Vehicle-To-Grid (V2G) Market Size To Surpass USD 6.73 Billion By 2033 | Straits Research

(MENAFN- GlobeNewsWire - Nasdaq) The global vehicle-to-grid (V2G) market size was worth USD 1.23 billion in 2024 and is expected to grow from USD 1.49 billion in 2025 to reach USD 6.73 billion by 2033, growing at a CAGR of 20.2% during the forecast period (2025-2033).

New York, United States, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Vehicle-To-Grid (V2G) is a technology that allows electric vehicles (EVs) to not only draw power from the grid for charging but also supply power back to the grid. This bidirectional energy flow helps balance supply and demand on the grid, stores excess renewable energy, and supports grid stability, especially during peak energy demand or times of low generation.

V2G can turn EVs into mobile energy storage units, allowing them to store electricity when demand is low and return it when the grid needs it most. This technology supports the integration of renewable energy sources, like solar and wind, by enabling the storage and release of energy in a way that reduces reliance on fossil fuels and enhances energy resilience.

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Market Dynamics

Expansion of the electric vehicle sector drives the global market

With millions of EVs on the road, their collective energy storage capabilities present a valuable resource for the power grid. EVs can act as distributed energy assets, providing backup power and stabilizing the grid during fluctuations. This surge in EV adoption is also vital for accelerating the shift to renewable energy, as these vehicles can store and redistribute intermittent energy from sources such as solar and wind.

As the EV market expands and charging infrastructure improves, the role of Vehicle-to-Grid (V2G) technology becomes increasingly significant in reshaping the energy landscape.

• For instance, the International Energy Agency (IEA) reported that global EV sales exceeded 10 million units in 2022, highlighting the considerable potential for V2G systems to make an impact.

Integration with renewable energy systems creates tremendous opportunities

V2G technology offers significant potential for integrating renewable energy into the grid, playing a key role in advancing sustainable development. By storing surplus power from solar panels or wind turbines in EV batteries, V2G systems help prevent energy waste during periods of low demand. This stored energy can be fed back into the grid when needed, ensuring efficient utilization of renewable energy.

V2G-enabled EVs serve as decentralized energy storage units, minimizing the need for costly, large-scale infrastructure. This collaboration between V2G and renewable energy creates a more resilient, efficient, and environmentally friendly energy system, bringing us closer to achieving a carbon-neutral future.

• For example, the International Renewable Energy Agency (IRENA) states that integrating EV storage with renewable energy systems could cut grid dependence on fossil fuels by as much as 40%.

Regional Analysis

North America is at the forefront of the V2G market, driven by the rapid adoption of electric vehicles (EVs), extensive charging infrastructure, and strong government support. The United States plays a key role, offering tax incentives, grants, and research funding to accelerate V2G technology deployment. California, in particular, is leading V2G pilot projects aimed at enhancing grid resiliency and integrating renewable energy sources.

• For example, the U.S. Department of Energy allocated $2 billion in 2024 to advance smart grid initiatives, including V2G systems, further accelerating market growth. Canada also contributes significantly with its ambitious clean energy targets and EV-friendly policies. The region's advanced grid systems, coupled with a high demand for sustainable energy solutions, position North America as a leader in V2G adoption.

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Key Highlights

• The global vehicle-to-grid (V2G) market size was worth USD 1.23 billion in 2024 and is expected to grow from USD 1.49 billion in 2025 to reach USD 6.73 billion by 2033, growing at a CAGR of 20.2% during the forecast period (2025-2033).
• Based on Technology, the global market is divided into bidirectional charging and unidirectional charging. The bidirectional charging segment dominated the market with the largest market revenue.
• Based on Vehicle Type, the global market is divided into Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs). The Battery Electric Vehicles (BEVs) segment dominated the market with the largest market revenue.
• Based on Charging Type, the global market is divided into AC Charging, DC Charging, and Wireless Charging. The DC Charging segment dominated the market with the largest market revenue.
• Based on Component, the global market is divided into hardware and software. The hardware segment dominated the market with the largest market revenue.
• Based on Application, the global vehicle-to-grid (V2G) market is divided into residential, commercial, and industrial. The residential segment dominated the market with the largest market revenue.
• North America is the most significant shareholder in the global market.

Competitive Players

Siemens AG

Recent Developments

• In July 2024, the Oakland Unified School District in California introduced 74 electric buses equipped with V2G technology. These buses charge during periods of low demand and discharge energy back to the grid during peak times, enhancing grid stability and optimizing renewable energy utilization. This initiative exemplifies the dual role of EVs in transportation and energy management.

Segmentation

By Technology

• Bidirectional Charging
• Unidirectional Charging

By Vehicle Type

• Battery Electric Vehicles (BEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
• Fuel Cell Electric Vehicles (FCEVs)

By Charging Type

• AC Charging
• DC Charging
• Wireless Charging

By Component

• Hardware
• Software

By Application

• Residential
• Commercial
• Industrial

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

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