Vehicle-To-Grid Market

Vehicle-To-Grid Market Snapshot(2022 to 2032)

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

Attributes	Details
Market Size 2021A	US$ 2,436.7 million
Market Size 2022E	US$ 2,980.1 million
Market Size 2032F	US$ 22,863.0 million
Value CAGR (2022 to 2032)	22.6%

Vehicle-to-Grid is a technology that allows electric vehicles to connect with grids located at different locations. The energy stored in an electric vehicle can be used to power electrical systems 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.

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 also generating opportunities for this technologies. Power sharing during peak loads and providing income-generating opportunities for various customers have boosted 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 the 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 allow 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 shortages.

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 center to coordinate the EV as its 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 the vehicle-to-grid market growth.

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

According to an analysis of 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.

Groupe Renault has installed bi-directional chargers, Renault Z.E Smart Charge, throughout Europe, which provides 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.

Market Competition

Some of the major players identified in the global vehicle-to-grid market include 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 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million, Volume in 000’Units, and CAGR from 2022 to 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	United States of America Canada Mexico Brazil Germany Italy France United Kingdom Spain Benelux Russia China Japan South Korea India ASIAN ANZ GCC Countries Turkey South Africa North Africa
Key Companies Profiled	AC Propulsion IncEdison International. DENSO CORPORATION. Boulder Electric Vehicle Nissan
Customization & Pricing	Available upon Request

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

What was the value of the Vehicle-To-Grid market in 2021?

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

At what rate is the Vehicle-To-Grid market projected to expand during the forecast period?

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

By 2032, what will the value of the Vehicle-To-Grid market?

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

Which region/country is set to lead the Vehicle-To-Grid market?

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

Which are the top players in the Vehicle-To-Grid market?

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