Latest News- Vehicle To Grid Market: Power electronics is expected to lead the Product segment during 2025-2029

The Vehicle To Grid Market is being driven by Improvements in EV battery technology

The Vehicle To Grid Market is expected to grow at a CAGR of 49.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 115623.6 million. In the rapidly expanding Electric Vehicle (EV) market, battery packs serve as the primary power source, requiring frequent charging from external sources due to EVs' limited range compared to hybrid and Internal Combustion Engine (ICE) vehicles. To boost EV adoption, there is a pressing need to expand charging infrastructure both on-road and off-road. Notably, government entities are making significant strides in this regard. For instance, India currently operates 12,146 public EV charging stations as of February 2024, marking a substantial increase from 6,586 in March 2023. These charging stations play a pivotal role in fostering the growth of Vehicle to Grid (V2G) technology, enabling bi-directional energy flow between the grid and EVs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Power electronics
  • Software
• Vehicle Type
  • BEV
  • PHEV
  • FCEV
• Charging
  • DC
  • AC
  • DC and AC
• Application
  • Commercial
  • Individual
  • Commercial and individual
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Improvements in EV battery technology
• Ability to meet peak electricity demands
• Change in grid structure allowing decentralized power generation

However, the market also witnesses some limitations, which are as follows:

• Interoperability issues
• Competition from alternative technologies
• Additional stress on EV battery

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Market Scope in Vehicle To Grid Market Research Report

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Research Analysis Overview

The Vehicle-to-Grid (V2G) market is experiencing significant growth as electric vehicles (EVs), including electric automobiles and plug-in electric vehicles, become more prevalent. V2G technology enables bidirectional charging stations to send power from car batteries to commercial buildings, the central power grid, and even natural resources during travel restrictions. This technological transformation is driven by emission regulations and the shift towards zero emission technology. V2G enables energy production from EV batteries, contributing to the electric power system and grid stability through power electronics, battery management, and energy exchange. V2G offers grid services such as peak shaving, demand response, energy distribution, utility integration, and load balancing, making it an essential component of the smart grid and renewable energy systems. Charging station manufacturers are at the forefront of this innovation, developing advanced technologies to optimize battery capacity, power flow, and grid support for V2G applications. Smart meters play a crucial role in managing energy consumption and distribution, ensuring efficient energy management and effective grid services.

Market Research Overview

The Vehicle-to-Grid (V2G) market encompasses businesses specializing in electric vehicles, power storage, and bidirectional charging stations. This sector interfaces with commercial buildings and the central power grid, enabling electric vehicles to act as energy storage and feed excess power back into the grid during peak demand. The V2G market's expansion is fueled by the global renewable electricity market's growth. Key drivers include supportive policies and targets for renewable power deployment, which have significantly increased the adoption of renewables over the past decade. This market also benefits from the involvement of independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/