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Vehicle-To-Grid Market

Market Insights on Vehicle-To-Grid covering sales outlook, demand forecast & up-to-date key trends

Vehicle-To-Grid Market By Vehicle Type & Region - Forecast 2022-2032

Vehicle-To-Grid Market Snapshot

According to Future Market Insights, the global vehicle-to-grid market will be valued at US$ 2,980.1 Mn in 2022. The increase in use of smart power generation systems and prevalence of electric vehicles are the major factors driving the market growth thus the market is expected increase at a CAGR of 22.6% from 2022 to 2032.

Market Size 2021A

US$ 2,436.7 Mn

Market Size 2022E

US$ 2,980.1 Mn

Market Size 2032F

US$ 22,863.0 Mn

Value CAGR (2022-2032)

22.6%

Vehicle-to-Grid is a technology allows electric vehicles to connect with grids located at different locations. The energy stored in an electric vehicle can be used to power electrical system in residential spaces or commercial offices during a power outage. Electricity generated from various sources is distributed through networks installed in homes and parking lots. The basic requirements for Vehicle to Grid are power connections, communication systems and metering systems. A Vehicle-to-Grid system helps to manage and evenly distribute the generated power. However, Vehicle-to-Grid is a new technology in the market, it is still in the developing stage and not yet fully commercialized.

Deployment of this technology is limited to some developed regions such as North America, Japan, and Europe. The global vehicle-to-grid market is expected to grow steadily during the forecast period with a single digit CAGR.

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Historic Market Outlook for Vehicle-To-Grid

The market analysis for vehicle-to-grid from 2017 to 2021 exhibited a historical growth rate of 16.4% CAGR, with the increase in demand for charging stations, electric vehicles and grid decentralization, apart from that encouragement from governments to switch to electric vehicles is also generating opportunities for this technologies. Power sharing during peak loads providing income-generating opportunities for the various customer has boosted the market growth.

However, according to the most recent FMI analysis, the vehicle-to-grid market is expected to grow at a rate of 22.6% between 2022 and 2032. The increasing acceptance of electric vehicles around the world has changed the energy sector. Battery-powered vehicles have proven to be very effective in reducing CO2 emissions. Developed regions such as North America and Europe are actively adopting electric vehicle technology. Developing countries are showing great interest in adopting electric vehicles as a mode of transportation in the future. The main reason for the increasing demand for electric vehicles is the green revolution being pushed in several countries to protect the environment from increasing pollution.

What are the Various Factors Driving the Vehicle-To-Grid Market?

The global vehicle-to-grid market is primarily driven by demand for green energy sources for vehicles and homes. The popularity of electric vehicles is due to the growth of the vehicle-to-grid market. High-capacity batteries in electric vehicles allows electric vehicles to act as energy storage that can be used during power outages.

The revenue growth of the global vehicle-to-grid market is largely driven by growing concerns over storing electricity for electric vehicles when prices are low and using it when prices are rising. An EV owner can charge the grid for services, benefit from his EV investment, reduce the cost of owning an EV, and accelerate the deployment of his EV charging infrastructure network locally. Vehicle-to-grid technology can assist power providers in reducing their dependency on fossil fuel power plants by balancing the system and readily incorporating renewable energy. This vehicle-to-grid technology can help utilities achieve their sustainability objectives, which is anticipated to further boost revenue growth.

Additionally, Vehicle-to-Grid technology eliminates traditional non-renewable energy sources such as petroleum and thermal power, reducing emissions. EV owners can sell electricity to power companies during power shortage.

Nikhil Kaitwade
Nikhil Kaitwade
Principal Consultant
LinkedIn
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Which Factors May Hinder the Vehicle-To-Grid Market Growth?

Vehicle-to-Grid technology has several challenges that may limit the global Vehicle-to-Grid market as it requires the utility centre to coordinate the EV as his one storage device, making it difficult to unplug the vehicle while charging if needed. Lack of infrastructure development and high initial costs for technology integration are among the major challenges facing the market.

Several adverse aspects, such as decreasing battery lifetime and vehicle battery efficiency owing to charging lifecycles, are stifling the worldwide vehicles-to-grid market's growth. Other risk considerations, such as important industry standards, vehicle compatibility, and bidirectional flow technologies, might limit market growth to some extent. Furthermore, high costs associated with electric car charging equipment and smart grid implementation might hamper vehicle-to-grid market growth.

Which Region hold the prominent share in Vehicle-To-Grid Market?

According to an analysis on the worldwide vehicle-to-grid technology market position and difficulties, Europe will have a significant share of the global market in terms of revenue in 2022. In the United Kingdom, various manufacturers invested in the design and development of particular technologies in electric mobility and the smart energy management segment, which led to the creation of reversible charging solutions.

Furthermore, Groupe Renault has installed bi-directional chargers, Renault Z.E Smart Charge, throughout Europe, which provide reasonable and smart energy consumption. Europe has a greater number of on-road electric vehicles and electric vehicle producers, which improves the market for vehicle-to-grid technologies. Furthermore, strict vehicle pollution standards, as well as tax breaks and incentives offered by governments across Europe to encourage the use of electric vehicles have driven the vehicle-to-grid market size of the region.

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Market Competition

Some of the major players identified in the global vehicle to grid market includes, AC Propulsion, IncEdison International., DENSO CORPORATION., Boulder Electric Vehicle, and Nissan among others.

Scope of the Report

Attribute

Details

Growth Rate

CAGR of 22.6% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Million, Volume in 000’Units and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Vehicle type
  • Region

Regions Covered

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

Key Countries Covered

  • US
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Benelux
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • ANZ
  • GCC Countries
  • Turkey
  • South Africa
  • North Africa

Key Companies Profiled

  • AC Propulsion
  • IncEdison International.
  • DENSO CORPORATION.
  • Boulder Electric Vehicle
  • Nissan

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Key Segments Profiled in the Vehicle-To-Grid Market

By Vehicle Type, Vehicle-To-Grid Market is segmented as:

  • EVs (Electric Vehicles)
  • PEVs (Plug in Electric Vehicles)

By Region, Vehicle-To-Grid Market is segmented as:

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

Frequently Asked Questions

In 2021, the value of the Vehicle-To-Grid market reached over US$ 2,436.7 Mn.

During the forecast period, the Vehicle-To-Grid market is estimated to expand at a CAGR of 22.6% during 2022-2032.

The Vehicle-To-Grid market is projected to reach US$ 22,863.0 Mn by the end of 2032.

Europe is projected to lead the Vehicle-To-Grid market in the forecast period.

The key players operating in the Vehicle-To-Grid market are AC Propulsion, IncEdison International., DENSO CORPORATION., Boulder Electric Vehicle, and Nissan among others.

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Nikhil Kaitwade
Principal Consultant
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