The vehicle-to-grid technology market is expected to reach a market size of US$ 17.43 Billion by the end of 2027 and register a high revenue CAGR of 48% from 2020 to 2027.
Vehicle-to-Grid Technology Market Outlook:
According to Precedence Research, the global vehicle-to-grid technology market size attained US$ 17.43 billion by 2027, growing at a CAGR of 48% from 2020 to 2027. Read More@ https://www.precedenceresearch.com/vehicle-to-grid-technology-market
Vehicle electrification is one of the greatest developments in the automotive sector. Increasing apprehension about environmental fortification has prompted the research that greatly propelled the electric mobility around the globe. Vehicle-to-grid (V2G) is a technology that permits energy to be pushed back from the battery of an electric vehicle to the power grid. It is a system that has ability of bi-directional and controllable electrical energy flow among vehicle and electrical grid. The spread of the vehicle to grid technology market is now intensifying to homes, schools, and fleets.
- 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 estimated period due to high-power return capacity and large battery size
Vehicle to grid market perceives substantial growth due to exponentially growing number of EV charging stations across the world. EVs have less range than hybrid and internal combustion engine (ICE) vehicles. As a result, several charging facilities are essential to be installed on the road and off the road to progress their adoption rate. The intensifying number of charging stations will result in additional vehicles being integrated into the grid which in turn bolsters the demand for the vehicle to grid technologies.
However, on account of ongoing COVID-19 outbreak, the global automobile sector is facing a slowdown due to the lockdown in numerous countries that has constrained the production of electric vehicles. The operations of certain vital players impacted by COVID-19 outbreak comprise BMW AG, Nissan Motor Co., Kia Motors Corp., Tesla, Inc and Daimler AG. Nonetheless, government incentive packages in the future might help the EV market get through an economic crisis carried by COVID-19 by investing profoundly in charging infrastructure. China is set to invest to encourage its automotive sector. The Chinese government has highlighted "new infrastructure" as part of a stimulus policy to lift its economy after the slowdown instigated by COVID-19 and trade tensions. Therefore, most governments from pretentious areas have resorted to infrastructure refurbishment as an economic impetus method.
Globally, Europe dominated the overall vehicle to grid market with around 36% market share in terms of revenue in 2019. Asia Pacific is projected to record robust growth and anticipated to reach market value around USD 5,521 million by 2027. The adoption rate of electric vehicles is growing, and numerous countries across the world are investing intensely in R&D. Nations like France, Canada, the Netherlands, and India have introduced numerous campaigns to boost the adoption of electric vehicles. As per one survey, there are around 50 V2G physical projects delivering clear use cases worldwide. Out of these 50 projects around 25 are in Europe, 7 in Asia-Pacific and 18 in North America. Northern European states lead with Denmark, Netherlands, UK and Germany the market leaders in the Europe. Activity in the U.S. is primarily in Hawaii, California, and Delaware. This project data depicts that Asian contribution has been more concentrated as a manufacturing partner than being a home for implementation, with some notable exceptions.
In Denmark, Nuvve Corporation declared 4 years of successive vehicle to grid operations of electric vehicles in September 2020. The company has been carrying out current frequency regulation service for Energinet, the Danish grid operator, for 4 successive years. The initial fleet of vehicles commenced service in September 2016 at a municipal water and gas Utility Corporation in Denmark named Frederiksberg Foraying.
Major Players Covered in this Report
The updated market research report on Vehicle-to-Grid Technology market allows the buyers and manufacturers to stay updated with the current market trends, ongoing happenings, and a clear picture on the market scenario. List of key players included in the research report will help the market vendors to know their market position and plan more operational strategies to gain topmost position among other players. The report offers crucial company information on each market player, such as company profile, financial information, and recently adopted growth strategies. This will help other existing players and the new entrants to plan strategies and establish their presence in the market.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Top Manufacturers in the Vehicle-to-Grid Technology Market are
- Nissan Motor Corporation
- Mitsubishi Motors Corporation
- NUVVE Corporation
- ENGIE Group
- OVO Energy Ltd
- Groupe Renault
- Honda Motor Co., Ltd.
COVID-19 scenario analysis:
- Automobiles makers, consumer electronics, and pharmaceuticals in various countries, especially rely on China and other developed countries near them for the supply of several raw materials and parts such as compressors, electronic components, and various sensors.
- Due to nationwide lockdown, companies have faced consequent delays in delivery that might impact the market at multiple levels from postponed new car model launches, shattered supply chains, financially drained SMEs, and dampened vehicle sales.
- The global automobile sector has faced the most challenges during the COVID-19 pandemic. For instance, its production houses are shutting down, inventories are overflowing, and the demand is decreasing.
- The coronavirus outbreak has heavily impacted the manufacturing industry's original equipment manufacturer (OEM). However, parts suppliers have yet to return to full production capacity.
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