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Wilmington, Delaware, United States, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The study on the vehicle-to-grid technology market found that V2G technology enables efficient utilization of the battery technology in electric vehicles, whereby V2G services providers witness vast revenue possibilities. Rise in sales of electric vehicles and hybrids and the deployment of renewable energy sources in multiple applications are reinforcing the expansion of the vehicle-to-grid technology market size. The global market was estimated to be worth US$ 2.78 Bn in 2021.
An in-depth analysis on the vehicle-to-grid technology market status and challenges found that V2G technology is still in nascent stage, and there is a need to strengthen needed infrastructure that will allow the use of V2G-enabled vehicles. Of note, stakeholders are likely to circumvent the challenge of technology integration. Moreover, players in the vehicle-to-grid technology market are spending sizably on turbo charging stations for EVs.
The analysts observed that vehicle to grid technology in the U.K. is witnessing substantial investments on electric mobility and smart energy management. V2G, of note, is expected to play a key role in reducing the volatility in energy systems. Furthermore, across the Europe, economies are expected to witness rise in R&D on electric vehicle charging stations.
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Key Findings of Vehicle-to-Grid Technology Market Study
- Deployment of Renewable Energy Sources to Spur Adoption : The trend of rise in number of zero-emission vehicles will continue to impel decarbonization of transportation sector. Adoption of renewables for powering such vehicles is gathering massive attention among industry players. The study on the vehicle-to-grid technology market size finds that the technology has demonstrated potential for energy systems to balance and storage energy storage. Of note, the application of car to grid technologies for balancing out electricity demands is likely to grow, thereby opening up profitable avenues for players in the vehicle-to-grid technology market.
- Rise in Number of V2G Compatible Vehicles Expanding Avenues : Rise in spending on vehicle charging stations will extend the horizon for stakeholders in the vehicle-to-grid technology market. Indeed, makers of V2G compatible cars 2022 are geared toward unlocking revenues by partnering with EV charging platform manufacturers. Rise in usage of electric vehicle supply equipment (EVSE) for V2G is bolstering revenue prospects.
- Massive Demand for PHEVs for Energy Storage Presents Profitable Avenues : Multinational automobile manufacturers are expected to garner steady revenue gains from the growing demand for EVs and hybrids that are V2G compatible. Of note, the EV segment has accounted for massive revenues, mainly on account of rise in ownership of EVs in recent years. On the other hand, use of V2G technology in plug-in hybrid electric vehicles is expected to generate substantial revenues in the near future, found the study on the vehicle-to-grid technology market.
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Vehicle-to-Grid Technology Market: Key Drivers
- Steadily increasing numbers of electric vehicles (EVs) and hybrid vehicles is a key driver for industry spending on vehicle-to-grid technology. Thus, adoption of these vehicles in the transportation sector is a key driver of the vehicle-to-grid technology market.
- Vehicle-to-grid companies are increasingly capitalizing on enormous opportunities on the back of continuous efforts in the deployment of renewable energy sources. Moreover, increased preference of using natural resources to power electric vehicles will expand the avenue for players in the vehicle-to-grid technology market.
Vehicle-to-Grid Technology Market: Regional Growth Dynamics
North America held a key revenue share of the global vehicle-to-grid technology market in 2021. Prominent automotive manufacturers and global vehicle makers are increasingly unveiling V2G compatible cars, notably in the U.S. This has fueled the prospects vehicle-to-grid technology market size. A case in point is Mitsubishi Motors and Nissan having launched V2G compatible cars 2022. V2G solution providers are expected to capture sizable revenues from the rise in number of such vehicles.
Vehicle-to-Grid Technology Market: Key Players
Some of the key players in the vehicle-to-grid technology market are EnerDel, Inc., OVO Energy Ltd., ENGIE Group, NUVVE Corporation, Denso Corporation, Groupe Renault, Honda Motor Co., Ltd., Hitachi Energy Ltd., Mitsubishi Motors Corporation, and Nissan Motor Corporation.
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Vehicle-to-Grid Technology Market Segmentation
- Electric Vehicle Supply Equipment (EVSE)
- Home Energy Management (HEM)
- Smart Meters
- Charging Type
- Unidirectional Charging
- Bidirectional Charging
- Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Vehicles (FCVs)
- North America
- Asia Pacific
- Middle East & Africa
- South America
- Russia & CIS
- South Korea
- South Africa
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