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Emerging Vehicle-to-Grid (V2G) Market Will Witness Growth with CAGR of 71.45% in Next Ten Years

Author: QYResearch  |   Published Date: 2021-09-01   |   Views: 53



Vehicle-to-grid, or V2G technology, is defined as a system that is capable of controlling the bidirectional flow of electricity between the vehicle and the grid. Electricity flows from the grid to the vehicle to charge the battery. Also, electricity can flow back from the vehicle to the grid when required. A majority of the time, electric vehicles are not in use. During this idle time, the batteries of these vehicles can be utilized for supplying electricity back to the grid.

Presently, the V2G technology has only been commercialized in 2020, and has not yet been commercialized on a large scale.

Electric vehicles currently represent a small fraction of the entire global automotive market, but their market penetration is increasing. Electric vehicles with vehicle-to-grid technology can supply electricity back to the grid when these vehicles are not in use. A majority of the time, electric vehicles are stationary at office premises. During this idle time, the batteries of these vehicles can be utilized for supplying electricity back to the grid, thereby saving grid energy.

According to QYResearch’s latest research, global Vehicle-to-Grid (V2G) market is valued at USD 21.33 million in 2020 and is expected to reach USD 7502.54 million by the end of 2030, growing at a CAGR of 71.45% between 2020 and 2030.

The leading players mainly NUVVE, Enel Energia, Moixa, E.ON, The Mobility House, Tennet, Fermata Energy, KEPCO, EDF Energy, Tokyo Electric Power, ActewAGL, etc. As the industry is just in a stage of spout, the market is highly concentrated and the top 5 players account for more than 90% share. More companies are seeking opportunities and will enter the industry in the future, which will promote the market develop fast.

 

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