According to the report, the global vehicle-to-grid market size reached US$1.7 billion in 2021. Looking forward, the publisher expects the market to reach US$15.4 billion by 2027, exhibiting a CAGR of 44.38% during 2021-2027.
Vehicle-to-grid (V2G) refers to an advanced smart charging technology that transfers energy from the battery of an electric vehicle (EV) to the power grid or vice-versa.
The increasing utilisation of smart power generation systems and the widespread adoption of autonomous vehicles are the key factors driving the growth of the market. In comparison to the conventionally used internal combustion automobiles, hybrid, and electric vehicles (H/EVs) operate more efficiently and have minimal fuel consumption.
As a result, with the rising deployment of bidirectional charging stations, consumers can conveniently charge their vehicles and store excess energy for powering the grid.
Additionally, extensive innovations in the manufacturing processes of automobile batteries, is acting as another growth-inducing factor. Novel automobile batteries have a longer operational life and can sustain multiple charging cycles without deteriorating.
Moreover, the advent of vehicle-to-everything (V2X) technology as an extension to V2G with a smaller size, lighter weight, and simpler installation process, is also contributing to the market growth.
Other factors, including extensive infrastructural developments, along with the implementation of favourable government policies promoting smart grid projects, are anticipated to drive the market further.
The competitive landscape of the industry has also been examined along with the profiles of the key players which include AC Propulsion, Coritech Services, Denso Corporation, Enerdel, Engie Group, EV Grid, Hitachi, Nissan Motor Company, NRG Energy, and OVO Energy Ltd.
