Vehicle-to-Grid Technology: Crucial Factors to Drive the Growth

The rising usage of smart power generation systems and the wide adoption of independent vehicles, represent as the crucial factors driving the growth of the market.

In comparison to the conventionally used internal combustion motorcars, mongrel and electric vehicles (H/ EVs) operate more efficiently and have minimum energy consumption. In resultant, with the growing deployment of bidirectional charging stations, easy accessibility of charging of the consumer's vehicles and store redundant energy for powering the grid.


Also, expansive inventions in the manufacturing processes of machine batteries, is acting as another growth factor. New machine batteries are comprised of longer functional life and can with stand numerous charging cycles without depleting. In addition, the launch of vehicle-to-everything (V2X) tool as an extension to V2G with a lighter weight, lower size, and simpler installation process, is also fueling the market growth. Many other factors, including extensive infrastructural developments, along with the enactment of favorable government programs indorsing smart grid systems, are likely to drive the market during the forthcoming time period.

Future of Vehicle-to-grid technology Market

Revenue opportunities in the vehicle-to-grid technology market are driving BEV and PHEV manufacturers to give consumers with fresh services linked to their vehicles. Since software is an important element of V2G technology, vehicle possessors can earn fresh profit from companies who wish to buy pivotal data generated from the intelligent and connected communication technology. This pivotal data will aid auto technology providers and manufacturers offer better services to its consumers. In addition, this connected network aids players in the market towards gaining essential perceptivity regarding consumers and other stakeholders in the value chain.

Report Highlights

- Europe and North America are the highest profit contributors in the global vehicle-to-grid technology market. Furthermore, the government action in terms of impulses offered by them to promote the electric vehicle adoption in the region. Likewise, the bus-manufacturers in the regions are offering long- term bond to their guests that again fuel the market growth.

- Based on region, Asia Pacific are looking forward towards opportunistic growth during the forecast period. India, Japan, and China are some of the countries of the region which have invested significantly in the smart mobility solutions.

- Battery Electric Vehicles captured substantial market share in the global vehicle to-grid technology market in the year 2020. The main growth factor behind the growth is early enactment of vehicle-to-grid technology in the vehicle. In contrary, plug-in hybrid electric vehicles are anticipated to be the fastest growing segment during the fourth coming time period owing to huge battery size and high-power return capacity.

- By element, Electric Vehicle Supply Equipment (EVSE) contributed significant profit share in 2020 owing to their rising operation for connecting electric vehicle to the grid. The EVSE are the main elements which connects electric grid with the EV and therefore rising trend for smart an renewable energy generation will flourish the demand for EVSE factors.

COVID-19 Impact Analysis:

- The global automobile sector has observed the high difficulties during the COVID-19 pandemic. As, its inventories were overflowing, production centers were shutting down, and the demand was diminishing.

- The COVID19 outbreak has majorly impacted the manufacturing of industry's original equipment manufacturer (OEM). However, the suppliers of parts are yet to return to full capacity of their production.

- Owing global lockdown, key players have faced consequent postponement in delivery which has impact the market at numerous levels from shattered supply chains, postponed new car model launches, financially drained SMEs, and dampened vehicle sales.

Key Developments in the Marketplace:

- In December 2018, the key player named Nuvve Corporation came into a partnership with the company named EDF Group in order to support the former's electric mobility plan. In accordance with this partnership, the two players are likely to develop vehicle-to-grid solutions and electric vehicles for the European market.

- In June 2020, the key player named ENGIE had agreement with Fiat Chrysler Automobiles regarding the offer of new e-mobility solutions in more than 10 countries of Europe.

- In February 2020, the key player named OVO Energy Ltd declareda strategic investment with Mitsubishi Corporation with an exchange of 20% stake in the business. Furthermore, the company aims to use this investment for volunteering into new markets of Asia Pacific and Europe.

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