NEW
YORK, June 25, 2024 /PRNewswire/ -- The
global vehicle to grid market size is estimated to grow
by USD 68.66 bilion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 43.94% during the forecast
period. Improvements in EV battery
technology is driving market growth, with a trend
towards increase in number of EV charging stations.
However, interoperability issues poses a challenge.Key
market players include ABB Ltd., AC Propulsion Inc., ChargePoint
Holdings Inc., Continental AG, Coritech Services, Edison
International, Fermata LLC, Ford Motor Co., Hitachi Ltd., Honda
Motor Co. Ltd., Liikennevirta Oy Ltd., Mercedes Benz Group AG,
Mitsubishi Motors Corp., Nuvve Holding Corp., OVO Energy Ltd,
Qualcomm Inc., Renault SAS, Tesla Inc., TransnetBW GmbH, and
Wallbox N.V..
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report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Power
electronics and Software), Vehicle Type (BEV, PHEV, and FCEV), and
Geography (North America, Europe, APAC, Middle East and Africa, and
South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
ABB Ltd., AC Propulsion
Inc., ChargePoint Holdings Inc., Continental AG, Coritech Services,
Edison International, Fermata LLC, Ford Motor Co., Hitachi Ltd.,
Honda Motor Co. Ltd., Liikennevirta Oy Ltd., Mercedes Benz Group
AG, Mitsubishi Motors Corp., Nuvve Holding Corp., OVO Energy Ltd,
Qualcomm Inc., Renault SAS, Tesla Inc., TransnetBW GmbH, and
Wallbox N.V.
|
Key Market Trends Fueling Growth
The global vehicle to grid market is experiencing significant
growth due to the increasing number of EV charging stations. This
trend is driven by government initiatives to install more charging
facilities, such as the additional 678 public EV charging stations
in nine megacities between October
2021 and January 2022.
Charging stations serve as crucial infrastructure for vehicle to
grid technology and their numbers are anticipated to increase
substantially during the forecast period. Government incentives and
subsidies on EV charging stations are also boosting transportation
electrification. The growth of EV sales is contributing to the
expansion of charging stations worldwide. In particular,
Asia and Europe are expected to see a rapid increase in
the number of charging stations due to cost reductions and
entrepreneurial development in these regions.
The Vehicle-to-Grid (V2G) market is experiencing significant
growth as the integration of renewable energy sources and electric
vehicles (EVs) continues to gain momentum. Charging infrastructure
is a crucial aspect of this market, with charing stations providing
power to EVs and also supplying excess energy back to the grid.
Vehicle batteries act as energy storage systems, allowing for
bi-directional power flow. This trend is driven by the need for
more sustainable energy solutions and the increasing adoption of
EVs. Additionally, vehicle manufacturers and energy companies are
investing in V2G technology to improve grid stability and reduce
reliance on traditional power sources. The market for
vehicle-sourced energy is expected to expand as more countries
implement policies to support the transition to renewable
energy.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- The Vehicle to Grid (V2G) market integrates electric vehicles
(EVs) into power grids, addressing peak hour demands and balancing
intermittent renewable energy. Key factors for successful
integration include a reference architecture, code and standards,
control and active grid management, advanced metering
infrastructure, and security systems. However, non-uniformity in
standards causes interoperability issues. Existing standards, such
as IEEE 1547, SAE J1772, and IEC 61850, facilitate physical and
communication connectivity. Lack of standardization may limit
investments and hinder market growth.
- The Vehicle-to-Grid (V2G) market is gaining significant
attention due to the increasing adoption of electric vehicles (EVs)
and the need for energy storage and management. However, there are
several challenges that need to be addressed for the successful
implementation of V2G technology. One of the main challenges is the
integration of EVs into the power grid. This requires advanced
charging infrastructure and bi-directional power flow capabilities.
Another challenge is the variability of renewable energy sources
and the need for energy storage solutions to ensure grid stability.
Additionally, regulatory frameworks and standardization of
communication protocols are essential for the widespread adoption
of V2G technology. The market for V2G is expected to grow as these
challenges are addressed and the benefits of this technology, such
as grid reliability and reduced carbon emissions, become more
apparent.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This vehicle to grid market report extensively covers market
segmentation by
- Product
- 1.1 Power electronics
- 1.2 Software
- Vehicle Type
- 2.1 BEV
- 2.2 PHEV
- 2.3 FCEV
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Power electronics- The Power Electronics
segment in the Vehicle to Grid (V2G) market comprises drive
systems, control units, bi-directional chargers, networking
devices, and communication equipment. These components facilitate
bi-directional power flow and communication between vehicles and
the grid. Drive systems convert DC to AC for power exchange,
ensuring reliability. Control units coordinate with the grid power
supply, preventing uncoordinated change and maintaining stability.
Bi-directional chargers allow power flow from the grid and provide
ancillary services. Networking equipment integrates technologies,
enabling VGI. Market growth is driven by EV manufacturers planning
V2G capabilities and vendors launching V2F charging packages.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Vehicle-to-Grid (V2G) market represents a significant
technological transformation in the electric vehicle (EV) industry.
This market enables electric vehicles, such as electric
automobiles, plug-in electric vehicles (PHEV), and plug-in hybrids,
to act as energy storage and production units. By integrating
bidirectional charging stations, EVs can feed excess electricity
back into the electric power system, which can benefit houses,
commercial buildings, and the central power grid. V2G technology is
particularly relevant during travel restrictions and emission
regulations, as it promotes the use of zero emission technology and
natural resources for energy production and consumption. The
emerging EV markets are expected to drive the growth of the V2G
market, as more automakers invest in this technology to enhance the
functionality of their EVs. The V2G market also offers
opportunities for energy production and consumption optimization,
making it an essential component of the electric power system.
Market Research Overview
The Vehicle-to-Grid (V2G) market refers to the two-way transfer
of electrical energy between the electricity grid and plug-in
electric vehicles (PEVs). This technology enables PEVs to act as
both consumers and producers of electricity. V2G systems can
provide various benefits, including grid support services, energy
cost savings for vehicle owners, and increased grid reliability.
The integration of renewable energy sources, such as solar and
wind, into the power grid is a significant driver for the growth of
the V2G market. The use of smart charging and vehicle-to-home (V2H)
systems is also gaining popularity in the context of V2G. The
future of the V2G market looks promising, with advancements in
battery technology and the increasing adoption of electric
vehicles.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Power Electronics
- Software
- Vehicle Type
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio