Press release
Electric Vehicle Surge Powers The Acceleration Of Vehicle-To-Grid Technology Market Growth: Transformative Forces Shaping the Vehicle-to-Grid Technology Market Landscape in 2025
Vehicle-to-Grid Technology
How Large Will the Vehicle-to-Grid Technology Market Size By 2025?
Over the past few years, the market size of vehicle-to-grid technology has seen a dramatic expansion. It is predicted to rise from $4.15 billion in 2024 to a substantial $5.14 billion in 2025, presenting a compound annual growth rate (CAGR) of 23.9%. The significant increase throughout this historical period is a result of factors such as the uptake of electric vehicles, improvements in grid stability and management, the integration of renewable energy resources, enhanced energy resilience and emergency power provision, and encouraging government policies and support.
How Big Is the Vehicle-to-Grid Technology Market Size Expected to Grow by 2029?
The market size for vehicle-to-grid technology is projected to experience rapid expansion in the coming years. It is estimated to reach $11.86 billion in 2029, with a compound annual growth rate (CAGR) of 23.2%. The increase during this period is linked to the broadening of electric vehicle fleets, decentralized grid and distributed energy sources, integration into smart grids, demand response programs, and objectives for environmental sustainability. Elements that will characterize this period include partnerships between car manufacturers and utilities, the establishment of V2G-capable charging stations, the enhancement of V2G pilot programs and demonstrations, integration with sources of renewable energy, and regulatory support along with standardization efforts.
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Which Key Market Drivers Powering Vehicle-to-Grid Technology Market Expansion and Growth?
The vehicle-to-grid technology market is poised for growth, spurred on by the escalating uptake of electric vehicles. These vehicles, which are powered by an electric motor that draws energy from a rechargeable battery that can be charged from an external source, utilize vehicle-to-grid technology. This advanced technology facilitates smart charging, permitting the batteries of the vehicles to return power back to the grid. The technology uses information systems to regulate energy consumption while the vehicle is in motion. For instance, in February 2024, data from the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, a government entity in Australia responsible for enforcing Australian government policy and programs, disclosed that as at January 31, 2022, there were around 20.7 million registered motor vehicles. This signifies a 2% increase from January 2021. With regard to Battery Electric Vehicles (BEVs), around 40,000, a significant 100% increase from 2021, was recorded, and 34,200 of these were passenger cars in 2022, an impressive jump of 118% from 2021. Additionally, Hybrid Electric Vehicles (HEVs) in 2022 stood at about 277,000, an increase of 35% from 2021. Consequently, this growing trend of electric vehicle adoption is fueling the expansion of the vehicle-to-grid technology market.
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Which Fast-Growing Trends Are Poised to Disrupt the Vehicle-to-Grid Technology Market?
Leading businesses in the vehicle-to-grid technology sector are introducing innovative products like level 2 electric vehicle (EV) chargers to secure a competitive advantage. These charging stations supply electric vehicles with alternating current (AC) power. Recently, for example, EvoCharge Inc, known for its electric car charging solutions, launched a new product - the EvoCharge max EV charging station - in April 2023. This advanced charger is designed for fast charging of higher voltage, making it suitable for boat rental firms and a variety of commercial and residential uses. Capable of delivering up to 19.2 kW of power (80 amps on a 240V circuit), the scalable and modular level 2 EvoCharge max EV charging station aims to speed up system development cycles and reduce time to market. EvoCharge remains committed to providing reliable, secure, and cost-effective electric vehicle charging solutions.
What Are the Emerging Segments in the Vehicle-to-Grid Technology Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Vehicle-to-Grid Technology Industry?
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.
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