According to the latest report by IMARC Group, titled “Vehicle-to-Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global vehicle-to-grid market grew at a CAGR of around 15% during 2015-2020. Looking forward, IMARC Group expects the global vehicle-to-grid market to exhibit strong growth during 2021-2026.
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.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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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.
Global Vehicle-to-Grid Market 2021-2026 Analysis and Segmentation:
Competitive Landscape with Key Players
- AC Propulsion Inc.
- Coritech Services Inc.
- DENSO Corporation
- Enerdel Inc.
- ENGIE Group
- EV Grid
- Hitachi Ltd.
- Nissan Motor Company Ltd.
- NRG Energy Inc.
- OVO Energy Ltd.
Breakup by Solution Type:
- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM) Systems
- Software Solutions
Breakup by Vehicle Type:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
Breakup by Charging Type:
- Unidirectional Charging
- Bidirectional Charging
Breakup by Application:
- Peak Power Sales
- Spinning Reserves
- Base Load Power
- Others
Breakup by Region:
- North America Europe
- Asia Pacific
- Latin America,
- Middle East and Africa.
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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