The global Vehicle To Grid Technology Market is estimated to be valued at US$ 119.1 Mn in 2023 and is expected to exhibit a CAGR of 43% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vehicle To Grid Technology enables bidirectional power flow between electric vehicles and the power grid. It helps balance the power supply and demand, improve grid stability and reduce infrastructure upgrades costs.
Market key trends:
One of the key trends in the Vehicle To Grid Technology Market is the rising adoption of renewable energy sources. The intermittent nature of renewable energy sources like solar and wind is increasing the need for storage and backup. Vehicle To Grid technology uses electric vehicles as storage by allowing them to discharge power back to the grid during peak hours or when renewable energy generation is low. This helps boost renewable energy utilization and support timely transition to green energy.
Segment Analysis
The global vehicle to grid technology market is segmented by technology, component, and vehicle type. Based on technology, the market is segmented into bidirectional charging, vehicle-to-grid power transfer, and others. The bidirectional charging segment dominated the market in 2022 as it allows electricity to flow in both directions between an EV and the power grid. This enables vehicles to charge during off-peak hours and feed energy back to the grid during peak hours.
Key Takeaways
The global vehicle to grid technology market is expected to witness high growth, exhibiting a CAGR of 43% over the forecast period, due to increasing need for stable power supply and demand response programs.
Regional analysis
Asia Pacific is expected to dominate the market during the forecast period. This is attributed to the presence of major EV manufacturers such as Nissan Motor Corporation, Mitsubishi Motors Corporation, Honda Motor Co., Ltd., BMW Group, and Toyota Motor Corporation in countries like China, Japan, and South Korea. These countries are actively supporting V2G projects to balance the intermittency of renewable energy sources.
Key players
Key players operating in the vehicle to grid technology market are 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. Tesla leads the industry with its large-scale utility-scale and commercial V2G projects across Europe and North America. The company also offers over-the-air (OTA) software updates to upgrade vehicle capabilities for future V2G applications.
