What is the present valuation and projected CAGR of the vehicle-to-grid technology market?
The vehicle-to-grid technology market size has grown exponentially in recent years. It will grow from $4.15 billion in 2024 to $5.14 billion in 2025 at a compound annual growth rate (CAGR) of 23.9%. The growth in the historic period can be attributed to electric vehicle adoption, grid stability and management, renewable energy integration, energy resilience and emergency power, government support and policies.
The vehicle-to-grid technology market size is expected to see exponential growth in the next few years. It will grow to $11.86 billion in 2029 at a compound annual growth rate (CAGR) of 23.2%. The growth in the forecast period can be attributed to expansion of electric vehicle fleets, grid decentralization and distributed energy resources, integration with smart grids, demand response programs, environmental sustainability goals. Major trends in the forecast period include collaborations between automakers and utilities, introduction of V2G-capable charging stations, expansion of V2G pilot programs and demonstrations, integration with renewable energy sources, regulatory support and standardization initiatives.
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Which Market drivers have played a significant role in driving the vehicle-to-grid technology market?
The increasing adoption of electric vehicles is expected to propel the growth of the vehicle-to-grid technology market going forward. An electric vehicle is one that is propelled by an electric motor that receives its energy from a battery and can be charged from an external source. Vehicle-to-grid technology is utilized in electric vehicles for smart charging technology, which allows vehicle batteries to give electricity back into the grid. It uses information technology to control energy use while travelling on roadways. For instance, in February 2024, according to the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, an Australia-based government department for delivering Australian government policy and programs, as of January 31, 2022, there were 20.7 million registered motor vehicles, marking a 2% increase from January 2021. Battery electric vehicles (BEVs) totaled about 40,000, showing a 100% increase from 2021, with 34,200 being passenger cars in 2022, up by 118% from 2021. Hybrid-electric vehicles (HEVs) numbered approximately 277,000 in 2022, reflecting a 35% increase from 2021 .Therefore, the increasing adoption of electric vehicles is driving the growth of the vehicle-to-grid technology market.
What are the key segments within the vehicle-to-grid technology market?
The vehicle-to-grid technology market covered in this report is segmented –
1) By Component: Electric Vehicle Supply Equipment (EVSE), Home Energy Management (HEM) System, Smart Meters, Software Solutions
2) By Charging Type: Unidirectional Charging, Bidirectional Charging
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
4) By Application: Reactive Power, Baseload Power, Spinning Reserves, Peak Power Sales, Other Applications
Subsegments:
1) By Electric Vehicle Supply Equipment (EVSE): Level 1 Chargers, Level 2 Chargers, DC Fast Chargers
2) By Home Energy Management (HEM) System: Energy Monitoring Systems, Demand Response Systems, Battery Storage Integration
3) By Smart Meters: Advanced Metering Infrastructure (AMI) Meters, Bidirectional Smart Meters
4) By Software Solutions: V2G Management Platforms, Data Analytics Software, Integration And Communication Software
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Which key players are shaping the vehicle-to-grid technology market?
Major companies operating in the vehicle-to-grid technology market include Volkswagen AG, Toyota Corporation, Ford Motor Company, MercGroup AG, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Co Ltd., Robert Bosch GmbH, Nissan Motor Co Ltd., Kiaon, BYD Company Limited, Audi AG, Volvo Group AB, Mitsubishi Electric Corporation, Jaguar Land Rover Automotive plc, NIO Inc., Li Auto Inc., XPeng Inc., Rivian Automotive Inc., Polestar AB, Lucid Motors Inc., Fisker Inc., Lordstown Motors Corp, Canoo Inc., Arrival Ltd., Proterra Inc., Faraday Future Inc.
Which transformative trends will shape the vehicle-to-grid technology market landscape?
Major companies operating in the vehicle-to-grid technology market are developing new products such as level 2 EV charger to gain a competitive edge in the market. Level 2 electric vehicle (EV) chargers are a type of charging station that provides electric vehicles with alternating current (AC) power. For instance, in April 2023, EvoCharge Inc. a US-based company that provides electric vehicle (EV) charging solutions launched EvoCharge max EV charging station. The new charger is appropriate for boat rental companies as well as other commercial and domestic uses because it is made to provide quick charging for higher amperage. The level 2 EvoCharge max EV charging station can provide up to 19.2 kW of power (80 amps on a 240V circuit). With the goal of accelerating system development cycles and time to market, it is designed to be open, scalable, and modular. EvoCharge is dedicated to offering dependable, secure, and reasonably priced electric car charging stations.
How do regional factors impact the vehicle-to-grid technology market, and which region is the largest contributor?
The countries covered in the vehicle-to-grid technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Vehicle-to-Grid Technology Market Report 2025 Offer?
The vehicle-to-grid technology market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Vehicle-to-grid technology refers to a smart charging method that enables car batteries to replenish the electrical grid. It allows EVs to export unused battery capacity back to the grid, filling gaps in renewable energy generation ratios.
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