Portland, OR, Sept. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global vehicle-to-grid market generated $1.72 billion in 2021, and is projected to reach $15.03 billion by 2031, growing at a CAGR of 25.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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V2G Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.72 billion |
| Market Size in 2031 | $15.03 billion |
| CAGR | 25.3% |
| No. of Pages in Report | 342 |
| Segments Covered | Technology, Vehicle Type Charging Type, Components, And Region. |
| Drivers | Significant surge in the demand for electric vehicle |
| Rapid industrialization | |
| Opportunities | Prevalence of government initiatives for development of electric vehicle charging infrastructure |
| Increase in urbanization | |
| Restrains | Lack of sufficient infrastructure |
| Lack of standardization of electric vehicle (EV) charging |
COVID-19 Scenario:
- The vehicle-to-grid market experienced a negative impact due to the presence of lockdowns in numerous countries around the globe during the COVID-19 pandemic. Owing to the stringent regulatory procedures imposed by the governments of various countries, most manufacturing and production facilities were closed, including those involving the automotive industry.
- In addition, pandemic-related issues are aggravating port congestion, intermittent closures, and supplier delays.
- Besides, shortage of essential raw materials due to ban on the import and export of items further had an adverse impact on the market.
- These social distancing restrictions were imposed by the government to significantly curb the spread of the virus during the pandemic.
- However, with eased pandemic restrictions, the market is expected to recoup soon.
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The report offers detailed segmentation of the global vehicle-to-grid market based on technology, vehicle type, charging type, components, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on technology, the power management segment held the dominating market share in 2021, holding more than four-fifths of the global V2G market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 25.7% during the forecast period. The report also analyses other segments such as software.
Based on vehicle type, the plug in hybrid electric vehicles segment held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The battery electric vehicles segment, on the other hand, is expected to cite the fastest CAGR of 27.3% during the forecast period.
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Based on charging type, the unidirectional charging segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The bidirectional segment, on the other hand, is expected to cite the fastest CAGR of 26.7% during the forecast period.
Based on region, the market across Europe held the largest market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 26.6% during the forecast period. The report also analyses other regions such as North America, Asia-Pacific, and LAMEA.
The key players analyzed in the global vehicle-to-grid market report include ABB, AC Propulsion, Inc., Boulder Electric Vehicle, Denso Corporation, Edison International, EnerDel, Inc., EV Grid, Inc., Fermata Energy, Hitachi, Ltd, Honda Motor Co., Ltd., Indra, Nissan Motor Corporation, NRG Energy, Inc., Nuvve Holding Corp., OVO Energy Ltd., Toyota Industries Corporation, and Wallbox Inc.
The report analyzes these key players in the global vehicle-to-grid market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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