Vehicle-To-Grid (V2G) Market size worth US$25.540 billion by 2029

vehicle-to-grid (V2G) market

The Vehicle-To-Grid (V2G) market is expected to grow at a CAGR of 38.24% during the forecasted period, with a market valuation of US$5.059 billion in 2024, and is expected to reach US$25.540 billion by 2029.

Vehicle-to-grid (V2G) technology works by permitting EVs to communicate with the power grid. Typically, part of the V2G innovation, which empowers EVs not only to utilize power from the grid for their charging purposes but also to play a part in returning abundance energy to the grid, when essential, subsequently supporting and adjusting the energy requirement of the system. In addition to decreasing peak load on the grid and supply-demand coordinating, V2G innovation helps in new income generation for EV owners and is anticipated to become progressively vital in renewable energy generation as battery innovation proceeds to progress and grid framework adoption rises.

 As per the report, the vehicle-to-grid (V2G) market is anticipated to develop at a significant pace.

The V2G market is growing during the forecasted period majorly with the increasing electricity consumption, and rising installation of EV stations across the globe. One of the significant driving factors estimated to propel the global vehicle-to-grid market forward is the growing EV landscape across the globe. The growth in the EV sector saw a huge jump over recent years and is mainly attributed to the growth in the electric vehicle and its battery technology. In addition, wider adoption of terminal infrastructure for EV charging and operation support requires a corresponding increase in the demand for EVs, thus driving new technologies such as vehicle-to-grid technology.

The market is witnessing diverse collaborations and innovative technological advancements, for instance, in May 2024, Tata Power Delhi Distribution Limited (Tata Power-DDL) partnered with India Smart Grid Forum under a Memorandum of Understanding signed to work on Vehicle-to-Grid (V2G) Technology Demonstration Project. This pilot project is meant to demonstrate the basics of interaction of EVs with the grid, to lower the carbon emissions in both transportation and electricity provision.

Based on the battery type, the vehicle-to-grid (V2G) market is divided into lithium-ion, lead acid, nickel metal hydride battery, and others. The V2G market is anticipated to be majorly ruled by lithium-ion batteries due to components like their high energy density, productivity, and lightweight. They have a generally long cycle life, meaning they can survive with negligible degradation for numerous charging and discharging cycles. By maintaining generally constrained energy loss in the charging and discharging forms, these batteries can store the maximum sum of energy and convey it to the grid.

Based on the e-vehicle, the vehicle-to-grid (V2G) market is classified into battery electric vehicle (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). BEVs segment is expected to boost the V2G market size due to variables like their larger battery packs, standalone battery system, and reduced maintenance. BEVs have greater energy storage ability, making them a more practical choice for application in V2G. Their battery system integrates easily into V2G systems without hindering the vehicle’s main functions.

Based on the end-user, the vehicle-to-grid (V2G) market is categorized into residential and commercial. The residential segment will emerge as a major contributor to V2G market expansion, given the rising inclination toward EVs, this would expand the market with more players in V2G technology advancements. Many residential users will benefit by using V2G technology for their energy consumption management and serve as energy storage systems in the case of grid failures.

Based on geography, the vehicle-to-grid (V2G) market is extending majorly in the Asia Pacific region due to various variables. This is due to rising government support and investment in EV adoption. This encapsulates countries such as China, India, Japan, Vietnam, and Malaysia which are some of the most significant regions witnessing EV growth, which will be reflected in the increase of EV-related technological advancements like V2G technology. In addition, the region is prominent on the global among the world’s largest EV manufacturers with China, and Japan leading in producing and selling of EV. Further, utility-scale implementation coupled with infrastructural proliferation is a niche trend in the regional market expansion.

As a part of the report, the major players operating in the vehicle-to-grid (V2G) market that have been covered are Nuvve Holding Corp, Jedlix, Virta Global, IoTecha, Nissan Motor Co. Ltd, Mitsubishi Motors Corporation, ENGIE SA, Hitachi Energy Limited (Hitachi Group), GridX, Duke Energy, Synop, Tata Power DDL, and CHAdeMO.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/vehicle-to-grid-v2g-market

This analytics report segments the vehicle-to-grid (V2G) market on the following basis:

  • By Battery Type
    • Lithium-Ion
    • Lead Acid
    • Nickel Metal Hydride Battery
    • Others
  • By E-Vehicle
    • Battery Electric Vehicle (BEV)
    • Plug-in Hybrid Electric Vehicle (PHEV)
    • Hybrid Electric Vehicle (HEV)
  • By End-User
    • Residential
    • Commercial
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others

  • Vehicle Analytics Market share

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