Vehicle-To-Grid (V2G) System Market Overview: 2023-28
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-28
The Vehicle-To-Grid (V2G) System Market is valued at around USD 4.8 billion in 2024 and is estimated to grow at a CAGR of around 24.52% during the forecast period, i.e., 2023-28. The market growth imputes to the increasing electric vehicles production, rising governmental efforts to establish EV charging networks, expanding requirements for smart grid systems, the flourishing utilization of renewable energy sources, etc. Governments across the globe such as India, the Netherlands, China, the USA, the UK, etc., are increasingly introducing several initiatives such as incentives, subsidies, and tax credits, for the massive development of EV charging infrastructures in recent years.
Markntel Advisor’s Vehicle-To-Grid (V2G) System Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Vehicle-To-Grid (V2G) System Market drivers, barriers, Vehicle-To-Grid (V2G) System Market Trends, and Key Players in Vehicle-To-Grid (V2G) System Market.
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Vehicle-To-Grid (V2G) System Market Dynamics: 2023-28
Growing Investment in Electric Vehicle Industry Owing to Promote Its Adoption – Rising awareness about the environmental impact of conventional internal combustion engine vehicles, has propelled the demand for cleaner transportation solutions during the historical years. Electric vehicles (EVs) have emerged as a viable option, addressing pollution concerns in the transportation sector. Benefiting from enhanced battery tech, EVs provide emission-free travel and reduced carbon impact. As a result, governments, and businesses in the Europe, North America, Asia, etc., are increasingly investing in the EV vehicle industry to promote its adoption at a rapid rate in the recent years.
In 2023, the UAE government invested USD5.6 billion for the development, manufacture and sales of electric vehicles in the country.
Consequently, the global transition to electric mobility led by governments, companies, and consumers is driving vehicle-to-grid (V2G) technology adoption. Expanding EV sales and charging infrastructure complement V2G integration, facilitating energy exchange. Increased investment in EV sets the stage for broad V2G implementation and a distributed energy storage network. Thus, the collective efforts to meet carbon targets and embrace sustainable transportation, the EV market is projected to grow significantly in the coming years. This growth would drive V2G market size and its integration into the energy ecosystem
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Vehicle-To-Grid (V2G) System Market (2023-28): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Technology
- Charging System- Market Size & Forecast 2018-2028, (USD Million)
- Software - Market Size & Forecast 2018-2028, (USD Million)
According to report, The charging system is holding a significant share of the market in recent times owing to the rapid deployment of V2G charging systems across the globe coupled with government regulatory support, increasing collaborations among automakers & V2G manufacturers, and growing awareness of the V2G benefits.
- By Charger Type
- AC- Market Size & Forecast 2018-2028, (USD Million)
- DC- Market Size & Forecast 2018-2028, (USD Million)
- AC + DC- Market Size & Forecast 2018-2028, (USD Million)
According to report, DC ChaDeMo charging type is dominating the Global V2G system market recent years owing to their early adoption, high power output capabilities, and compatibility.
- By Ownership
- Private -Market Size & Forecast 2018-2028, (USD Million)
- Public - Market Size & Forecast 2018-2028, (USD Million)
- By End User
- Individuals - Market Size & Forecast 2018-2028, (USD Million)
- Charging Station Owners - Market Size & Forecast 2018-2028, (USD Million)
- Utility Operators - Market Size & Forecast 2018-2028, (USD Million)
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Top Companies Operating in the Vehicle-To-Grid (V2G) System Market:
- Toyota Tsusho Corporation
- ABB
- Virta
- Enel X Way
- Edison International
- Hitachi Energy Ltd
- OVO Energy Ltd
- The Mobility House GmbH
- Denso Corporation
- Nuvve Holding Corp.
- Sono Motors
- Aptiv
- IOTECHA
- WiTricity Corporation.
- Wallbox Chargers, S.L.
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