Electric Vehicles Is Fastest Growing Segment Fueling The Growth Of Vehicle To Grid Technology Market
The global Vehicle To Grid
Technology Market is estimated to be valued at US$ 171.38 Mn in 2023 and is expected to exhibit a CAGR of 43.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Vehicle to grid (V2G)
technology facilitates bidirectional electricity transfer between plug-in
electric vehicles (EVs) and the power grid. This technology allows electricity
stored in EV batteries to support the grid during peak periods and provides
vehicle owners revenue from selling stored energy back to the grid. With
increasing adoption of electric vehicles globally, V2G technology provides an
economically viable solution to balance renewable energy penetration along with
enhancing grid reliability and resilience.
Market key trends:
One of the key trends fueling
the growth of V2G technology market is increasing focus toward stabilizing grid
and renewable energy integration. As renewable energy sources like solar and
wind power are intermittent in nature, they pose challenges in stable grid
operation and power management. Vehicle to grid technology synergizes electric
vehicle fleets to store excess renewable energy during high production periods
and supply power back to the grid during peak demand or low renewable energy
production times, thereby helping stabilize the grid. This ability of V2G
networks to support clean energy adoption by offsetting intermittencies is
promoting its large-scale implementation globally.
Segment
Analysis
The vehicle to grid technology market is segmented by technology, application
and region. Based on technology, the market is segmented into bidirectional
charging, vehicle to grid power transfer, and aggregated ancillary services.
The bidirectional charging segment is expected to dominate the market during
the forecast period as it enables electric vehicles to charge from the power
grid when electricity rates are low and feed power back into the grid during
periods of high power demand. This helps in reducing the burden on the grid
while also enabling the electric vehicles to discharge stored energy back into
the grid for revenue generation.
Key Takeaways
The Global
Vehicle To Grid Technology Market Size is expected to witness high
growth, exhibiting a CAGR of 43.9% over
the forecast period, due to increasing concerns over the environment and
reducing carbon footprint. The global vehicle to grid technology market size is
expected to reach US$ 171.38 Mn in
2023.
Regional analysis indicates that Asia Pacific is expected to witness the
fastest growth in the vehicle to grid technology market during the forecast
period. This is attributed to the presence of major automotive companies and
governments promoting electric vehicles in countries such as China and Japan.
North America is expected to dominate the market over the forecast period owing
to large presence of key players such as Nissan Motor Corporation, General
Motors Company, and Tesla, Inc. in the region.
Key players operating in the vehicle to grid technology market include Nissan
Motor Corporation, Mitsubishi Motors Corporation, Honda Motor Co., Ltd., BMW
Group, Tesla, Inc., General Motors Company, Ford Motor Company, Toyota Motor
Corporation, Daimler AG, and Volvo Group. Nissan Motor Corporation offers its
Leaf vehicle model integrated with vehicle to grid technology which enables
two-way power flow between electric vehicles and power grids. Tesla, Inc.
offers its Powerwall product which enables customers to store energy from
rooftop solar panels and also discharge power back to the grid during peak
hours.
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