Global Vehicle-To-Grid (V2G) Market Analysis By Technology (AC V2G, DC V2G), By Component (Software, Hardware, Services), By Application (Residential, Commercial, Industrial), By Electric Vehicle Type (Battery electric vehicle (BEV), Plug-in hybrid electric vehicle (PHEV)), By End User (Utilities, Electric vehicle owners, Aggregators) & Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 290
- CATEGORY
- Automotive & Transportation
The global vehicle-to-grid (V2G) market size was valued at around USD 1.8 billion in 2021 and is expected to grow at a CAGR of 24.8% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 1,800 million |
Market Forecast in 2033 | USD 10,560 million |
CAGR % 2023-2033 | 24.8% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Demand supply analysis, Company analysis by Technology, revenue, gross margin and pricing, Key investment potential |
Key Companies | Nissan Motor Co. Ltd., Tesla, Inc., Mitsubishi Motors Corporation, Enel X, Hitachi, Ltd., General Motors Company, Honda Motor Co. Ltd., Nuvve Corporation, BMW AG, The Mobility House |
Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the global vehicle-to-grid (V2G) market. While the pandemic has resulted in a slowdown in the overall automotive industry, the demand for V2G technology has remained steady. In fact, the pandemic has highlighted the need for a more resilient and flexible energy system, which has increased the interest in V2G technology.
On the other hand, the pandemic has also disrupted the supply chains and manufacturing processes of V2G systems, leading to delays in the deployment of V2G infrastructure. In addition, the economic uncertainties caused by the pandemic have resulted in a reduction in funding for V2G projects.
However, as the world is recovering from the pandemic and transitioning towards a more sustainable future, the demand for V2G technology is expected to grow. Governments and businesses are increasingly focusing on reducing greenhouse gas emissions and promoting the adoption of electric vehicles, which is expected to drive the growth of the V2G market in the coming years.
Market Dynamics:
Drivers:
Increasing demand for electric vehicles: The rising demand for electric vehicles (EVs) is driving the growth of the V2G market. As more EVs are deployed, there is an increasing need for V2G technology to help balance the grid and reduce the reliance on fossil fuels.
Government incentives and regulations: Many governments around the world are providing incentives and subsidies for the adoption of EVs and V2G technology. Additionally, regulations such as emission standards and carbon taxes are also driving the growth of the V2G market.
Growing renewable energy generation: The increasing adoption of renewable energy sources such as wind and solar power is creating more opportunities for V2G technology. By storing excess energy from renewable sources in EV batteries, V2G systems can help to balance the grid and reduce the need for fossil fuel power plants.
Cost savings for EV owners: V2G technology can help EV owners save money by allowing them to sell excess energy back to the grid during peak hours. This can help to offset the cost of owning an EV and make them more attractive to consumers.
Improved grid resilience: V2G technology can help to improve the resilience of the grid by providing additional sources of power during peak demand periods or in the event of a power outage. This can help to prevent blackouts and improve the overall reliability of the grid.
Restraints:
High installation costs: The initial cost of installing V2G infrastructure can be high, which may deter some businesses and consumers from adopting the technology.
Limited availability of EVs: The V2G market is dependent on the availability of EVs, which are not yet widely adopted in many parts of the world. This can limit the potential market for V2G technology.
Technical challenges: There are technical challenges associated with implementing V2G technology, including issues related to battery degradation, grid stability, and vehicle compatibility. These challenges may limit the scalability of V2G systems.
Regional Analysis:
North America: North America is expected to be a significant market for V2G technology due to the presence of major automotive manufacturers, a well-established electric vehicle market, and government initiatives to promote clean energy. The United States is expected to lead the market in this region.
Europe: Europe is expected to be the largest market for V2G technology due to the presence of several leading automotive manufacturers, a high penetration of electric vehicles, and supportive government policies. The United Kingdom, France, and Germany are expected to be major markets in this region.
Asia Pacific: The Asia Pacific region is expected to grow rapidly due to increasing demand for electric vehicles in countries like China, Japan, and South Korea. Additionally, government initiatives to reduce carbon emissions and promote clean energy are expected to drive the growth of the V2G market in this region.
Middle East and Africa: The Middle East and Africa region is expected to experience moderate growth due to a growing interest in renewable energy sources and an increasing number of electric vehicles on the road.
Latin America: Latin America is expected to experience slow growth due to a relatively small electric vehicle market and limited government support for V2G technology. However, increasing government initiatives to reduce carbon emissions and promote clean energy may drive the growth of the V2G market in this region in the coming years.
Competitive Landscape:
The global Vehicle-To-Grid (V2G) market is highly competitive and fragmented, with a large number of players operating in the market.
Nissan Motor Co. Ltd.
Tesla, Inc.
Mitsubishi Motors Corporation
Enel X
Hitachi, Ltd.
General Motors Company
Honda Motor Co. Ltd.
Nuvve Corporation
BMW AG
The Mobility House
These players are focusing on research and development activities, mergers and acquisitions, partnerships, and collaborations to stay ahead in the competition. The market is expected to witness significant growth in the coming years, with increasing demand for electric vehicles and the need for smart grid solutions.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
Market Segmentation:
Technology:
• AC V2G
• DC V2G
Component:
• Software
• Hardware
• Services
Application:
• Residential
• Commercial
• Industrial
Electric Vehicle Type:
• Battery electric vehicle (BEV)
• Plug-in hybrid electric vehicle (PHEV).
End User:
• Utilities
• Electric vehicle owners
• Aggregators
Region
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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