According to 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 size grew at a CAGR of around 15% during 2015-2020. Vehicle-to-Grid (V2G) refers to a smart charging technology that enables the transfer of energy from the battery of an electronic vehicle (EV) to the power grid or vice-versa. The V2G technology draws unused power from the battery and transfers it to the smart grid for providing electricity during power failures or peak hours. It also acts as a secondary source of power when weather-dependent renewable energy sources, such as solar, wind, tidal, etc., are not available. V2G is also a sustainable and cost-effective energy source with zero carbon footprints and can be used with battery EVs, plug-in EV/s, and plug-in hydrogen cell EVs.
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The growing utilization of smart power generation systems and the widespread adoption of autonomous vehicles are primarily driving the market growth. Compared to the traditionally used internal combustion automobiles, hybrid and electric vehicles (H/EVs) operate more efficiently and have nominal fuel consumption. As a result, with the increasing deployment of bidirectional charging stations, consumers can conveniently charge their automobiles and store excess energy for powering the grid. Additionally, the introduction of novel automobile batteries, that have a longer operational life and can sustain multiple charging cycles without deteriorating, is also contributing to the market growth. Several other factors, including extensive infrastructural developments and implementation of favorable government policies supporting smart grid projects, are projected to further drive the global market for vehicle-to-grid in the coming years.
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Key Market Segmentation:
The competitive landscape of the market has been examined, with some of the key players being AC Propulsion Inc., Coritech Services Inc., DENSO Corporation, Enerdel Inc., ENGIE Group, EV Grid, Hitachi Ltd., Nissan Motor Company Ltd., NRG Energy Inc. and OVO Energy Ltd.
Breakup by Solution Type:
1. Electric Vehicle Supply Equipment (EVSE)
2. Smart Meters
3. Home Energy Management (HEM) Systems
4. Software Solutions
Breakup by Vehicle Type:
1. Battery Electric Vehicle (BEV)
2. Fuel Cell Electric Vehicle (FCEV)
3. Plug-In Hybrid Electric Vehicle (PHEV)
Breakup by Charging Type:
1. Unidirectional Charging
2. Bidirectional Charging
Breakup by Application:
1. Peak Power Sales
2. Spinning Reserves
3. Base Load Power
Market Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific enjoys the leading position in the market. It is further divided into China, Japan, India, South Korea, Australia, Indonesia and others. Other major regions include Europe (Norway, Netherlands, Sweden, the United Kingdom, France, Germany and others); North America (the United States and Canada); Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others); and Latin America (Brazil, Mexico, Argentina, Columbia and others).
Key highlights of the report:
1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players
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