Vehicle-to-Grid Technology Market (Component: Electric Vehicle Supply Equipment (EVSE), Smart Meters, Home Energy Management (HEM), and Software; and Application: Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Vehicles (FCVs)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

The global Vehicle-to-Grid Technology market gathered revenue around USD 17.50 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 48.2% during the prediction period 2021 to 2027.

Growth Factors:

There are several factors that are influencing the growth of the global vehicle to grid technology market. One of the most influential factor is the integration of battery electric vehicles (BEVs) with the vehicle to grid technology. This is creating a wide range of business opportunities for the growth of the market. This new technology offers a smart grid solutions to the customers that allows them to have price arbitrage and provides better control of the energy reserves of the vehicle. Hence, the vehicle owners can offer supplementary services to bigger distribution network operators. This also gives them a chance to earn by offering energy reserves to the operators.

The leading players in the global vehicle to grid technology market are now integrating the vehicle to grid technology with vehicle to everything. This integration will allow the exchange of data and communication between two enabled vehicles and their surroundings. This is expected to create an interconnected and intelligent ecosystem for transportation between the vehicle owners and technology providers. This is also one of the big driving factors for the growth of the global vehicle to grid technology market.

The leading players in the market are adopting strategies such as joint ventures and alliances to help set up more robust networks and generate higher revenues. For instance, in 2019, Hitachi and Mitsubishi announced a collaboration to establish a vehicle to grid charging network. This network would serve both plug-in hybrid and battery electric vehicles across Japan.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Vehicle-to-Grid Technology market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Vehicle-to-Grid Technology market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Report Coverage

Report Scope Details
Market Size USD 17.50 Billion by 2027
Growth Rate CAGR of 48.2% From 2021 to 2027
Base Year 2020
Forecast Period 2021 to 2027
Historic Data 2017 to 2020
Report coverage Growth Factors, Revenue Status, Competitive Landscape,  and Future Trends
Segments Covered Component,Application and Region
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned  Nissan Motor Corporation, Mitsubishi Motors Corporation, NUVVE Corporation, ENGIE Group, OVO Energy Ltd, Groupe Renault, Honda Motor Co., Ltd.

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Vehicle-to-Grid Technology market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

Vehicle Owners Have Opportunity to Earn More

The most important aspect of vehicle to grid technology is that it helps in translating savings for several shareholders in the market value chain depending upon the vehicle, charger, and proximity. The leading players in the market are now trying to get customer loyalty for energy reserves by offering them competitive prices. The idea is to avoid paying unnecessarily large sums at the time of high demand.

The reach of the vehicle to grid technology market is now expanding to schools, homes, and fleets. For instance, the batteries in school buses are big enough and have scope of charging other batteries during their downtime or mid-day. Also, the owners can save more on energy expenses at their homes by consuming the electricity generated through plug-in hybrid electric vehicles. This will also help them avoid paying excessively during the peak hours.

Regional Insights

North America and Europe are the key regions in the global vehicle-to-grid technology market with significant revenue contribution in 2020. Government initiatives promoting the use of battery-powered vehicles to control carbon emission rate are the major factors that propels 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 attract large consumer base. Auto manufacturers in these regions are also taking initiative to promote vehicle-to-grid technology as it improves their value chain by improving the battery life. For instance, in December 2019, 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.

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

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.

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

Market: Segmentation

Vehicle-to-Grid Technology Market by Component

  • Electric Vehicle Supply Equipment (EVSE)
  • Smart Meters
  • Home Energy Management (HEM)
  • Software

Vehicle-to-Grid Technology Market by Application

  • Battery Electric Vehicles (BEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Fuel Cell Vehicles (FCVs)

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Highlights of the Report:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
  • Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Vehicle-to-Grid Technology market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Vehicle-to-Grid Technology market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Vehicle-to-Grid Technology markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
  • In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

  • CEOs, VPs, market intelligence managers
  • Procuring and national sales managers technical personnel, distributors and resellers
  • Research analysts and key opinion leaders from various domains

Key Points Covered in Vehicle-to-Grid Technology Market Study:

  • Growth of Vehicle-to-Grid Technology in 2021
  • Market Estimates and Forecasts (2017-2027)
  •  Brand Share and Market Share Analysis
  •  Key Drivers and Restraints Shaping Market Growth
  •  Segment-wise, Country-wise, and Region-wise Analysis
  •  Competition Mapping and Benchmarking
  •  Recommendation on Key Winning Strategies
  •  COVID-19 Impact on Demand for Vehicle-to-Grid Technology and How to Navigate
  •  Key Product Innovations and Regulatory Climate
  •  Vehicle-to-Grid Technology Consumption Analysis
  •  Vehicle-to-Grid Technology Production Analysis
  •  Vehicle-to-Grid Technology and Management