Vehicle-to-Grid Technology Market Share, Upcoming Trends, Size, Key Segments, Growth Status and Forecast 2027

The global vehicle-to-grid technology market size was USD 1.77 billion in 2021 and is projected to reach USD 17.43 billion by 2030, exhibiting a CAGR of 4.8% during the forecast period 2022 – 2027

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The 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.

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

Regional Insights

North America and Europe are the key regions in the global vehicle-to-grid technology market with significant revenue contributions in 2019. Government initiatives promoting the use of battery-powered vehicles to control carbon emission rates are the major factors that propel the market growth. In addition, long-term warranty offered by the manufacturers along with subsidies and benefits offered by the government on the adoption of electric vehicles attracts a large consumer base. Auto manufacturers in these regions are also taking the initiative to promote vehicle-to-grid technology as it improves their value chain by improving the battery life. For instance, in December 2018, Nuvve Corporation signed a partnership agreement with EDF Group to implement vehicle-to-grid technology in the European market.

On the contrary, Asia Pacific projected lucrative growth for vehicle-to-grid technology during the forecast period. The prime factors contributing to the significant growth are green revolution drives in Asian countries such as China, Japan, India, and South Korea. For instance, China has vision of fully electric-powered mobility in the region by 2025 and is investing significantly for the same.

Some of the prominent players in the vehicle-to-grid technology market include:

• Nissan Motor Corporation
• Mitsubishi Motors Corporation
• NUVVE Corporation
• ENGIE Group
• OVO Energy Ltd
• Groupe Renault
• Honda Motor Co., Ltd.