With the emergence and long-term Impact of COVID-19, Global Vehicle-To-Grid Market to reach USD 13.09 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Vehicle-To-Grid Market points towards a potential rise to USD 13.09 Billion by 2030. The term “vehicle-to-grid” refers to a technology that enables plug-in electric vehicles, including battery electric vehicles, plug-in hybrids, and hydrogen cell electric vehicles, to interact with the electrical grid to obtain power. Additionally, in the coming years, the global vehicle-to-grid (V2G) industry is expected to rise as a result of factors such rising electric car demand and government initiatives to build out infrastructure for electric vehicle charging.
Geographically, the global Vehicle-To-Grid market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Europe dominated the market in 2022. The market for vehicle-to-grid technology is boosted by the higher number of on-road electric vehicles and electric vehicle manufacturers in Europe. Furthermore, the scale of the vehicle-to-grid industry in the region has increased due to stricter vehicle pollution standards, tax benefits, and incentives offered by the governments of Europe for the adoption of electric vehicles. Asia Pacific is expected to be the fastest growing region during the forecast period. The green revolution movements in Asian nations including China, Japan, India, and South Korea are the main causes of the enormous rise. For instance, China is investing heavily to achieve its objective of a fully electrified transportation system in the region by 2025.
The global Vehicle-To-Grid market is highly competitive owing to the presence of several key manufacturers such as ABB AC Propulsion, Inc. Boulder Electric Vehicle DENSO Co. Edison International EnerDel, Inc EV Grid, Inc Fermata Energy Hitachi, Ltd Honda and others.
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Key findings of the study suggest:
- Global Vehicle-To-Grid Market is anticipated to grow with a healthy growth rate of more than 25.3% over the forecast period 2023-2030.
- In the Component segment, Electric Vehicle Supply Equipment (EVSE) emerged out as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to the market for vehicle-to-grid technology is boosted by the higher number of on-road electric vehicles and electric vehicle manufacturers in Europe
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Technology:
- Power management
- Software
By Charging Type:
- Unidirectional Charging
- Bidirectional Charging
By Vehicle Type:
- Battery Electric Vehicles
- Plug In Hybrid Electric Vehicles
- Fuel Cell Vehicles (FCVs)
By Component:
- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM)
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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