Vehicle-To-Grid (V2G) Market |(CAGR) of 25.3%| Size, Growth, Share, Trends, Segmentation Analysis and Forecast 2032

The global vehicle-to-grid (V2G) market revenue was around US$ 2.15 billion in 2022 and is estimated to reach US$ 15.03 billion by 2031, growing at a compound annual growth rate (CAGR) of 25.3% during the forecast period from 2023 to 2031.

Vehicle-to-grid (V2G) is a technology that permits energy to be moved back to the power grid from the battery of an electric car. A car battery can be discharged and charged based on different signals like energy consumption or production nearby with vehicle-to-grid (V2G) technology. It also supplies a mechanism to meet the conditions of the electric power system by utilizing parked electric automobiles. Vehicle-to-grid (V2G) can be operated with plug-in electric vehicles like plug-in hybrids (PHEV), hydrogen fuel cell electric vehicles (FCEV), and battery electric vehicles (BEV).

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Factors Influencing Market Growth

- The growth in demand for electric vehicles and government initiatives for the development of electric vehicle charging infrastructure are anticipated to promote the growth of the global vehicle-to-grid (V2G) market during the forecast timeframe.

- Lack of sufficient infrastructure, and also, lack of standardization of electric vehicle (EV) charging are expected to hinder the expansion of the global vehicle-to-grid (V2G) market during the forecast period.

- Rising industrialization and urbanization, as well as the growth in demand for solar-powered electric vehicles, are expected to develop expansion opportunities for the market in the near future.

Impact of COVID-19

The COVID-19 pandemic has greatly disrupted global economic activity, such as the electric vehicle industry and the automotive market on a global level. The COVID-19 pandemic also led to a notable drop in automotive sales, a lack of raw materials, and others. As a consequence of interrupted production schedules and supply chains forced by the COVID-19 pandemic, sales and automotive production suffered harshly, and negatively influenced the vehicle-to-grid (V2G) market in 2020.

Regional Analysis

Europe dominated the market in terms of revenue. The immediate development of the electric vehicle charging infrastructure along with government subsidies and motivations related to electric vehicles led to the growth of the vehicle-to-grid (V2G) market across the globe.

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Leading Companies

The leading prominent companies profiled in the global vehicle-to-grid (V2G) market are: -

- ABB
- AC Propulsion, Inc.
- Boulder Electric Vehicle
- Denso Corporation
- Edison International
- EnerDel, Inc.
- EV Grid, Inc.
- Fermata Energy
- Hitachi, Ltd
- Honda Motor Co., Ltd.
- Indra
- Nissan Motor Corporation
- NRG Energy, Inc.
- Nuvve Holding Corp.
- OVO Energy Ltd.
- Toyota Industries Corporation
- Wallbox Inc.
- Other prominent key players

Segmentation Outline

The global vehicle-to-grid (V2G) market segmentation focuses on Vehicle Type, Components, Technology, Charging Type, and Region.

Segmentation based on Vehicle Type

- Battery Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Fuel Cell Vehicles (FCVs)

Segmentation based on Components

- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM)
- Others

Segmentation based on Technology

- Power management
- Software

Segmentation based on Charging Type

- Unidirectional Charging
- Bidirectional Charging

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Segmentation based on Region

North America
- The U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
LAMEA
- Latin America
- Middle East
- Africa

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Market value (millions of dollars) and volume (millions of units) data for each segment and sub-segment

Competitive scenario involving the market share of the main players, along with the new projects and strategies adopted by the players in recent years.

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