Source: SPHERICAL INSIGHTS LLP

The Vehicle-to-Grid (V2G) Technology Market was valued at USD 3.7 Billion in 2023 and the Worldwide Vehicle-to-Grid (V2G) Technology Market Size is Expected to reach USD 123.6 Billion by 2033, according to a research report published by Spherical Insights & Consulting.

Companies covered: Nissan Motor Corporation, Mitsubishi Motors Corporation, NUVVE Corporation, ENGIE Group, OVO Energy Ltd, Groupe Renault, Honda Motor Co., Ltd., and Others Key Vendors

V2G technology demands a specific charging infrastructure capable of bidirectional power transfer. This includes V2G charging stations found in homes, offices, public locations, and fleet depots. EVs with bidirectional charging capability are the foundation of the V2G business. These vehicles can not only receive electricity from the grid to charge their batteries, but also return stored energy to the system as needed.

Energy management solutions are essential for V2G deployments because they optimize energy use, storage, and distribution across EV fleets and grid infrastructure. These technologies increase the value of V2G services while ensuring grid stability and reliability. Automotive manufacturers are gradually integrating V2G capabilities into their electric vehicle models, enabling bidirectional charging.

Vehicle-to-Grid (V2G) Technology Market Value Chain Analysis

EV manufacturers are at the forefront of the V2G value chain, creating vehicles with bidirectional charging capabilities necessary for V2G interactions. These manufacturers have included V2G capabilities in their EV models, ensuring interoperability with V2G charging networks. Charging infrastructure providers play an important role in the V2G value chain by offering V2G-enabled charging stations with bidirectional power flow.

These companies create, manufacture, and install V2G chargers in a wide range of contexts, including homes, offices, public spaces, and fleet depots. End users of V2G technology include EV owners, fleet operators, businesses, government agencies, and other organizations who want to use EVs as flexible energy assets. These end users participate in V2G projects that reduce energy prices, generate revenue, and contribute to grid decarbonization.

Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Vehicle-to-Grid (V2G) Technology Market Size By Service (Time Shifting, Frequency Response & Reserve, Distribution Services, Emergency Backup, Arbitrage), By Application (Commercial, Individual, Both), By Charger (DC, AC, Both), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033.”

Insights by Service
The shifting segment accounted for the largest market share over the forecast period 2023 to 2033. As the V2G market matures, growth may shift to segments offering more valuable services or solutions, such as grid-scale V2G deployments, fleet electrification initiatives, or advanced energy management systems. Market consolidation may also drive growth in sectors such as mergers and acquisitions and strategic alliances.

Customer preferences and demand patterns may alter, influencing segment growth in the V2G market. Rising interest, for example, in renewable energy integration or energy resilience solutions, could drive growth in grid services, energy storage, and microgrid deployments. Changes in competition dynamics in the V2G market, such as new player entry, technological disruptions, and market share movements, can all have an impact on sector growth.

Insights by Application
The commercial segment is dominating the market with the largest market share over the forecast period 2023 to 2033. Commercial enterprises with complex energy demand and consumption patterns can benefit from V2G technology. Businesses that participate in demand response programs and leverage V2G capabilities can improve energy efficiency, reduce peak demand expenses, and create revenue by providing grid services during peak demand periods.

Commercial premises, such as shopping malls, office buildings, and industrial sites, can employ V2G technology to provide grid services and generate revenue. Businesses that monetize their EV fleets' battery storage capacity can participate in ancillary service markets, frequency control, and capacity reserve programs, so contributing to grid stability while generating revenue.

Insights by Charger
The DC segment accounted for the largest market share over the forecast period 2023 to 2033. As the need for V2G technology grows, there is an increased interest in researching various system architectures and configurations to meet specific application requirements. DC V2G systems could be a viable alternative to traditional AC systems, especially in environments that require efficiency, compatibility, and quick response times.

DC V2G systems can assist in incorporating renewable energy sources such as solar and wind power by providing energy storage and grid stability. By combining DC V2G systems with renewable energy installations, operators can increase the usage of clean energy resources while minimizing their dependency on fossil fuels. DC V2G systems feature quick response times and precise control over power output, making them excellent for grid stabilization applications such as frequency regulation and voltage support.

Insights by Region
North America is anticipated to dominate the Vehicle-to-Grid (V2G) Technology Market from 2023 to 2033. Government incentives, environmental concerns, and advances in EV technology have all contributed to a significant increase in the usage of electric vehicles throughout North America. The increasing number of electric vehicles on the road expands the pool of possible resources for V2G networks.

Utilities in North America are actively undertaking grid modernization measures to improve grid dependability, flexibility and resilience. V2G technology supports these objectives by providing utilities with additional tools for managing grid operations, integrating renewable energy sources, and controlling peak demand. Governments, utilities, and private investors in North America are making significant investments in V2G infrastructure and deployment activities. These investments help to accelerate the development and deployment of V2G technologies, increase their market reach, and create new economic opportunities.

Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Government incentives, urbanization, and environmental concerns all contribute to the Asia-Pacific region's high rate of electric vehicle adoption. As the number of electric vehicles on the road increases, so does the chance for V2G technologies to exploit their energy storage capacity to deliver grid services. Asia-Pacific countries are investing in grid modernization to boost reliability, flexibility, and resilience.

V2G technology helps to achieve these aims by providing utilities with more tools for managing grid operations and integrating renewable energy sources. Rapid urbanization in the Asia-Pacific region has led to the development of smart city projects aimed at boosting urban mobility and sustainability. V2G technology can help with grid support and energy demand control.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. 

The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Major Key vendors in the Global Vehicle-to-Grid (V2G) Technology Market size are Nissan Motor Corporation, Mitsubishi Motors Corporation, NUVVE Corporation, ENGIE Group, OVO Energy Ltd, Groupe Renault, Honda Motor Co., Ltd., and Others Key Vendors.

Recent Market Developments

• In November 2023, Toyota Motor North America (Toyota) and San Diego Gas & Electric Company (SDG&E) worked together to test vehicle-to-grid (V2G) capabilities with the Toyota bZ4X battery electric vehicle.

Major players in the market

• Nissan Motor Corporation
• Mitsubishi Motors Corporation
• NUVVE Corporation
• ENGIE Group
• OVO Energy Ltd
• Groupe Renault
• Honda Motor Co., Ltd.

Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.

Vehicle-to-Grid (V2G) Technology Market, Service Analysis

• Time Shifting
• Frequency Response & Reserve
• Distribution Services
• Emergency Backup
• Arbitrage

Vehicle-to-Grid (V2G) Technology Market, Application Analysis

• Commercial
• Individual
• Both

Vehicle-to-Grid (V2G) Technology Market, Charger Analysis

• DC
• AC
• Both

Vehicle-to-Grid (V2G) Technology Market, Regional Analysis

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• Uk
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific
• South America
• Brazil
• Argentina
• Rest of South America
• Middle East & Africa
• UAE
• Saudi Arabia
• Qatar
• South Africa
• Rest of Middle East & Africa