Press release
Vehicle-to-Grid Technology Market Size, Share, Analysis, Trends And Strategies 2024-2033
Vehicle-to-Grid Technology Market
The vehicle-to-grid technology market size is expected to see exponential growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to expansion of electric vehicle fleets, grid decentralization and distributed energy resources, integration with smart grids, demand response programs, environmental sustainability goals. Major trends in the forecast period include collaborations between automakers and utilities, introduction of V2G-capable charging stations, expansion of V2G pilot programs and demonstrations, integration with renewable energy sources, regulatory support and standardization initiatives.
Market Overview -
Vehicle-to-grid technology refers to a smart charging method that enables car batteries to replenish the electrical grid. It allows EVs to export unused battery capacity back to the grid, filling gaps in renewable energy generation ratios.
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Electric Vehicle Surge Powers The Acceleration Of Vehicle-To-Grid Technology Market Growth
The increasing adoption of electric vehicles is expected to propel the growth of the vehicle-to-grid technology market going forward. An electric vehicle is one that is propelled by an electric motor that receives its energy from a battery and can be charged from an external source. Vehicle-to-grid technology is utilized in electric vehicles for smart charging technology, which allows vehicle batteries to give electricity back into the grid. It uses information technology to control energy use while travelling on roadways. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing adoption of electric vehicles is driving the growth of the vehicle-to-grid technology market.
Competitive Landscape -
Major companies operating in the vehicle-to-grid technology market report are Daimler AG General Motors (GM), BMW AG, Enel SpA, Honda Motor Co Ltd., Hitachi Ltd., Tesla Inc., Engie SA, Energie Baden-Württemberg AG., Nissan Motor Co Ltd., DENSO Corporation., Groupe Renault, Endesha SA, NRG Energy Inc., ABB Ltd., Toyota Industries Corporation, Mitsubishi Motors Corporation, Edison International, OVO Energy Ltd., V2G Limited, San Diego Gas & Electric (SDG&E), Wallbox Inc., EnerDel Inc., Indra Renewable Technologies, Coritech Services Inc., Fermata Energy, AC Propulsion Inc., NUVVE Holding Corp, EV Grid Inc., Boulder Electric Vehicle
Accelerated Charging In Commercial And Domestic Settings
Major companies operating in the vehicle-to-grid technology market are developing new products such as level 2 EV charger to gain a competitive edge in the market. Level 2 electric vehicle (EV) chargers are a type of charging station that provides electric vehicles with alternating current (AC) power. For instance, in April 2023, EvoCharge Inc. a US-based company that provides electric vehicle (EV) charging solutions launched EvoCharge max EV charging station. The new charger is appropriate for boat rental companies as well as other commercial and domestic uses because it is made to provide quick charging for higher amperage. The level 2 EvoCharge max EV charging station can provide up to 19.2 kW of power (80 amps on a 240V circuit). With the goal of accelerating system development cycles and time to market, it is designed to be open, scalable, and modular. EvoCharge is dedicated to offering dependable, secure, and reasonably priced electric car charging stations.
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Key Segments -
The vehicle-to-grid technology market covered in this report is segmented -
1) By Component: Electric Vehicle Supply Equipment (EVSE), Home Energy Management (HEM) System, Smart Meters, Software Solutions
2) By Charging Type: Unidirectional Charging, Bidirectional Charging
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
4) By Application: Reactive Power, Baseload Power, Spinning Reserves, Peak Power Sales, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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