enhances the value proposition of EVs, as they can actively participate in energy markets and earn revenue through grid services. Additionally, bidirectional charging aligns with the concept of Vehicle-to-Grid (V2G) technology, which is gaining traction globally as a promising solution for optimizing energy management and promoting grid resilience. As a result, bidirectional charging emerges as the leading segment in the charging type category, driving innovation and market growth in the electric vehicle ecosystem.

Segmentations Analysis of Vehicle-to-Grid Technology Market: –

  • By Component
    • Smart Meters
    • Electric Vehicle Supply Equipment (EVSE)
    • Home Energy Management
    • Software Solutions
  • By Charging Type
    • Unidirectional Charging
    • Bidirectional Charging
  • By Vehicle Type
    • BEVs
    • PHEVs
    • FCVs
  • By Application
    • Domestic
    • Commercial
  • By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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