The Vehicle-To-Grid (V2G) market is anticipated to reach US$25.540 billion by 2029, at a CAGR of 38.24%, from US$5.059 billion in 2024.
Vehicle-to-grid (V2G) is a technology that enables electric vehicles (EVs) to establish a two-way communication channel with the public power grid. The V2G technology allows EVs not only to use electricity from the grid for their own charging needs but also to contribute surplus energy back to the grid when required, effectively supporting and balancing the grid's energy demand. The V2G market growth is being propelled by surging electricity demand the growing adoption of electric vehicles (EVs), and the expansion of grid infrastructure.
Under the battery type segment of the global V2G market, the lithium-ion category is forecasted to attain a greater market share. Similarly, the battery electric vehicle (BEV) category of the E-vehicle segment is forecasted to grow massively. In the end-user segment of the market, the residential category is estimated to grow at a greater rate.
One of the major driving factors estimated to push the global vehicle-to-grid market forward is the expanding EV landscape worldwide. The EV market witnessed major growth in the recent few years, which is largely credited to the development of the electric vehicle and its battery technologies. Similarly, with the expansion of the global electric vehicle charging and operational infrastructure, the demand for EVs also increases, giving a push to new technologies like vehicle-to-grid technology.
The Asia Pacific region is also amongst the biggest manufacturers of electric vehicles worldwide, with China, India, and Japan being the biggest producers and consumers of EVs. The infrastructural landscape of electric vehicles in countries like India, Japan, Singapore, and Malaysia has also witnessed a major development, that is further projected to boost multiple EV-based technologies like vehicle-to-grid (V2G), vehicle-to-home (V2H), and vehicle-to-everything (V2X).
The total EV sales in Malaysia grew massively rapidly, reaching an increase of about 286% in 2023 as stated by the Malaysian Green Technology and Climate Change Corporation. The total EVs delivered in Malaysia in 2023 was recorded at about 10,159 units, which previously in 2022 was recorded at 2,631 in 2022. Similarly, the International Trade Administration of the USA published that the total EV registration in Taiwan increased from about 7,064 units in 2021 to about 16,106 units in 2022. The organization further stated that in 2022, EV passenger cars attained about 3.4% of all new vehicle registrations in the nation.
Vehicle-to-grid (V2G) is a technology that enables electric vehicles (EVs) to establish a two-way communication channel with the public power grid. The V2G technology allows EVs not only to use electricity from the grid for their own charging needs but also to contribute surplus energy back to the grid when required, effectively supporting and balancing the grid's energy demand. The V2G market growth is being propelled by surging electricity demand the growing adoption of electric vehicles (EVs), and the expansion of grid infrastructure.
Under the battery type segment of the global V2G market, the lithium-ion category is forecasted to attain a greater market share. Similarly, the battery electric vehicle (BEV) category of the E-vehicle segment is forecasted to grow massively. In the end-user segment of the market, the residential category is estimated to grow at a greater rate.
One of the major driving factors estimated to push the global vehicle-to-grid market forward is the expanding EV landscape worldwide. The EV market witnessed major growth in the recent few years, which is largely credited to the development of the electric vehicle and its battery technologies. Similarly, with the expansion of the global electric vehicle charging and operational infrastructure, the demand for EVs also increases, giving a push to new technologies like vehicle-to-grid technology.
Vehicle To Grid (V2G) Market Drivers:
- Increasing demand for electricity is estimated to drive the vehicle-to-grid market
Vehicle To Grid (V2G) Market Geographical Outlook
- Asia Pacific is forecasted to hold a major share of the global Vehicle To Grid (V2G) Market.
The Asia Pacific region is also amongst the biggest manufacturers of electric vehicles worldwide, with China, India, and Japan being the biggest producers and consumers of EVs. The infrastructural landscape of electric vehicles in countries like India, Japan, Singapore, and Malaysia has also witnessed a major development, that is further projected to boost multiple EV-based technologies like vehicle-to-grid (V2G), vehicle-to-home (V2H), and vehicle-to-everything (V2X).
The total EV sales in Malaysia grew massively rapidly, reaching an increase of about 286% in 2023 as stated by the Malaysian Green Technology and Climate Change Corporation. The total EVs delivered in Malaysia in 2023 was recorded at about 10,159 units, which previously in 2022 was recorded at 2,631 in 2022. Similarly, the International Trade Administration of the USA published that the total EV registration in Taiwan increased from about 7,064 units in 2021 to about 16,106 units in 2022. The organization further stated that in 2022, EV passenger cars attained about 3.4% of all new vehicle registrations in the nation.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The Vehicle to Grid (V2G) Market is segmented and analyzed as:
- By Battery Type
- Lithium-Ion
- Lead Acid
- Nickel Metal Hydride Battery
- Others
- By E-Vehicle
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By End-User
- Residential
- Commercial
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- UK
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Others
- North America
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. VEHICLE TO GRID (V2G) MARKET BY BATTERY TYPE
6. VEHICLE TO GRID (V2G) MARKET BY E-VEHICLE
7. VEHICLE TO GRID (V2G) MARKET BY END-USER
8. VEHICLE TO GRID (V2G) MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
Some of the key companies profiled in this Vehicle-to-Grid (V2G) Market report include:- Nuvve Holding Corp
- Jedlix
- Virta Global
- IoTecha
- Nissan Motor Co. Ltd
- Mitsubishi Motors Corporation
- ENGIE SA
- Hitachi Energy Limited (Hitachi Group)
- GridX
- Duke Energy
- Synop
- Tata Power DDL
- CHAdeMO
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 142 |
Published | September 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 5.06 billion |
Forecasted Market Value ( USD | $ 25.54 billion |
Compound Annual Growth Rate | 38.2% |
Regions Covered | Global |
No. of Companies Mentioned | 14 |