Vehicle-to-Grid (V2G) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Vehicle-to-Grid (V2G) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of vehicle-to-grid (V2G) Market

The global vehicle-to-grid (V2G) market size was valued at USD 11.39 million in 2023. The market is projected to grow from USD 14.19 million in 2024 to USD 116.53 million by 2032, exhibiting a CAGR of 30.1% during the forecast period from 2024 to 2032.

COVID-19 impact was deep on this market. During the early tiers of the pandemic, deliver chain interruptions and a slowdown in manufacturing hobby brought about delays within the deployment of V2G infrastructure. The pandemic highlighted the importance of sturdy electricity infrastructure, which has elevated the advent of clever grid technologies.

The market is growing because of the increase in electric vehicle adoption. This is boosting the call for enhanced electricity network capacity and smart grid technology. As EV sales soar, the need for reliable grid infrastructure to manage increased energy loads and prevent shortages drives V2G market expansion.

Governments globally are backing car-to-grid (V2G) technology to decorate grid balance, combine renewable energy, shop costs, create jobs, and increase power independence. They are investing closely and introducing guidelines to sell V2G adoption. Many international locations are actively developing and expanding this generation to recognize these benefits.

Comprehensive Analysis of vehicle-to-grid (V2G) Market

Segmentation in the vehicle-to-grid (V2G) market share runs the market beacuse it allows the companies to target precise customers with tailored offerings and solutions. The market is segmented by service into time shifting, frequency response & reserve, distribution services, emergency backup, and arbitrage. By application, it is divided into commercial, individual, and both. It is also categorized by charger type, including dc, ac, and both.

Asia Pacific leads the V2G market due to active government initiatives supporting electric vehicle adoption and grid integration. Notable efforts include India's push for battery interoperability and reverse charging, meeting the region's growing electricity demand.

Key players impact market size by investing in innovative systems, forming partnerships, and expanding product offerings. Through strategic acquisitions and collaborations, they enhance operations, scale sales, and broaden customer reach. The key players in the V2G market include ABB Ltd. (Switzerland), Enel Spa (Italy), Honda Motor Co., Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Nuvve Holding Corp. (U.S.), E.ON U.K. plc (U.K.), The Mobility House GmbH (Germany), Virta Global (Finland), Ovo Energy (U.K.), and Flexitricity (Scotland).

Recent developments within the V2G enterprise encompass Singapore's largest V2G testbed in Punggol, BMW, Ford, and Honda's ChargeScape for EV-grid integration, Toyota's U.S. Pilot plant, and South Australia's approval of Wallbox Quasar devices. Nuvve's partnership with San Diego Gas and Electric, in addition, boosts V2G adoption.

Segmentation Table

Global vehicle-to-grid (V2G) Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 30.1% from 2024 to 2032

Unit Value (USD Million)

Segmentation By Service

Time Shifting

Frequency Response and Reserve

Distribution Services

Emergency Backup

Arbitrage

By Application

Commercial

Individual

Both

By Charger

AC

DC

Both

By Geography

North America (By Service, By Application, and By Charger)

- U.S. (By Application)

- Canada (By Application)

Europe (By Service, By Application, and By Charger)

- U.K. (By Application)

- Germany (By Application)

- Netherlands (By Application)

- Switzerland (By Application)

- Rest of Europe (By Application)

Asia Pacific (By Service, By Application, and By Charger)

- Japan (By Application)

- Australia (By Application)

- South Korea (By Application)

- Rest of Asia Pacific (By Application)

Rest of the World (By Application)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.