Thursday, 12 January 2023 10:35 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / January 12, 2023 / Transparency Market Research Inc. - The global vehicle-to-grid technology market is projected to expand at a CAGR of 21.4% between 2022 and 2031, as per the market outlook presented in the research report by Transparency Market Research (TMR).
Vehicle-to-Grid Technology Market: Key Findings
- Vehicle-to-grid (V2G) technology finds application in various vehicle types such as plug-in hybrid electric vehicles (PHEVs), fuel cell vehicles, and battery electric vehicles. As per the TMR study, the battery electric vehicles segment accounted for a larger share of the market in 2021. This can be attributed to early adoption of V2G technology in battery electric vehicles. Adoption of PHEVs is likely to rise in the next few years owing to the several advantages they offer such as large battery size and high power return capacity. This, in turn, is anticipated to boost sales in the global market during the forecast period.
- Demand for V2G technology is high among companies manufacturing electric vehicles owing to its benefits of bi-directional charging. Need for storage of energy in the vehicle has been increasing for the last few years owing to scarcity of renewable sources of energy for power generation and a need for power storage to drive electric vehicles. V2G technology offers increased power storage capacity by absorbing unused energy. This technology can also be used as an alternative source of energy for domestic use. While this technology is in nascent phase, the global market is projected to witness significant growth opportunities during the forecast period.
- Governments of several countries are taking initiatives in order to promote the production and usage of electric vehicles. European Green Cars Initiative of the European Union, Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme of India, and Zero-Emission Vehicle Program of California, U.S. are several key programs that offer incentives and tax benefits to manufacturers and users of electric vehicles. These initiatives are anticipated to create lucrative opportunities for industry growth in the next few years.
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Vehicle-to-Grid Technology Market: Growth Drivers
- Increase in focus on usage of natural resources to power electric vehicles is propelling the global industry
- Implementation of stringent regulations pertaining to vehicle emissions in developing and developed countries is fueling market development
- Rise in adoption of zero emission technology across the globe is anticipated to lead to business growth during the forecast period
Regional Analysis
- Europe accounted for major revenue share of the global market in 2021. This can be ascribed to rise in investments by market players in design and development of next-generation technologies in smart energy management and electric mobility, enactment of stringent regulations pertaining to vehicle emissions, and incentives and tax benefits offered by regional governments in order to promote adoption of electric vehicles in the region.
- Companies are focusing on the development of advanced charging infrastructure and V2G charging networks in Asia Pacific. Moreover, many emerging economies such as China are investing in the upgrade of their charging infrastructures. These factors are expected to drive business growth in Asia Pacific in the near future.
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Vehicle-to-Grid Technology Market: Competition Landscape
- Companies are investing in R&D activities in order to develop technologically advanced solutions
- They are adopting strategies of mergers, acquisition, collaboration, and new product launch in order to gain prominent market share
Vehicle-to-Grid Technology Market: Key Players
- Endesa SA
- Energie Baden Wuerttemberg AG (EnBW)
- PG&E Corporation
- NextEra Energy, Inc. (NEE)
- AC Battery Type Inc.
- NUVVE LTD
- EnerDel Inc.
- Denso Corporation
- Engie Group
- Coritech Services Inc.
- Hitachi Ltd.
- EV Grid
- NRG Energy Inc.
- Nissan Motor Company Ltd.
- AC Battery Type
- OVO Energy Ltd.
- Mitsubishi Motors Corporation
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Vehicle-to-Grid Technology Market Segmentation
- Component
- Electric Vehicle Supply Equipment (EVSE)
- Home Energy Management (HEM) Systems
- Smart Meters
- Software Solutions
- Charging Type
- Unidirectional Charging
- Bidirectional Charging
- Battery
- By Battery Type
- Lithium-ion
- Nickel-Metal Hydride
- Lead-acid
- Ultra-capacitors
- By Charging Type
- 20-40kWh
- 41-70kWh
- 71-100kWh
- Above 100kWh
- By Battery Type
- Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
- Application
- Domestic
- Commercial
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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