The [FURL=https://www.industryarc.com/Report/19376/vehicle-to-grid-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Global Vehicle to Grid (V2G) Market[/FURL] size is forecast to reach $28.12 billion by 2026, growing at CAGR 4.28% from 2021 to 2026. Vehicle to grid (V2G) is a system, which helps the various types of EVs such as battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell vehicles (FCVs) and others, to communicate with the power grid to sell the demand response services by offering to way exchange of electricity.Key Takeaways
Bidirectional charging is anticipated to witness the fastest market growth during the forecast period, due to its various advantages over the unidirectional charging.
Europe held the major market share in 2020, owning to the growing demand for electric vehicles and increasing governments initiatives for the promotion of EVs.
The market of Vehicle to Grid (V2G) is estimated to witness a significant upsurge during the forecast period, owing to the growing demand for EVs and its supporting infrastructure.
This industry is consolidated with top market players including AC Propulsion, Inc., Edison International., DENSO Co., Boulder Electric Vehicle, Nissan Motor Corporation among others.
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Vehicle to Grid (V2G) Market Segment Analysis - By Geography
Europe dominated the vehicle to grid market in 2020 with the highest vehicle to grid (V2G) market share close to 33% followed by North America and this region is estimated to witness a significant amount of growth during the forecast period 2021-2026, due to high investment in electric vehicle production and increasing government initiatives for the adoption of eco-friendly EVs and its supporting infrastructures. In February 2021, Ford invested $1 billion to transform its Cologne, German based factory into an EV production factory. Similarly, in November 2020, German based Company, Tier had raised a fund worth $250 million led by SoftBank. In April 2021, European e-scooter and micro-mobility Start-up Company, Dott got $85 million funding and is planning to launch e-bikes throughout London in the next summers.
Vehicle to Grid (V2G) Market Drivers
Growing Investment and Demand for Electric Vehicles and its supporting infrastructure is driving the growth of this market
Governments’ Initiatives to promote the adoption of EVs and for the EV charging stations will boost the growth
Vehicle to Grid (V2G) Market Landscape
Vehicle to Grid (V2G) top 10 companies include AC Propulsion, Inc, Edison International, DENSO Co, Boulder Electric Vehicle, Nissan Motor Corporation, EnerDel, Inc, EV Grid, Inc, Hitachi, Ltd, NRG Energy, Inc, OVO Energy Ltd.
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