Press release
Global Vehicle-to-Grid Technology Market Projected to Surpass $11.86 Billion by 2029 with 23.2% Annual Growth
Vehicle to Grid Technology
The vehicle-to-grid technology market is poised to expand due to the growing prevalence of electric vehicles. Electric vehicles, powered by an electric engine that gains its energy from a battery and can be charged from an external supply, make use of vehicle-to-grid technology for intelligent charging. This innovative technology allows the vehicle's batteries to feed electricity back into the grid and leverages information technology to manage energy consumption while on roads. For example, in February 2024, the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, an Australian government agency responsible for implementing government policies and programs, reported that there were 20.7 million registered motor vehicles as of January 31, 2022. This represented a two percent increase from January 2021. The number of battery electric vehicles (BEVs) stood around 40,000, surging 100% from 2021, with passenger cars accounting for 34,200 in 2022, a spike of 118% from 2021. Moreover, the number of hybrid-electric vehicles (HEVs) reached around 277,000 in 2022, marking a 35% rise from 2021. Thus, the escalating take-up of electric vehicles is catalyzing the growth of the vehicle-to-grid technology market.
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What growth opportunities are expected to drive the vehicle-to-grid technology market's CAGR through 2034?
There has been an impressive surge in the market size of vehicle-to-grid technology in the past few years. The market is projected to increase from a value of $4.15 billion in 2024 to $5.14 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 23.9%. This remarkable expansion in the historical period can be credited to factors such as the adoption of electric vehicles, grid stability and management, incorporation of renewable energy, energy resilience and emergency power, as well as government backing and policies.
The market size of vehicle-to-grid technology is predicted to experience massive growth in the forthcoming years, escalating to a valuation of $11.86 billion in 2029 with a compound annual growth rate (CAGR) of 23.2%. The expansion of this market in the predicted period can be credited to the growth of electric vehicle fleets, the decentralization of the grid and the increase of distributed energy resources, smart grid integration, the inception of demand response programs, and aspirations for environmental sustainability. Key trends that are anticipated for the forecast period consist of partnerships between car manufacturers and utilities, the launch of V2G-capable charging stations, growth of V2G pilot programs and demonstrations, integration with alternative energy sources, regulatory backing, and standardization initiatives.
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What are the emerging trends shaping the future of the vehicle-to-grid technology market?
Major market players in the vehicle-to-grid technology sphere are innovating with products such as the level 2 EV charger, as a way to stay competitive. The level 2 EV charger is a unique kind of charging station that supplies electric vehicles with AC power. To illustrate, in April 2023, EvoCharge Inc, a company based in the US that specializes in electric vehicle charging solutions, unveiled its EvoCharge max EV charging station. This new charger is not only suitable for boat rental firms but also finds application in various commercial and residential settings, owing to its fast charging capabilities for higher amperage. The EvoCharge max EV level 2 charging station can deliver power up to 19.2 kW (80 amps on a 240V circuit). It is designed with the intention of hastening system development cycles and market entry times, being open, scalable, and modular. EvoCharge is committed to providing reliable, secure, and cost-effective electric vehicle charging stations.
Which growth-oriented segments of the vehicle-to-grid technology market are leading the industry's development?
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
Subsegments:
1) By Electric Vehicle Supply Equipment (EVSE): Level 1 Chargers, Level 2 Chargers, DC Fast Chargers
2) By Home Energy Management (HEM) System: Energy Monitoring Systems, Demand Response Systems, Battery Storage Integration
3) By Smart Meters: Advanced Metering Infrastructure (AMI) Meters, Bidirectional Smart Meters
4) By Software Solutions: V2G Management Platforms, Data Analytics Software, Integration And Communication Software
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What regions are leading the charge in the vehicle-to-grid technology market?
North America was the largest region in the vehicle-to-grid technology market in 2024. The regions covered in the vehicle-to-grid technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the vehicle-to-grid technology market?
Major companies operating in the vehicle-to-grid technology market include Volkswagen AG, Toyota Corporation, Ford Motor Company, MercGroup AG, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Co Ltd., Robert Bosch GmbH, Nissan Motor Co Ltd., Kiaon, BYD Company Limited, Audi AG, Volvo Group AB, Mitsubishi Electric Corporation, Jaguar Land Rover Automotive plc, NIO Inc., Li Auto Inc., XPeng Inc., Rivian Automotive Inc., Polestar AB, Lucid Motors Inc., Fisker Inc., Lordstown Motors Corp, Canoo Inc., Arrival Ltd., Proterra Inc., Faraday Future Inc.
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What Is Covered In The Vehicle-to-Grid Technology Global Market Report?
•Market Size Forecast: Examine the vehicle-to-grid technology market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the vehicle-to-grid technology market for a structured understanding.
•Key Players Overview: Analyze major players in the vehicle-to-grid technology market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vehicle-to-grid technology market.
•Segment Contributions: Evaluate how different segments drive overall growth in the vehicle-to-grid technology market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vehicle-to-grid technology market.
•Industry Challenges: Identify potential risks and obstacles affecting the vehicle-to-grid technology market.
•Competitive Landscape: Review strategic developments in the vehicle-to-grid technology market, including expansions, agreements, and new product launches.
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