The global vehicle-to-grid technology market size is anticipated to reach around USD 45.09 billion by 2033 from USD 3.78 billion in 2023 and is poised to grow at a CAGR of 28.13% during the forecast period from 2024 to 2033.
Vehicle-to-Grid Technology Market Key Pointers
- In 2023, Europe held the largest market share globally, approximately 35.80%.
- In 2023, the Component Type segment with the highest revenue share of 83.13% was the electric vehicle supply equipment segment.
- In 2023, the battery electric vehicle (BEV) category accounted for 63.89% of the market share by application.
- Plug-in hybrid electric vehicles (PHEVs) are expected to rise at an astounding 28.59% compound annual growth rate (CAGR) by application.
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Vehicle-to-Grid Technology Market Regional Stance
The vehicle-to-grid (V2G) technology market in Europe experienced substantial growth, with its market size estimated at USD 1.35 billion in 2023. Projections indicate that by 2033, it is poised to reach a significant worth of around USD 16.01 billion, reflecting a remarkable compound annual growth rate (CAGR) of 28.05% over the forecast period from 2024 to 2033.
Both Europe and North America emerged as key regions driving the global V2G technology market, contributing substantially to revenue in 2023. This growth is largely fueled by governmental initiatives aimed at promoting the adoption of battery-powered vehicles as a means to mitigate carbon emissions. In North America, the V2G market was estimated at USD 1.13 billion in 2023 and is projected to grow at a CAGR of 27.74% from 2024 to 2033. Similarly, in Asia Pacific, the market size was valued at USD 1.15 billion in 2023, with an expected expansion at a CAGR of 28.78% over the same period.
Conversely, the Asia Pacific region is anticipated to witness particularly robust growth in the V2G technology market during the forecast period. This growth can be attributed to initiatives driving the green revolution in countries such as China, Japan, India, and South Korea.
Latin America, while experiencing a smaller market size compared to other regions, still showed promising growth in V2G technology, with a market value of USD 84.90 million in 2023. Projections suggest a compound annual growth rate of 26.89% from 2024 to 2033 for the region.
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Vehicle-to-Grid Technology Market By Component
- Smart Meters: Revenue from smart meters increased steadily from 2020 to 2023, starting at USD 79.2 million in 2020 and reaching USD 240.10 million by 2023. This component experienced significant growth, more than tripling its revenue over the specified period.
- Electric Vehicle Supply Equipment (EVSE): EVSE, which includes charging stations and related infrastructure, saw substantial revenue growth as well. It started at USD 1,001.50 million in 2020 and more than tripled to USD 3,154.10 million by 2023, indicating a consistent upward trend in demand for electric vehicle charging solutions.
- Software: Revenue from software in the V2G market also exhibited growth, albeit at a slightly slower pace compared to other components. Starting at USD 72.2 million in 2020, it increased to USD 214.3 million by 2023, showing a steady upward trajectory over the specified period.
- Home Energy Management (HEM): The revenue generated from home energy management systems, which facilitate integration between electric vehicles and home energy systems, also experienced notable growth. Starting at USD 62.1 million in 2020, it rose to USD 181 million by 2023, indicating a substantial increase in demand for residential V2G solutions.
Vehicle-to-Grid Technology Market By Application
In 2023, Battery Electric Vehicles (BEVs) emerged as a dominant force in the global vehicle-to-grid technology market, holding a substantial revenue share. This was largely due to the fact that BEVs are entirely powered by energy storage systems within the vehicle itself, enabling them to efficiently return maximum power to the grid. This capability makes BEVs highly desirable for grid stabilization and energy management purposes. Conversely, Plug-in Hybrid Electric Vehicles (PHEVs) exhibited the most rapid growth over the forecast period, indicating a rising trend in their adoption and utilization within the V2G market.
In terms of market value, the global BEV market reached USD 2.42 billion in 2023 and is forecasted to maintain a robust growth trajectory, with a projected Compound Annual Growth Rate (CAGR) of 28.04% from 2024 to 2033. Similarly, the market for Fuel Cell Vehicles (FCVs) was valued at USD 0.26 billion in 2023, experiencing notable growth with a CAGR of 26.82% over the same forecast period. PHEVs, with a market value of USD 1.10 billion in 2023, are also expected to see significant expansion, with a projected CAGR of 28.59% from 2024 to 2033.
These insights underscore the increasing importance and adoption of various types of electric vehicles, particularly BEVs and PHEVs, in the context of vehicle-to-grid technology. Their ability to integrate with the grid and provide efficient energy storage and distribution capabilities positions them as key players in the transition towards sustainable energy systems.
Leading Companies in the Vehicle-to-Grid Technology Market
- Nissan Motor Corporation
- Mitsubishi Motors Corporation
- NUVVE Corporation
- ENGIE Group
- OVO Energy Ltd
- Groupe Renault
- Honda Motor Co., Ltd.
Segments Covered in the Report
By Component Type
- Smart Meters
- Electric Vehicle Supply Equipment (EVSE)
- Software
- Home Energy Management (HEM)
By Application Type
- Battery Electric Vehicles (BEVs)
- Fuel Cell Vehicles (FCVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
By Regional Type
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
- Rest of the World
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