Global Vehicle-to-Grid Market to Grow at 34.8% During 2024-2032, Spurred by Enhanced Focus on Sustainable Development

March 30, 2021 | Automotive Industry

According to the latest report by IMARC Group, titled "Vehicle-to-Grid Market Report by Solution Type (Electric Vehicle Supply Equipment (EVSE), Smart Meters, Home Energy Management (HEM) Systems, Software Solutions), Vehicle Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV)), Charging Type (Unidirectional Charging, Bidirectional Charging), Application (Peak Power Sales, Spinning Reserves, Base Load Power, and Others), and Region 2024-2032," the global vehicle-to-grid market is expected to grow at a CAGR of 34.8% during 2024-2032. Vehicle-to-Grid (V2G) is an advanced technology that enables an electric vehicle (EV) to be charged or discharged by drawing electric power through parked electric automobiles. Its use either returns the electricity to the grid or throttles the charging rate of EVs during power failures based on several signals, such as energy production or consumption nearby. It can also be utilized to disperse energy storage for intermittent power usage when connected in large numbers. Its usage reduces dependency on petroleum and minimizes the overall fuel costs, which has contributed to its widespread prominence among the masses.

Global Vehicle-to-Grid Market Trends:

The global market is primarily driven by the increasing adoption of EVs and hybrid EVs. These automobiles reduce noxious emissions and the greenhouse effect, thereby improving the quality of the environment. An enhanced focus on sustainable development and the excellent fuel efficiency associated with the use of these vehicles have contributed to their widespread popularity. Coupled with the increase in the number of bidirectional electric automobile charging stations across the globe that allows vehicles to store excess energy for powering the grid, this is providing an impetus to the market growth. The market is also driven by the introduction of novel automobile batteries in the market that are characterized by a longer operational life. These batteries can efficiently sustain multiple charging cycles without deteriorating in quality, which, in turn, is creating a positive outlook for the market. Additionally, governments of numerous countries are providing incentives to catalyze the adoption of battery-powered vehicles among the masses. They are also investing in the development of smart grid projects and the enhancement of the existing grid infrastructure. This is anticipated to propel the market growth further. Some of the other factors contributing to the market growth include the introduction of vehicle-to-everything (V2X) technology and the rising adoption of autonomous vehicles on the global level. 

Market Summary:

  • On the basis of the solution type, the market has been divided into Electric Vehicle Supply Equipment (EVSE), smart meters, Home Energy Management (HEM) Systems and software solutions.
  • Based on the vehicle type, the market has been classified into Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), and Plug-In Hybrid Electric Vehicle (PHEV).
  • On the basis of the charging type, the market has been bifurcated into unidirectional and bidirectional charging.
  • Based on the application, the market has been classified into peak power sales, spinning reserves, base load power, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AC Propulsion Inc., Coritech Services Inc., DENSO Corporation, Enerdel Inc., ENGIE Group, EV Grid, Hitachi Ltd., Nissan Motor Company Ltd., NRG Energy Inc., and OVO Energy Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Solution Type, Vehicle Type, Charging Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AC Propulsion Inc., Coritech Services Inc., DENSO Corporation, Enerdel Inc., ENGIE Group, EV Grid, Hitachi Ltd., Nissan Motor Company Ltd., NRG Energy Inc. and OVO Energy Ltd.
Customization Scope 10% Free Customization
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Global Vehicle-to-Grid Market to Grow at 34.8% During 2024-2032, Spurred by Enhanced Focus on Sustainable Development
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