Vehicle-to-Grid (V2G) Market Growth Analysis, Leading Companies Share, Industry Size, and Forecast Report 2023-2028

According to the latest report by IMARC Group, titled "Vehicle-to-Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023- 2028," the global vehicle-to-grid market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.4 Billion by 2028, exhibiting a growth rate (CAGR) of 43.15% during 2023-2028. Vehicle-to-Grid technology allows electric vehicles (EVs) to transfer power back to the grid when parked and not in use. It forms part of a smart grid, an electrical network system that utilizes information technology to manage energy consumption. It operates on the principle of smart charging and can be used as an alternative domestic energy source. It offers numerous benefits, such as decreasing the need for additional energy storage infrastructure, lowering electricity costs, and enhancing the reliability and stability of the grid.

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Vehicle-to-Grid Market Demand:

The global market is primarily driven by the increasing adoption of EVs. In line with this, the rising demand for renewable energy and cost savings offered by V2G technology is significantly contributing to the market. Furthermore, the growing demand for smart grid technologies is positively influencing the market. Apart from this, the escalating public awareness of the benefits of V2G is catalyzing the market. Moreover, the government worldwide is imposing stricter environmental regulations, driving the adoption of cleaner energy technologies like V2G. Besides, the increasing demand for electric buses and trucks is driving the adoption of V2G technology for commercial and industrial use. Additionally, governments across the globe are providing incentives to promote the sales of electric vehicles (EVs) and V2G technology. This, in turn, is expected to provide a boost to the market.

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Global Vehicle-to-Grid Market 2023- 2028 Analysis and Segmentation:

Competitive Landscape with Key Players:

• AC Propulsion Inc.
• Coritech Services Inc.
• DENSO Corporation
• Enerdel Inc.
• ENGIE Group
• EV Grid
• Hitachi Ltd.
• Nissan Motor Company Ltd.
• NRG Energy Inc.
• OVO Energy Ltd.

Breakup by Solution Type:

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

Breakup by Vehicle Type:

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

Breakup by Charging Type:

• Unidirectional Charging
• Bidirectional Charging

Breakup by Application:

• Peak Power Sales
• Spinning Reserves
• Base Load Power
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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