Vehicle-to-Grid Technology Market Size, Share & Analysis Report, 2023-2032
The global vehicle-to-grid technology market size was exhibited at USD 2.75 billion in 2022 and is projected to hit around USD 147.58 billion by 2032, growing at a CAGR of 48.9% during the forecast period 2023 to 2032.
Key Pointers:
Vehicle-to-Grid Technology Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 4.1 Billion |
| Revenue Projection By 2032 | USD 147.58 Billion |
| Growth Rate | CAGR of 48.9% from 2023 to 2032 |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Segments Covered | Component, Charging Type, Battery, Vehicle Type, Application |
| Companies Mentioned | Energie Baden Wuerttemberg AG (EnBW), Endesa SA, NextEra Energy, Inc. (NEE), PG&E Corporation, NUVVE LTD, AC Battery Type Inc., Denso Corporation, EnerDel Inc., Coritech Services Inc., Engie Group, EV Grid, Hitachi Ltd., Nissan Motor Company Ltd., NRG Energy Inc., OVO Energy Ltd., AC Battery Type, Mitsubishi Motors Corporation. |
Vehicle to grid, or V2G technology, is similar to solar panels that generate power on their own. Likewise, an electric vehicle can redistribute, stock, or even generate power with the help of the vehicle-to-grid technology. Parked electric vehicles are ideal, which only consume power, thus vehicle to grid system helps in feeding back electricity that is contained in a parked electric car’s batteries into the electrical grid. The smart grid endorses data sharing among consumers and suppliers and experiences a major issue of energy storage, as storage of large quantities of electricity is very difficult. However, the generated electricity in a vehicle is excessive or not enough to power the network and therefore, most of the output gets wasted. Here, car to grid technology, manages the electricity by balancing it out in real-time, and further adjusts the flow of electricity.
An in-depth analysis of the vehicle-to-grid technology market trends reveal that the market is likely advance significantly due to the rapid increase and development of electrification trend in the global automobile industry. Stringent government regulations associated with the electric vehicle battery cells, onboard chargers, designs of the battery pack, and thermal propagation are anticipated to offer the significant growth opportunity for the vehicle-to-grid technology market.
Increased Demand for Natural Resources to Power Electric Vehicles Boosts Market
A vehicle-to-grid technology battery is considered as a bi-directional charging battery that can provide power to the vehicle’s electric grid and can also charge the vehicle battery. Such V2G technology is gaining traction among manufacturers of electric vehicles due to its advantages of bi-directional charging. Shortage of renewable energy sources for power generation and a scarcity of power for electric vehicles further makes the network unstable and propels the demand for more energy storage in a vehicle. However, increased power storage capacity is made available using V2G technology, which can absorb unused energy and prevent it from wastage.
Furthermore, it is also assumed that V2G technology can be utilized as an alternative energy source for domestic use, where an electric vehicle owner can supply power to his home, which is drawn by V2G battery. Such technology is still in the nascent phase, and it’s expected to create opportunities for the vehicle-to-grid technology market during the forecast period.
Government Regulations and Investments to Increase Adoption of Battery Electric and Hybrid Electric Vehicles Propel Market
Government schemes and benefits across the globe, which include Zero-Emission Vehicle Program of California, U.S., European Green Cars Initiative of European Union, and Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme of India, provide incentives and tax benefits to consumers and manufacturers and further boost the demand and adoption of electric vehicles.
According to the European Environment Agency report, 2018, the air quality across Europe deteriorated due to rising vehicle emissions, which further caused rise in healthcare cost to approximately US$ 82 Bn. However, such rise in healthcare cost due to vehicle pollution further leads to enactment of government norms in order to curb vehicle emissions. Thus, rising government regulations and investments is driving the vehicle-to-grid technology market.
Rise in Usage of Electric Vehicle Supply Equipment to Connect Electric Vehicles to Grid
Based on component, the vehicle-to-grid technology market has been classified into electric vehicle supply equipment, home energy management, smart meters, and software. The electric vehicle supply equipment (EVSE) segment held a dominant share for the vehicle-to-grid technology market in 2022, owing to its increased usage for connecting electric vehicles to the grid. The EVSE is one of the key components that connects the electric vehicle and helps charge and supply energy back to the vehicle’s electric grid. Increase in trend of smart and renewable energy generation boosts the demand for EVSE, which is extensively utilized in the supply of power to grid and battery.
High Preference for V2G Technology for Battery Electric Vehicles
Based on vehicle type, the vehicle-to-grid technology market has been split into battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles. The battery electric vehicles segment holds a major share of the global market in 2022 due to early implementation of vehicle-to-grid technology in battery electric vehicles. Moreover, demand for plug-in hybrid electric vehicles (PHEVs) is anticipated to rise at a rapid pace during the forecast period due to high power return capacity and large battery size of PHEVs. Furthermore, rise in demand for vehicle to everything, or V2X communication module, in new electric vehicle models also propels the market.
Regional Outlook of Global Vehicle-to-Grid Technology Market
Analysis of the global vehicle-to-grid technology market status and challenges reveals that Europe held a dominant share of the global market, in terms of revenue, in 2022. The vehicle to grid technology in the U.K., witnessed investment by several manufacturers in the design and development of certain technologies in electric mobility and the smart energy management segment, which have led to the development of reversible charging solutions. Moreover, Groupe Renault has deployed bi-directional chargers, Renault Z.E Smart Charge, across Europe, which offer sensible and smart energy consumption. Europe has more number of on-road electric vehicles and electric vehicle manufacturers, which also boosts the vehicle-to-grid technology market. Furthermore, stringent vehicle emission norms and tax benefits and incentives provided by the governments across Europe for the adoption of electric vehicles have augmented the vehicle-to-grid market size of the region.
Asia Pacific is likely to be the second-most lucrative region of the global V2G market. Companies in Asia Pacific are creating V2G charging networks in addition to charging infrastructure. In September 2020, Nuvve Corporation stated that it would supply the essential technology for a Japan-based vehicle-to-grid (V2G) project that sought to commercialize electricity supply-demand management by 2022. Furthermore, China has taken the initiative to upgrade charging infrastructure across its states to make the transition to electric vehicles simpler. In India, according to the Automotive Research Association of India (ARAI) more than 200 EV charging stations are expected to be installed nationwide. Additionally, Tata Power, an India-based electric utility system provider, supports the National Electric Mobility Mission of the Government of India, and it has developed the country's first set of EV charging stations in Mumbai (India), which makes it simple for customers to access energy-efficient solutions.
North America also held a significant share of the global vehicle-to-grid technology market, in terms of revenue, in 2021. Additionally, v2g compatible cars of 2022, in the U.S. include Nissan LEAF, Nissan e-NV200, and Mitsubishi Outlander PHEV, are CHAdeMo, which are compatible with V2G technology. Such vehicle-to-grid solutions offer several benefits and prompt numerous other manufacturers to enter vehicle-to-grid compatible market.
Key Developments in Global Vehicle-to-Grid Technology Market
In April 2022, Porsche AG collaborated with TransnetBW, a key transmission grid operator in Germany, and consulting firm Intelligent Energy System Services (IE2S), to demonstrate an intelligent swarm of electric cars and how vehicle to grid technology acts as a mobile power-storage unit and enables electric vehicles to feed and draw electricity to and from the grid at times of high demand.
In October 2021, Nuvve Holding Corp. and Wallbox Chargers announced a collaborative partnership to design and develop vehicle to grid (V2G) technology in Iberia. The partnership has designed a two-way charger that offers the extra flexibility to retailer power and also discharge additional power from the electric vehicle’s battery again to the grid.
Some of the prominent players in the Vehicle-to-Grid Technology Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Vehicle-to-Grid Technology market.
Component
Charging Type
Battery
Vehicle Type
Application
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Vehicle-To-Grid Technology Market
5.1. COVID-19 Landscape: Vehicle-To-Grid Technology Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Vehicle-To-Grid Technology Market, By Component
8.1. Vehicle-To-Grid Technology Market, by Component, 2023-2032
8.1.1. Electric Vehicle Supply Equipment (EVSE)
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Home Energy Management (HEM) Systems
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Smart Meters
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Software Solutions
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Vehicle-To-Grid Technology Market, By Charging Type
9.1. Vehicle-To-Grid Technology Market, by Charging Type, 2023-2032
9.1.1. Unidirectional Charging
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Bidirectional Charging
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Vehicle-To-Grid Technology Market, By Battery
10.1. Vehicle-To-Grid Technology Market, by Battery, 2023-2032
10.1.1. By Battery Type
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. By Charging Type
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Vehicle-To-Grid Technology Market, By Vehicle Type
11.1. Vehicle-To-Grid Technology Market, by Vehicle Type, 2023-2032
11.1.1. Battery Electric Vehicle (BEV)
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Plug-In Hybrid Electric Vehicle (PHEV)
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. Fuel Cell Electric Vehicle (FCEV)
11.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Vehicle-To-Grid Technology Market, By Application
12.1. Vehicle-To-Grid Technology Market, by Application, 2023-2032
12.1.1. Domestic
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. Commercial
12.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Vehicle-To-Grid Technology Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Component (2020-2032)
13.1.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.1.3. Market Revenue and Forecast, by Battery (2020-2032)
13.1.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.1.5. Market Revenue and Forecast, by Application (2020-2032)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Component (2020-2032)
13.1.6.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.1.6.3. Market Revenue and Forecast, by Battery (2020-2032)
13.1.6.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.1.6.5. Market Revenue and Forecast, by Application (2020-2032)
13.1.7. Rest of North America
13.1.7.1. Market Revenue and Forecast, by Component (2020-2032)
13.1.7.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.1.7.3. Market Revenue and Forecast, by Battery (2020-2032)
13.1.7.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.1.7.5. Market Revenue and Forecast, by Application (2020-2032)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Component (2020-2032)
13.2.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.2.3. Market Revenue and Forecast, by Battery (2020-2032)
13.2.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.2.5. Market Revenue and Forecast, by Application (2020-2032)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Component (2020-2032)
13.2.6.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.2.6.3. Market Revenue and Forecast, by Battery (2020-2032)
13.2.7. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.2.8. Market Revenue and Forecast, by Application (2020-2032)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Component (2020-2032)
13.2.9.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.2.9.3. Market Revenue and Forecast, by Battery (2020-2032)
13.2.10. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.2.11. Market Revenue and Forecast, by Application (2020-2032)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Component (2020-2032)
13.2.12.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.2.12.3. Market Revenue and Forecast, by Battery (2020-2032)
13.2.12.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.2.13. Market Revenue and Forecast, by Application (2020-2032)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Component (2020-2032)
13.2.14.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.2.14.3. Market Revenue and Forecast, by Battery (2020-2032)
13.2.14.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.2.15. Market Revenue and Forecast, by Application (2020-2032)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Component (2020-2032)
13.3.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.3.3. Market Revenue and Forecast, by Battery (2020-2032)
13.3.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.3.5. Market Revenue and Forecast, by Application (2020-2032)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Component (2020-2032)
13.3.6.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.3.6.3. Market Revenue and Forecast, by Battery (2020-2032)
13.3.6.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.3.7. Market Revenue and Forecast, by Application (2020-2032)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Component (2020-2032)
13.3.8.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.3.8.3. Market Revenue and Forecast, by Battery (2020-2032)
13.3.8.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.3.9. Market Revenue and Forecast, by Application (2020-2032)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Component (2020-2032)
13.3.10.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.3.10.3. Market Revenue and Forecast, by Battery (2020-2032)
13.3.10.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.3.10.5. Market Revenue and Forecast, by Application (2020-2032)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Component (2020-2032)
13.3.11.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.3.11.3. Market Revenue and Forecast, by Battery (2020-2032)
13.3.11.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.3.11.5. Market Revenue and Forecast, by Application (2020-2032)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Component (2020-2032)
13.4.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.4.3. Market Revenue and Forecast, by Battery (2020-2032)
13.4.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.4.5. Market Revenue and Forecast, by Application (2020-2032)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Component (2020-2032)
13.4.6.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.4.6.3. Market Revenue and Forecast, by Battery (2020-2032)
13.4.6.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.4.7. Market Revenue and Forecast, by Application (2020-2032)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Component (2020-2032)
13.4.8.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.4.8.3. Market Revenue and Forecast, by Battery (2020-2032)
13.4.8.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.4.9. Market Revenue and Forecast, by Application (2020-2032)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Component (2020-2032)
13.4.10.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.4.10.3. Market Revenue and Forecast, by Battery (2020-2032)
13.4.10.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.4.10.5. Market Revenue and Forecast, by Application (2020-2032)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Component (2020-2032)
13.4.11.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.4.11.3. Market Revenue and Forecast, by Battery (2020-2032)
13.4.11.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.4.11.5. Market Revenue and Forecast, by Application (2020-2032)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Component (2020-2032)
13.5.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.5.3. Market Revenue and Forecast, by Battery (2020-2032)
13.5.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.5.5. Market Revenue and Forecast, by Application (2020-2032)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Component (2020-2032)
13.5.6.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.5.6.3. Market Revenue and Forecast, by Battery (2020-2032)
13.5.6.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.5.7. Market Revenue and Forecast, by Application (2020-2032)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Component (2020-2032)
13.5.8.2. Market Revenue and Forecast, by Charging Type (2020-2032)
13.5.8.3. Market Revenue and Forecast, by Battery (2020-2032)
13.5.8.4. Market Revenue and Forecast, by Vehicle Type (2020-2032)
13.5.8.5. Market Revenue and Forecast, by Application (2020-2032)
Chapter 14. Company Profiles
14.1. Nissan Motor Corporation
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Mitsubishi Motors Corporation
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. Hitachi Energy Ltd
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Honda Motor Co., Ltd.
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Groupe Renault
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Denso Corporation
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. NUVVE Corporation
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. NextEra Energy, Inc. (NEE)
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. ENGIE Group
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. OVO Energy Ltd.
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers