Vehicle-to-Grid Technology Market to surpass $119 Bn by 2032, Says Global Market Insights Inc.

Major vehicle-to-grid technology market participants include ABB Ltd, AC Propulsion, Inc, Denso Corporation, Edison International, Engie Group, Groupe Renault, Hitachi Ltd, Honda Motor Co., Ltd, Mitsubishi Motors Corporation, Nissan Motor Corporation, NRG Energy Inc, Nuvve Corporation, OVO Energy Ltd, and Toyota Shokki.

Selbyville, Delaware, Feb. 20, 2024 (GLOBE NEWSWIRE) --

The vehicle-to-grid technology market valuation is estimated to cross USD 119 billion by 2032, as reported in a research study by Global Market Insights Inc.

The rising R&D efforts for turning V2G technology more efficient, cost-effective, and scalable will influence the industry growth. Increasing advances in battery technology and energy management systems have led to the development of more robust solutions. In recent years, the focus on scaling up V2G infrastructure to accommodate a larger number of electric vehicles (EVs) has substantially amplified. The transition of commercial V2G projects from pilot programs to broader implementation will also play a pivotal role in the industry expansion. For instance, in November 2023, leading automaker Volvo, partnered with Swedish local grid firm Göteborg Energi Nät AB to launch a vehicle-to-grid pilot programme to test technologies on the local energy grid and in home environment with real customers.

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Vehicle-to-Grid Technology Market share from the fuel cell vehicles (FCVs) segment is expected to exponentially expand between 2024 and 2032. FCVs help store energy in the form of hydrogen, further potentially providing additional flexibility in energy storage for V2G systems. Hydrogen fueling stations for FCVs provide fast refueling to ensure return to the road promptly after supporting the grid, proving advantageous for vehicles engaged in V2G activities. The rise in incentives for FCV adoption along with the increased V2G participation is encouraging the development of necessary infrastructure and technologies, adding to the industry demand.

The domestic application segment is projected to record considerable share of the vehicle-to-grid (V2G) technology market by 2032. The growth can be attributed to the increasing penetration of vehicle-to-grid technology for the development of residential microgrids as it allows homeowners to operate independently from main grid during certain periods. The technology also offers cost savings for homeowners and better grid management by allowing EV owners to charge their vehicles during off-peak hours when electricity rates are lower and discharge energy back to the grid during peak hours. Rising usage as emergency backup power sources for homes during power outages is another important trend driving the technology application outlook.

APAC vehicle-to-grid technology market will reach USD 28.7 billion by 2032, propelled by the rising rate of smart grid development in the region. The growing adoption of EVs mainly in China, Japan, and South Korea is enhancing the need for V2G systems to offer improved grid stability and energy management. As per IEA (International Energy Agency), the BEV sales in China surged by 60% relative to 2021 for reaching 4.4 million while the PHEV sales almost tripled to 1.5 million in 2022. The increasing government support through supportive policies, incentives, and regulations will also prove favorable for the regional market expansion.

Some of the leading companies operating in the V2G technology market include ABB Ltd, AC Propulsion, Inc, Denso Corporation, Edison International, Engie Group, Groupe Renault, Hitachi Ltd, Honda Motor Co., Ltd, Mitsubishi Motors Corporation, Nissan Motor Corporation, NRG Energy Inc, Nuvve Corporation, OVO Energy Ltd, and Toyota Shokki.

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These industry players are working on various collaboration-based strategies to meet the rising consumer and end-user needs whilst widening their global presence. To quote an instance, in December 2022, Toyota disclosed its new partnership with Texas-based distribution electric utility frontrunner Oncor Electric Delivery for exploring the benefits of V2G EV technology for drivers and the grid.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope
1.1    Market scope & definitions
1.2    Base estimates & calculations
1.3    Forecast calculations
1.4    Data sources
1.4.1    Primary
1.4.2    Secondary   Paid sources   Public sources
Chapter 2   Executive Summary
2.1    Industry 360-degree synopsis, 2018-2032
Chapter 3   Vehicle-to-Grid Technology Market Insights
3.1    Industry ecosystem analysis
3.2    Supplier landscape
3.2.1    Component suppliers
3.2.2    Manufacturer
3.2.3    Distribution channel
3.2.4    End user
3.3    Profit margin analysis
3.4    Technology & innovation landscape
3.5    Patent analysis
3.6    Key news & initiatives
3.7    Regulatory landscape
3.8    Impact forces
3.8.1    Growth drivers   Increasing urbanization   Rising fuel prices   Changing consumer preferences   Increased environmental concerns.
3.8.2    Industry pitfalls & challenges   Infrastructure limitations   Regulatory challenges
3.9    Growth potential analysis
3.10    Porter’s analysis
3.10.1    Supplier power
3.10.2    Buyer power
3.10.3    Threat of new entrants
3.10.4    Threat of substitutes
3.10.5    Industry rivalry
3.11    PESTEL analysis
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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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