Latest Study on “Vehicle-To-Grid Technology Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Vehicle-To-Grid Technology market size is expected to be worth around US$ 17.50 Billion by 2027, according to a new report by Nova One Advisor .
The global Vehicle-To-Grid Technology market size was valued at US$ 1.21 billion in 2020 and is anticipated to grow at a CAGR of 48.2% during forecast period 2021 to 2027.
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There are several factors that are influencing the growth of the global vehicle to grid technology market. One of the most influential factor is the integration of battery electric vehicles (BEVs) with the vehicle to grid technology. This is creating a wide range of business opportunities for the growth of the market. This new technology offers a smart grid solutions to the customers that allows them to have price arbitrage and provides better control of the energy reserves of the vehicle. Hence, the vehicle owners can offer supplementary services to bigger distribution network operators. This also gives them a chance to earn by offering energy reserves to the operators.
The leading players in the global vehicle to grid technology market are now integrating the vehicle to grid technology with vehicle to everything. This integration will allow the exchange of data and communication between two enabled vehicles and their surroundings. This is expected to create an interconnected and intelligent ecosystem for transportation between the vehicle owners and technology providers. This is also one of the big driving factors for the growth of the global vehicle to grid technology market.
The leading players in the market are adopting strategies such as joint ventures and alliances to help set up more robust networks and generate higher revenues. For instance, in 2019, Hitachi and Mitsubishi announced a collaboration to establish a vehicle to grid charging network. This network would serve both plug-in hybrid and battery electric vehicles across Japan.
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Vehicle Owners Have Opportunity to Earn More
The most important aspect of vehicle to grid technology is that it helps in translating savings for several shareholders in the market value chain depending upon the vehicle, charger, and proximity. The leading players in the market are now trying to get customer loyalty for energy reserves by offering them competitive prices. The idea is to avoid paying unnecessarily large sums at the time of high demand.
The reach of the vehicle to grid technology market is now expanding to schools, homes, and fleets. For instance, the batteries in school buses are big enough and have scope of charging other batteries during their downtime or mid-day. Also, the owners can save more on energy expenses at their homes by consuming the electricity generated through plug-in hybrid electric vehicles. This will also help them avoid paying excessively during the peak hours.
V2G Technology Market: Challenge
A bidirectional charger or an electric vehicle supply equipment (EVSE) is required to charge an electric vehicle battery and supply electricity back to the grid. Advancements in the batteries of electric vehicles have been very sluggish as compared to other technologies. Lack of infrastructure and high initial costs of electric vehicles with vehicle-to-grid technology make it difficult for these vehicles to compete with conventional vehicles with internal combustion engines. This factor is restraining the global vehicle-to-grid technology market.
by Component Insights
Electric Vehicle Supply Equipment (EVSE) expected to outpace the global vehicle-to-grid technology market by the year 2027. In 2019, Electric Vehicle Supply Equipment (EVSE) contributed significant revenue share around 82% owing to their increasing usage for connecting electric vehicle to the grid. The EVSE are the main component that connects EV to the electric grid and thus increasing trend for renewable and smart energy generation will flourish the demand for EVSE components. The EVSE is helpful in charging the electric vehicles and supplying energy back to the grid.
The global market for the Smart Meters was valued at USD 54.8 million in 2019 and is expected to reach USD 1,062.8 million by 2027, growing at a CAGR of 44.92% from 2020 to 2027.
Vehicle To Grid Technology Market Growth Rate Comparison By Component (2016-2027)
|Component||CAGR % (2020-2027)|
|Electric Vehicle Supply Equipment (EVSE)||46.78|
|Energy Management (HEM)||42.93|
by Application Insights
Battery Electric Vehicles (BEVs) held significant revenue share in the global vehicle-to-grid technology market in 2019. The prime factor behind the significant growth of the segment is 100% powered by energy storage system in the vehicle. This helps the vehicle to return back maximum power to the grid. Further, in 2018, Nissan Motors Co. Ltd. announced its first electric car Nissan Leaf that secured regulatory approval for power backup for Germany’s electric grid. With the pilot project in January 2019, the company sold 8 kWh of electricity back to the grid.
Vehicle To Grid Technology Market Revenue Share (%) by Application in 2019 and 2027
|Battery Electric Vehicles (BEVs)||64.12%||63.67%|
|Fuel Cell Vehicles (FCVs)||6.67%||6.38%|
|Plug-in Hybrid Electric Vehicles (PHEVs)||28.21%||29.95%|
Highlights of the Report:
- In 2019, Electric Vehicle Supply Equipment (EVSE) captured substantial revenue stake around 82% due to its growing application for connecting electric vehicles to the grid.
- The EVSE are the foremost component that joins electric vehicles to the electric grid and therefore escalating trend for smart energy and renewable generation will bolster the demand for EVSE components.
- In terms of revenue, Battery Electric Vehicles (BEVs) occupied noteworthy share of about 64% in the global vehicle-to-grid technology market in 2019. The primary influence behind this growth is the early employment of vehicle-to-grid technology in the vehicle.
- On the other hand, Plug-in Hybrid Electric Vehicles (PHEVs) is projected to display the fastest growth within the estimate period due to high-power return capacity and large battery size
North America and Europe are the key regions in the global vehicle-to-grid technology market with significant revenue contribution in 2020. Government initiatives promoting the use of battery-powered vehicles to control carbon emission rate are the major factors that propels the market growth. In addition, long-term warranty offered by the manufacturers along with subsidies and benefits offered by the government on the adoption of electric vehicles attract large consumer base. Auto manufacturers in these regions are also taking initiative to promote vehicle-to-grid technology as it improves their value chain by improving the battery life. For instance, in December 2019, Nuvve Corporation signed a partnership agreement with EDF Group to implement vehicle-to-grid technology in the European market.
On the contrary, Asia Pacific projected lucrative growth for vehicle-to-grid technology during the forecast period. The prime factors contributing to the significant growth are green revolution drives in Asian countries such as China, Japan, India, and South Korea. For instance, China has vision of fully electric-powered mobility in the region by 2025 and is investing significantly for the same.
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Recent report on the Vehicle-To-Grid Technology market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Vehicle-To-Grid Technology market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Vehicle-To-Grid Technology market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Vehicle-To-Grid Technology market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Vehicle-To-Grid Technology market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Vehicle-To-Grid Technology market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Vehicle-To-Grid Technology market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Vehicle-To-Grid Technology market is analyzed at both regional and country levels.
Key Companies & Market Share Insights
The global vehicle-to-grid technology market is highly competitive with prominent on-going developments in the market. The market players are largely focused towards technology investment, partnership and merger & acquisition strategy for cementing their footprint in the market. In June 2018, Hitachi and Mitsubishi collaborated together to establish vehicle-to-grid charging network for PHEVs and BEVs at several places in Japan. Similarly, in June 2019, ENGIE entered into an agreement with Fiat Chrysler Automobiles (FCA) to offer new electric-powered mobility solutions in fourteen different countries of Europe. The company planned to offer FCAs with its charging station for its customers and dealers in Europe. Thus, significant initiative from auto-manufacturers to promote the vehicle-to-grid technology has prominent impact on the market growth.
Some of the prominent players in the Vehicle-to-Grid Technology Market include: Nissan Motor Corporation, Mitsubishi Motors Corporation, NUVVE Corporation, ENGIE Group, OVO Energy Ltd, Groupe Renault, Honda Motor Co., Ltd.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Vehicle-to-Grid Technology Market by Component
- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM)
Vehicle-to-Grid Technology Market by Application
- Battery Electric Vehicles (BEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Fuel Cell Vehicles (FCVs)
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Vehicle-To-Grid Technology market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Vehicle-To-Grid Technology market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Vehicle-To-Grid Technology market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Vehicle-To-Grid Technology market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Vehicle-To-Grid Technology are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
TABLE OF CONTENT
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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