Press release
What Is Driving Global Vehicle-to-Grid Technology Market Growth in 2025: The Role of Electric Vehicle Surge Powers The Acceleration Of Vehicle-To-Grid Technology Market Growth
Vehicle-to-Grid Technology
Vehicle-to-Grid Technology Market Size Growth Forecast: What to Expect by 2025?
In recent periods, the market size for the vehicle-to-grid technology has seen a massive expansion. The market, which was valued at $4.15 billion in 2024 is projected to increase to $5.11 billion in 2025, with a compound annual growth rate (CAGR) of 23.2%. Factors that have contributed to this growth in the past include adoption of electric vehicles, grid stability, efficient management, integration of renewable energy, enhanced energy resilience, emergency power, and the support and policies implemented by the government.
How Will the Vehicle-to-Grid Technology Market Size Evolve and Grow by 2029?
The market for vehicle-to-grid technology is projected to witness a surge in the upcoming years, expanding to $11.63 billion by 2029 with a CAGR of 22.8%. The predicted increase during the forecast period can be attributed to the growth of electric vehicle fleets, the decentralization of grids, and the incorporation of distributed energy sources, as well as integration with smart grids. Other contributing factors include demand response programs and objectives for environmental sustainability. The forecast period will likely see trends such as partnerships between car manufacturers and utilities, the emergence of V2G-capable charging stations, further growth of V2G test programs and demonstrations, incorporation of renewable energy sources, and the promotion of regulatory support and atandardization initiatives.
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What Drivers Are Propelling the Growth of Vehicle-to-Grid Technology Market Forward?
The surge in the usage of electric vehicles is projected to boost the expansion of the vehicle-to-grid technology industry in the future. An electric car is powered by an electric motor that gets its energy from a battery and can be charged using an external source. Vehicle-to-grid technology is employed in electric cars for intelligent charging systems, enabling vehicle batteries to feed power back to the grid. It taps into information technology to regulate energy consumption during road trips. For instance, in February 2024, the Australia-based Department of Infrastructure, Transport, Regional Development, Communications, and the Arts reported that as of January 31, 2022, there were 20.7 million registered motor cars, a 2% rise from January 2021. Battery electric vehicles (BEVs) stood at around 40,000, a 100% increase from 2021, with 34,200 being passenger cars in 2022, a surge of 118% from 2021. Hybrid-electric vehicles (HEVs) were roughly 277,000 in 2022, a 35% increase from 2021. Therefore, the upswing in electric vehicle adoption is spurring the expansion of the vehicle-to-grid technology industry.
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Which Emerging Trends Are Transforming the Vehicle-to-Grid Technology Market in 2025?
Top firms in the vehicle-to-grid technology industry are devising novel products such as the level 2 EV charger to secure a competitive advantage. Level 2 EV chargers are a specific type of charging station that supply alternating current (AC) power to electric vehicles. For example, in April 2023, EvoCharge Inc., an American firm offering EV charging solutions, rolled out the EvoCharge max EV charging station. This fresh charger is suitable for boat rental enterprises along with other commercial and residential applications, given its ability to deliver swift charging for increased amperage. The level 2 EvoCharge max EV charging station has the ability to deliver up to 19.2 kW of power (80 amps on a 240V circuit). It is intended to be open, scalable, and modular to hasten system development cycles and market-entry time. EvoCharge is committed to providing dependable, secure, and cost-effective electric vehicle charging stations.
What Are the Key Segments in the Vehicle-to-Grid Technology Market?
The vehicle-to-grid technologymarket 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 Key Players Shaping the Vehicle-to-Grid Technology Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth 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.
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