Vehicle To Grid Market Size, Analysis, Share & Forecast 2031

Segments - Vehicle-to-Grid Market by Types (Bidirectional Charging and Unidirectional Charging), End-users (Fuel Cell Vehicles, Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

Author : Akash Vedpathak

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

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.

Global Vehicle To Grid Market Key Takeaways

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	Details
Report Title	Vehicle-to-Grid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2020
Historic Data	2018–2019
Forecast Period	2021–2028
Segmentation	Types (Bidirectional Charging and Unidirectional Charging) and End-users (Fuel Cell Vehicles, Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	AC Propulsion; EV Grid; Coritech Services; Honda; Ford Technology; Corinex; NextEnergy; Pacific Gas; NRG Energy; Enerdel; and Electric Company

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.

Global Vehicle To Grid Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Vehicle-to-Grid Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Vehicle-to-Grid Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Vehicle-to-Grid Market - Supply Chain
  4.5. Global Vehicle-to-Grid Market Forecast
     4.5.1. Vehicle-to-Grid Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Vehicle-to-Grid Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Vehicle-to-Grid Market Absolute $ Opportunity
5. Global Vehicle-to-Grid Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Vehicle-to-Grid Market Size and Volume Forecast by Types
     5.3.1. Bidirectional Charging
     5.3.2. Unidirectional Charging
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Vehicle-to-Grid Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Vehicle-to-Grid Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Vehicle-to-Grid Demand Share Forecast, 2019-2026
7. North America Vehicle-to-Grid Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Vehicle-to-Grid Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Vehicle-to-Grid Market Size and Volume Forecast by Types
     7.4.1. Bidirectional Charging
     7.4.2. Unidirectional Charging
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Vehicle-to-Grid Demand Share Forecast, 2019-2026
8. Latin America Vehicle-to-Grid Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Vehicle-to-Grid Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Vehicle-to-Grid Market Size and Volume Forecast by Types
     8.4.1. Bidirectional Charging
     8.4.2. Unidirectional Charging
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Vehicle-to-Grid Demand Share Forecast, 2019-2026
9. Europe Vehicle-to-Grid Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Vehicle-to-Grid Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Vehicle-to-Grid Market Size and Volume Forecast by Types
     9.4.1. Bidirectional Charging
     9.4.2. Unidirectional Charging
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Vehicle-to-Grid Demand Share Forecast, 2019-2026
10. Asia Pacific Vehicle-to-Grid Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Vehicle-to-Grid Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Vehicle-to-Grid Market Size and Volume Forecast by Types
     10.4.1. Bidirectional Charging
     10.4.2. Unidirectional Charging
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Vehicle-to-Grid Demand Share Forecast, 2019-2026
11. Middle East & Africa Vehicle-to-Grid Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Vehicle-to-Grid Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Vehicle-to-Grid Market Size and Volume Forecast by Types
     11.4.1. Bidirectional Charging
     11.4.2. Unidirectional Charging
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Vehicle-to-Grid Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Vehicle-to-Grid Market: Market Share Analysis
  12.2. Vehicle-to-Grid Distributors and Customers
  12.3. Vehicle-to-Grid Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. AC Propulsion
     12.4.2. EV Grid
     12.4.3. Coritech Services
     12.4.4. Honda
     12.4.5. Ford Technology
     12.4.6. Corinex
     12.4.7. NextEnergy
     12.4.8. Pacific Gas