Vehicle-To-Grid (V2G) Market Size Booms, $15.03 Billion 2031 | At a CAGR of 25.3%

According to the report published by Allied Market Research, the global vehicle-to-grid market generated $1.72 billion in 2021, and is projected to reach $15.03 billion by 2031, growing at a CAGR of 25.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape.

The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Vehicle-to-grid (V2G) technology allows energy to be returned to the power grid from electric vehicle batteries. It enables charging and discharging based on nearby energy needs, utilizing parked electric vehicles to support the electric power system. V2G works with plug-in electric vehicles like battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and hydrogen fuel cell electric vehicles (FCEVs).

The global V2G market is expected to grow due to rising demand for electric vehicles and government initiatives to develop EV charging infrastructure. However, challenges such as insufficient infrastructure and the lack of EV charging standardization may hinder market growth. Additionally, rapid urbanization, industrialization, and the increasing demand for solar-powered electric vehicles present growth opportunities for the market.

Government initiatives to introduce EV and emissions regulations related to environmental issues and the growing environmental awareness in public play a key role in the growth of vehicle to grid market. In February 2018, the British government awarded around $41.5 million funding to V2G projects to pay for research, design and development. Moreover, the Ministry of Infrastructure and Water Resources Management announced that the government intends to support companies planning to install V2G chargers to reduce the load on the country's national grid. Such initiatives are expected to accelerate the growth of the vehicle to grid market during the forecast period.

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COVID-19 Scenario:

1. The vehicle-to-grid market experienced a negative impact due to the presence of lockdowns in numerous countries around the globe during the COVID-19 pandemic. Owing to the stringent regulatory procedures imposed by the governments of various countries, most manufacturing and production facilities were closed, including those involving the automotive industry.

2. In addition, pandemic-related issues are aggravating port congestion, intermittent closures, and supplier delays.

3. Besides, the shortage of essential raw materials due to the ban on the import and export of items further hurt the market.
These social distancing restrictions were imposed by the government to significantly curb the spread of the virus during the pandemic.

4. However, with eased pandemic restrictions, the market is expected to recoup soon.

The report offers a detailed segmentation of the global vehicle-to-grid market based on technology, vehicle type, charging type, components, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.

Based on vehicle type, the plug-in hybrid electric vehicles segment held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The battery-electric vehicles segment, on the other hand, is expected to cite the fastest CAGR of 27.3% during the forecast period.

Based on charging type, the unidirectional charging segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The bidirectional segment, on the other hand, is expected to cite the fastest CAGR of 26.7% during the forecast period.

Based on technology, the power management segment held the dominating market share in 2021, holding more than four-fifths of the global V2G market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 25.7% during the forecast period. The report also analyses other segments such as software.

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Based on region, the market across Europe held the largest market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 26.6% during the forecast period. The report also analyses other regions such as North America, Asia-Pacific, and LAMEA.

The key players analyzed in the global vehicle-to-grid market report include 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, and Wallbox Inc.

The report analyzes these key players in the global vehicle-to-grid market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.

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