Vehicle-to-Grid Technology Market Revenue to Attain USD 45.09 Bn by 2033

27 Dec 2024

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Table of Content

1. Vehicle-to-Grid Technology Market Revenue and Trends 2023 to 2033 2. Market Overview  3. Report Highlights of the Vehicle-to-Grid Technology Market 4. Major Trends in the Vehicle-to-Grid Technology Market 5. Market Coverage 6. Regional Insights 7. Market News 8. Vehicle-to-Grid Technology Market Key Players

Vehicle-to-Grid Technology Market Revenue and Trends 2023 to 2033

The global vehicle-to-grid technology market revenue reached USD 5.54 billion in 2024 and is predicted to attain around USD 45.09 billion by 2033 with a CAGR of 28.13%. The rising production of electric vehicles, the shift toward sustainability, and the rising adoption of innovative solutions to address energy challenges drive the market for vehicle-to-grid technology.  

Market Overview 

Vehicle-to-grid or V2G technology allows several types of vehicles, such as battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles, to interface with the power grid. V2G technology allows these vehicles to draw power from the grid to charge their batteries and to return electricity back to the grid whenever required. The increasing use of battery-powered cars, which are effective in controlling carbon emissions, is expected to boost market growth in the coming years. In addition, government regulations and the rising concerns about the environmental impact of fuel-based vehicles can have a positive impact on the market. Vehicle-to-grid technology can enhance grid stability, which is essential for maintaining a reliable power supply.

Report Highlights of the Vehicle-to-Grid Technology Market

• By component type, the electric vehicle supply equipment (EVSE) segment held the largest share of the market in 2024 as it is the main component that connects electric vehicles to the electric grid. The rapid shift toward renewable and smart energy generation also bolstered the segmental growth. Moreover, electric vehicle supply equipment is also useful in charging electric vehicles and supplying energy back to the grid, and it helps achieve the electricity requirement during peak hours or blackouts and natural calamities.
• By application type, the battery electric vehicles (BEVs) segment dominated the market with the largest share in 2024 as it offers vehicles to return maximum power to the grid. The rising production of BEVs further augmented the segmental growth. In October 2024, Nissan announced the launch of affordable bidirectional charging on selected electric vehicles in 2026, enabling the EV transition while unlocking new revenue streams to create a cleaner, safer, and more inclusive world. It enables electric vehicle owners to use electricity stored in the car's battery to power their homes or sell it back to the grid. It is equipped with V2G technology and plays an important role in integrating and increasing the mix of renewables into the energy supply by storing electricity generated by wind or solar and directing it into the grid when needed, reducing dependency on fossil fuels.

Major Trends in the Vehicle-to-Grid Technology Market

• Rising Adoption of Electric Vehicles: The increasing awareness and adoption of autonomous vehicles increase the demand for vehicle-to-grid technology. Moreover, with the growing environmental concerns, the demand for fuel-efficient, low-emission, high-performance electric vehicles is rising, driving the market for vehicle-to-grid technology. Also, rising government regulations and policies about air pollution encourage the adoption of green energy resources, leading to an increase in demand for electric vehicles and expanding the market for vehicle-to-grid technology.
• Technological Advancements: Advancements in vehicle-to-grid technology create immense opportunities in the market. Integrating advanced software tools in this technology helps to control the charge and discharge amount and maintain the battery capacity required for day-to-day activities. Moreover, the software can also locate nearby electric vehicle charging stations and control the home area network through mobile applications driving the market for vehicle-to-grid technology. Electric vehicle owners can charge their vehicles during off-peak hours and revert the energy to the grid, minimizing the generation cost.
• Rising Government Regulations: Governments across several countries are imposing strict regulations due to rising environmental concerns, encouraging people to shift toward electric vehicles. Also, market participants are building standardized vehicle-to-grid protocols to balance between networks and smooth application of technology.

Market Coverage

Regional Insights

North America dominated the vehicle-to-grid technology market with the largest share in 2024. This is mainly due to the rising government initiatives that promote the use of battery-powered vehicles to reduce carbon emissions. Moreover, the increased use of smart power generation systems encouraged regional players to produce more innovative and advanced vehicle batteries. On the other hand, Asia Pacific is expected to be the fastest growing region in the market in the coming years due to the rising environmental awareness and the rapid shift toward green revolution in countries like India, China, Japan, and South Korea. Also, the rising popularity of vehicle-to-everything technology and government policies to reduce carbon emissions contribute to regional market expansion.

Market News

• In June 2024, Toyota Motor North America (Toyota) and Pepco, a local energy utility, partnered on vehicle-to-grid (V2G) research for battery electric vehicles (BEVs) using a Toyota bZ4X to explore bidirectional power flow technology. This technology enables BEV owners to not only charge their vehicle's battery but also send power back to the local energy grid.
• In September 2024, BMW, Ford, and Honda launched ChargeScape Software technology in a joint venture. This technology wirelessly connects to electric vehicles and works with participating utilities, managing the flow of electrons in line with real-time grid conditions. It aims to temporarily reduce demand when the grid is constrained through smart charging and send energy back into the power grid when needed.

Vehicle-to-Grid Technology Market Key Players

• Nissan Motor Corporation
• Mitsubishi Motors Corporation
• NUVVE Corporation
• ENGIE Group
• OVO Energy Ltd
• Groupe Renault
• Honda Motor Co., Ltd.

Market Segmentation

By Component Type

• Smart Meters
• Electric Vehicle Supply Equipment (EVSE)
• Software
• Home Energy Management (HEM)

By Application Type

• Battery Electric Vehicles (BEVs)
• Fuel Cell Vehicles (FCVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)

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