The global Vehicle-to-GridTechnology Market Value is projected to reach US Dollar 17.43 billion by 2027 and is projected to expand at a CAGR of ~48% from 2020 to 2027.
Precedence Research, Recently Published Report on “Vehicle-to-Grid Technology Market Size, Share, Growth, Trends, Segment Forecasts, Regional Outlook 2020 - 2027”. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Vehicle electrification is one of the greatest developments in the automotive sector. Increasing apprehension about environmental fortification has prompted the research that greatly propelled the electric mobility around the globe. Vehicle-to-grid (V2G) is a technology that permits energy to be pushed back from the battery of an electric vehicle to the power grid. It is a system that has ability of bi-directional and controllable electrical energy flow among vehicle and electrical grid. The spread of the vehicle to grid technology market is now intensifying to homes, schools, and fleets.
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Growth Factors
Vehicle to grid market perceives substantial growth due to exponentially growing number of EV charging stations across the world. EVs have less range than hybrid and internal combustion engine (ICE) vehicles. As a result, several charging facilities are essential to be installed on the road and off the road to progress their adoption rate. The intensifying number of charging stations will result in additional vehicles being integrated into the grid which in turn bolsters the demand for the vehicle to grid technologies.
However, on account of ongoing COVID-19 outbreak, the global automobile sector is facing a slowdown due to the lockdown in numerous countries that has constrained the production of electric vehicles. The operations of certain vital players impacted by COVID-19 outbreak comprise BMW AG, Nissan Motor Co., Kia Motors Corp., Tesla, Inc and Daimler AG. Nonetheless, government incentive packages in the future might help the EV market get through an economic crisis carried by COVID-19 by investing profoundly in charging infrastructure. China is set to invest to encourage its automotive sector. The Chinese government has highlighted “new infrastructure” as part of a stimulus policy to lift its economy after the slowdown instigated by COVID-19 and trade tensions. Therefore, most governments from pretentious areas have resorted to infrastructure refurbishment as an economic impetus method.
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Report Highlights
- In 2019, Electric Vehicle Supply Equipment (EVSE) captured substantial revenue stake around 82% due to its growing application for connecting electric vehicles to the grid.
- The EVSE are the foremost component that joins electric vehicles to the electric grid and therefore escalating trend for smart energy and renewable generation will bolster the demand for EVSE components.
- In terms of revenue, Battery Electric Vehicles (BEVs) occupied noteworthy share of about 64% in the global vehicle-to-grid technology market in 2019. The primary influence behind this growth is the early employment of vehicle-to-grid technology in the vehicle.
- On the other hand, Plug-in Hybrid Electric Vehicles (PHEVs) is projected to display the fastest growth within the estimate period due to high-power return capacity and large battery size
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Regional Snapshots
Globally, Europe dominated the overall vehicle to grid market with around 36% market share in terms of revenue in 2019. Asia Pacific is projected to record robust growth and anticipated to reach market value around USD 5,521 million by 2027. The adoption rate of electric vehicles is growing, and numerous countries across the world are investing intensely in R&D. Nations like France, Canada, the Netherlands, and India have introduced numerous campaigns to boost the adoption of electric vehicles. As per one survey, there are around 50 V2G physical projects delivering clear use cases worldwide. Out of these 50 projects around 25 are in Europe, 7 in Asia-Pacific and 18 in North America. Northern European states lead with Denmark, Netherlands, UK and Germany the market leaders in the Europe. Activity in the U.S. is primarily in Hawaii, California, and Delaware. This project data depicts that Asian contribution has been more concentrated as a manufacturing partner than being a home for implementation, with some notable exceptions.
In Denmark, Nuvve Corporation declared 4 years of successive vehicle to grid operations of electric vehicles in September 2020. The company has been carrying out current frequency regulation service for Energinet, the Danish grid operator, for 4 successive years. The initial fleet of vehicles commenced service in September 2016 at a municipal water and gas Utility Corporation in Denmark named Frederiksberg Foraying.
Key Players & Strategies
Numerous participants in vehicle-to-grid technology market are growing offerings to fleets, schools, and houses. Revenue prospects in the vehicle-to-grid technology market are prompting battery electric vehicles and Plug-in Hybrid Electric Vehicle manufacturers to offer consumers with additional services associated to their vehicles. Since software is a significant component of V2G technology, vehicle owners can earn supplementary revenue from corporations who seek to purchase critical data generated from the intelligent and interconnected communication technology. This decisive data will benefit car manufacturers and technology providers bid improved services to consumer.
The coronavirus pandemic enforced layoffs and outlay cuts across the solar sector and hit global electric vehicle sales across the world. Yet, few start-ups catering the EV charging market have sustained pulling in new investments in spite of the ambiguity.
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