Vehicle-To-Grid (V2G)

Vehicle-To-Grid (V2G)

Global Vehicle-To-Grid (V2G) Market to Reach US$13.0 Billion by 2030

The global market for Vehicle-To-Grid (V2G) estimated at US$2.9 Billion in the year 2023, is expected to reach US$13.0 Billion by 2030, growing at a CAGR of 23.9% over the analysis period 2023-2030. Electric Vehicle Supply Equipment (EVSE), one of the segments analyzed in the report, is expected to record a 26.1% CAGR and reach US$5.6 Billion by the end of the analysis period. Growth in the Smart Meters segment is estimated at 23.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$766.5 Million While China is Forecast to Grow at 22.6% CAGR

The Vehicle-To-Grid (V2G) market in the U.S. is estimated at US$766.5 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.0 Billion by the year 2030 trailing a CAGR of 22.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 22.0% and 20.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.1% CAGR.

Global Vehicle-To-Grid (V2G) Market - Key Trends & Drivers Summarized

How Are Changing Energy Needs Shaping the V2G Market?

The Vehicle-To-Grid (V2G) market is rapidly gaining attention as a transformative solution to the growing challenges of energy demand and supply management. V2G technology allows electric vehicles (EVs) to communicate with the power grid, offering a two-way flow of electricity. This capability enables EVs to not only draw power from the grid but also return it during peak demand periods, thereby helping to stabilize the grid and manage energy loads more efficiently. The increasing adoption of electric vehicles globally, driven by stringent environmental regulations and growing consumer awareness of sustainable practices, is creating a substantial opportunity for V2G technologies to become a cornerstone of the future energy ecosystem.

Why Is The Automotive Industry Accelerating The Adoption Of V2G?

Automakers and energy companies are collaborating to integrate V2G capabilities into the next generation of electric vehicles and smart grids. These partnerships are driven by the potential for V2G to reduce the total cost of ownership of electric vehicles, as V2G-enabled cars can generate revenue for their owners by supplying power back to the grid. The automotive sector, keen to differentiate its offerings in a competitive EV market, is increasingly focusing on developing V2G-compatible vehicles. Moreover, government incentives and pilot programs in several countries are promoting V2G as a strategy to optimize energy use, reduce grid strain, and support renewable energy integration, thus accelerating its adoption.

Can V2G Support The Shift Toward Renewable Energy Sources?

The rise of renewable energy sources such as wind and solar power is another crucial factor driving interest in V2G technology. As renewable energy generation can be intermittent, V2G provides a flexible solution for balancing energy supply and demand. By enabling EVs to store excess energy generated during periods of high renewable output and return it to the grid during times of low generation, V2G helps smooth out fluctuations and maintain grid stability. This capability is particularly valuable in regions with ambitious renewable energy targets, where grid operators are looking for innovative ways to integrate variable energy sources without compromising reliability.

What Factors Are Driving Growth in the V2G Market?

The growth in the Vehicle-To-Grid (V2G) market is driven by several factors, including advancements in battery technology, increased EV adoption, and supportive regulatory frameworks. Battery technology has seen significant improvements in terms of energy density, charging speed, and cost reduction, making V2G more economically viable for consumers and grid operators. Additionally, the expansion of charging infrastructure and the integration of smart grid technologies are facilitating the deployment of V2G systems. Changing consumer behavior, with a growing preference for sustainable and cost-effective energy solutions, is also boosting demand for V2G-enabled vehicles. Moreover, government policies and incentives aimed at reducing carbon emissions and enhancing energy security are encouraging investments in V2G technologies, further propelling market growth.

Select Competitors (Total 53 Featured) -

• ABB Ltd.
• DENSO Corporation
• E.ON SE
• ENGIE Group
• Fermata Energy
• Flexitricity Limited
• Groupe Renault
• Hitachi Energy Ltd
• Indra Renewable Technologies Limited
• Nissan Motor Co., Ltd
• Nuvve Corporation
• OVO Energy Ltd
• The Mobility House GmbH
• Virta (Liikennevirta Oy)
• Wallbox USA, Inc.;

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