Vehicle-to-Grid Technology Market Size will Escalate Rapidly in the Near Future

Posted by harshal on June 13th, 2019

Vehicle-to-Grid is a system in which reciprocal, bi-directional electrical energy flow occurs between plug-in electric vehicles (BEV and PHEV) and the power grid. Vehicle-to-grid technology is used to provide power to help in balancing the loads, that is shifting demand form high to low or low to high and it can also be used as power backup.

Consistent rise in the rate of adoption of electric vehicles is anticipated to propel the Vehicle-to-Grid technology market during the forecast period. The long-term cost-effectiveness, eco-friendliness, of electric vehicles and significant cost reduction and longer running distance capabilities of EV batteries are prompting consumers to adopt electric vehicles. In 2010, the global average price for an EV battery was US$ 1,000 per kWh. By 2015, its price had declined to US$ 350 per kWh. In 2015, nearly 462,000 people around the world bought electric cars, a significant rise of approximately 59% from 2014. The supply of electric cars has been growing since 2010, with marginally higher sales of battery electric vehicles (BEVs) than those of plug-in hybrid electric vehicles (PHEVs). Moreover, severe regulations enforced globally by regulatory bodies on vehicle carbon emissions are also anticipated to boost the adoption of electric vehicles. This, in turn, is projected to propel the Vehicle-to-Grid technology market, as various electric vehicle OEMs are providing vehicles installed with Vehicle-to-Grid technology. Hasty usage of renewable energy sources is a key factor that is boosting the market for Vehicle-to-Grid technology.

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However, there are key issues that have to be overcome before adoption of the Vehicle-to-Grid technology. An obligation to develop a cleaner energy infrastructure, strong economic subsidy for consumers, and advances in research are driving the Vehicle-to-Grid technology market at a rapid pace.

The global Vehicle-to-Grid technology market can be segmented based on vehicle type, sales channel, and region.

Based on vehicle type, the Vehicle-to-Grid technology market can be divided into battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell vehicles, and others. Battery operated electric vehicles are pure electric vehicles, and the wheel drive is obtained from torque generated by an electric motor, thus eliminating the need for an internal combustion engine. The BEVs segment is expanding at a significant pace, as these vehicles produce zero emission and are being adopted at a higher rate in Europe.

In terms of sales channel, the Vehicle-to-Grid technology market can be bifurcated into OEMs and aftermarket. The OEMs Vehicle-to-Grid technology is provided by major EV manufacturers such as Tesla, Honda, and Nissan. The aftermarket Vehicle-to-Grid technology is provided by component manufacturers/ suppliers.

Europe held a major share of the market for 2017, as the rate of adoption of electric vehicles in Europe, especially in the Nordic region, is significantly high and a majority of aftermarket Vehicle-to-Grid technology players operate in Europe. Europe is followed by China, North America, Rest of Asia Pacific, Latin America, and Middle East & Africa, in terms of share of global market.

Global players operating in market for Vehicle-to-Grid technology market are OVO Energy Ltd., NUVVE CORPORATION, and Ensto. Considering OEMs, Mitsubishi and Nissan are presently the market leaders in manufacturing electric vehicles with V2G competencies. Other manufacturers provide the same capabilities for their electric vehicle models, which include Nissan Leaf, Ford F-series, BMW, Honda, and Tesla. Honda and BMW are combining with research & development hubs and commercial partners to achieve all specifications of the technology. Tesla is also working on its own Vehicle-to-Grid technology, which is likely to be installed in the upcoming models of the Tesla from 2020.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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