Global Vehicle-To-Grid Technology Market was valued US$ XX Mn in 2018 and is expected to reach US$ XX Mn by 2026, at CAGR of XX% during forecast period.
The global vehicle-to-grid market is expected to witness surging growth thanks to increasing electricity demand worldwide. It delivers a mechanism to meet the requirements of the electric power system by using parked electric automobiles. When aggregated and connected in large numbers, it can be used to disperse energy storage for intermittent power usage. It offers the common benefits of transportation and the electric power system. It decreases the strain on petroleum as well as strengthens the economy.
Re-electrification of automobile transportation and improvement of the existing power grid are expected to increase the demand over the forecast period. New product development may give industry players an edge over the other competitors. It also helps in reducing the greenhouse effect, and thus improves the quality of the environment. These automobiles will also decrease noxious emissions and reduce ecological and climate changes. These environmental benefits may boost the vehicle-to-grid market growth over the forecast period. As well, new industry or existing players are expected to enter into this segment over the forecast period because of growth opportunities.
However, high initial costs may hamper the vehicle-to-grid market over the specified period of time. Also, the cost and lifetime of the battery may pose as a challenge over the next few years.
According to the application, the Plug-in or Pluggable Hybrid Electric Vehicles (PHEV) comprise hybrid electric automobiles and contain plug-in charger and a larger battery.
PHEV prototype contains a battery that can power an automobile to run up to 20 to 60 miles after charging for an hour. These automobiles are more attractive as they reduce the lifetime cost of the pluggable hybrid electric car. It may be more lucrative as it will use electricity as the fuel, and not gasoline or petroleum. The plug-in hybrid electric automobile is expected to have high-penetration in emerging countries on account of increasing environmental awareness in these countries further driving its growth.
Region-wise, North America and Europe are expected to be the key region over the specified period of time thanks to environmental awareness. Government initiatives to spread awareness for this eco-friendly technology may favor growth. Also, Asia Pacific is also expected to grow considerably over the forecast period on account of the presence of developing economies such as India, China, and Japan.
Manufacturers operating in the global vehicle-to-grid technology market, such as NUVVE Corporation, Engie Group, and OVO Energy Ltd., are strengthening their market position by improving product quality and growing their business. Certain key developments in the global vehicle-to-grid technology market are in this way:
In December 2018, Nuvve Corporation entered into a strategic partnership with the EDF Group to support the former’s electric mobility plan. With this partnership, the two companies are expected to develop electric vehicles and vehicle-to-grid solutions for the European market. In June 2019, ENGIE signed a contract with Fiat Chrysler Automobiles (FCA) for offering new e-mobility solutions in 14 countries in Europe. With its subsidiaries, i.e. ENGIE Eps and EVBox, the company would be providing FCA with charging stations for its dealers and customers in markets in Europe.
In February 2019, OVO Energy Ltd broadcast a strategic investment from Mitsubishi Corporation at the exchange of a 20% stake in the business. The company intends to use this investment for venturing into new markets in Europe and the Asia Pacific, and for accelerating the development of its unit for intelligent energy technologies, i.e. Kaluza.
The objective of the report is to present a comprehensive analysis of the Global Vehicle-To-Grid Technology Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Vehicle. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Vehicle on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Vehicle-To-Grid Technology Market dynamics, structure by analyzing the market segments and project the Global Vehicle-To-Grid Technology Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Vehicle-To-Grid Technology Market make the report investor’s guide.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Scope of Global Vehicle-To-Grid Technology Market
Global Vehicle-To-Grid Technology Market, By Component
- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM)
Global Vehicle-To-Grid Technology Market, By Application
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Fuel Cell Vehicles (FCVs)
Global Vehicle-To-Grid Technology Market, By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
Key Players Operating in Global Vehicle-To-Grid Technology Market
- Nissan Motor Corporation
- Mitsubishi Motors Corporation
- NUVVE Corporation
- ENGIE Group
- OVO Energy Ltd
- Groupe Renault
- Honda Motor Co., Ltd.
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