Vehicle-To-Grid (V2G) Market to Hit USD 15.03 Billion by 2031, Driving the Future of Smart Energy Integration

Europe dominated the market in terms of revenue, followed by North America, Asia-Pacific and LAMEA. China dominated the vehicle-to-grid (V2G) market in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rapid growth of the electric vehicle charging infrastructure along with government subsidies and incentives related to electric vehicle fuels the growth of the V2G market across the globe.

According to a new report published by Allied Market Research, titled, "Vehicle-To-Grid (V2G) Market," The vehicle-to-grid (V2G) market was valued at $1.72 billion in 2021, and is estimated to reach $15.03 billion by 2031, growing at a CAGR of 25.3% from 2022 to 2031.

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The vehicle-to-grid (V2G) market is segmented on the basis of technology, charging type, vehicle type, component, and region. By technology, it is bifurcated into power management, and software. By charging type, it is fragmented into unidirectional charging, and bidirectional charging. By vehicle type, it is divided into battery electric vehicles, plug in hybrid electric vehicles, and fuel cell vehicles (FCVs). By component, it is classified into integrated electric vehicle supply equipment (EVSE), smart meters, home energy management (HEM), and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The report offers 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.

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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.

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.

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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.

KEY FINDINGS OF THE STUDY

By technology, the power management segment is expected to register a significant growth during the forecast period.
By charging type, the bidirectional charging segment is projected to lead the global vehicle-to-grid (V2G) market.
By vehicle type, the battery electric vehicles segment is projected to lead the global vehicle-to-grid (V2G) market.
By component, the home energy management (HEM) segment is projected to lead the global vehicle-to-grid (V2G) market.
Region-wise, Europe is anticipated to register the highest CAGR during the forecast period.

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