The global vehicle-to-grid market size is estimated to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising global electricity demand.
Vehicle to grid involves a systematic process that facilitates to transfer energy from an electric car's battery to the power grid. It uses advanced technique for meeting the increasing demand for electricity by utilizing parked electric vehicles (EVs) especially in case of emergency needs of power supply. It may be applied to install energy storage for intermittent power use when aggregated and networked of electric power system fail to function effectively. It stimulates the overall economy of a country since also it helps to reduce the need for and dependency on petroleum. New products development provide a potential aspect for boosting vehicle-to-grid players as their products aimed at delivering efficient services. It also aids in the reduction of the greenhouse effect, hence improving environmental quality.
The COVID-19 pandemic has far-reaching consequences in the market due to restriction of movement and travel ban that affected the whole functions of transportation and energy demand. However, the condition of petroleum price during the pandemic presents a key aspect for boosting the demand for the vehicle to power grid system. The rising demand for energy materials, conversion business, and renewable generation for various applications such as grid storage, battery-powered electric cars, and personal electronic devices can accelerate the market expansion in the coming years.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for the re-electrification of automotive transportation and the strengthening of the current power system are key factors that drive the market.
- Increasing number of electric vehicles charging stations present another major driver of the market.
- Advantages such as eco-friendly process of energy transfer and effective source of power supply for immediate use are major factors propelling the market.
- High initial costs investment, expensive battery cost, and lack of longevity battery life are primary challenges that can hamper the market expansion during the forecast period.
- Wide expansion and massive investment in electric vehicles and their accompanying infrastructure are key potentials that can create lucrative opportunities for the market expansion.
Scope of the Report
The report on the global vehicle-to-grid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Vehicle-to-Grid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Bidirectional Charging and Unidirectional Charging) and End-users (Fuel Cell Vehicles, Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AC Propulsion; EV Grid; Coritech Services; Honda; Ford Technology; Corinex; NextEnergy; Pacific Gas; NRG Energy; Enerdel; and Electric Company
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Market Segment Insights
Bidirectional charging segment to expand at a considerable CAGR
On the basis of types, the vehicle-to-grid market is bifurcated into bidirectional charging and unidirectional charging. The bidirectional charging segment is projected to expand at a considerable CAGR during the forecast period due to its certain advantages such as electricity may flow in both directions from the car to the grid and from the grid to the vehicle. This is a highly beneficial power system that can be useful during periods of high electricity consumption.
Battery electric vehicles segment to grow at a high rate
Based on end-users, the market is segregated into fuel cell vehicles, battery electric vehicles, plug-in hybrid electric vehicles, and others. The battery electric vehicles segment is expected to grow at a high rate during the projected period owing to their eco-friendly and economical nature. Moreover, the plug-in hybrid electric vehicles segment is expected to be a fast-growing segment during the forecast period due to a number of advantages including a longer driving range, lower petroleum use, and lower greenhouse gas emissions.
North America is anticipated to constitute a key market share
In terms of regions, the vehicle-to-grid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to increased government incentives for eco-friendly EVs and development of required infrastructures in the region. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period owing to strict carbon emission regulation and governments’ massive initiatives for renewable and sustainable energy. The plan to roll out e-bikes especially in London under the government-private initiatives is one of the crucial aspect for the commitment towards the use of sustainable energy in the region.
Segments
The global vehicle-to-grid market has been segmented on the basis of
Types
- Bidirectional Charging
- Unidirectional Charging
End-users
- Fuel Cell Vehicles
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- AC Propulsion
- EV Grid
- Coritech Services
- Honda
- Ford Technology
- Corinex
- NextEnergy
- Pacific Gas
- NRG Energy
- Enerdel
- Electric Company
Competitive Landscape
Key players competing in the global vehicle-to-grid market are AC Propulsion; EV Grid; Coritech Services; Honda; Ford Technology; Corinex; NextEnergy; Pacific Gas; NRG Energy; Enerdel; and Electric Company.
Ideal Power Inc. reported in August 2014 that Coritech Services had placed an order for its PPSA-enabled 30 KW battery converter. This battery would be used to power a vehicle-to-grid device. NextEnergy partnered with REV technologies, Chrysler Group, and Coritech Service in July 2013 to investigate vehicle-to-grid efficiency. Endesa and Nissan announced a new initiative in March 2015 to develop a mass market vehicle-to-grid solution for the European market.