Home > Automotive > Automotive Technology > Vehicle Interface > Vehicle-to-Grid (V2G) Technology Market

Vehicle-to-Grid (V2G) Technology Market Trends

Report ID: GMI7732
Published Date: Dec 2023
Report Format: PDF

Download Free Sample

Vehicle-to-Grid Technology Market Trends

One upcoming trend in the vehicle-to-grid technology industry is the exploration of applications beyond traditional electric vehicles. V2G systems may be integrated with other forms of energy storage and generation, such as stationary batteries and renewable energy sources. This expansion broadens the scope of V2G technology, creating more versatile and integrated solutions for grid management and support.

Quoting an instance, in November 2023, Polestar announced embarking on a significant vehicle-to-grid (V2G) initiative in Gothenburg, Sweden, supported by funding from Vinnova, the Swedish Innovation Agency. The project involves a substantial fleet of Polestar 3 cars and collaborative efforts with key stakeholders in the electricity grid sector. Partnering with entities such as Svenska kraftnät, the Swedish National Grid authority, local grid owner Göteborg Energi Nät, Vattenfall Eldistribution, Easee (a home charging provider), and research partner Chalmers University of Technology, Polestar aims to explore viable V2G business models and implement scalable use cases with broader regional applications.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vehicle-to-grid (V2G) technology reached USD 3.1 billion in 2023 and is set to expand at 50% CAGR between 2024 and 2032, owing to the increasing renewable energy integration.

The BEVs segment accounted for a market share of around 55% in 2023, due to its dual role in optimizing energy usage.

Europe market share was around 40% in 2023, attributed to the region's strong commitment to sustainable energy practices, coupled with supportive government policies and incentives.

ABB Ltd., AC Propulsion, Inc., Denso Corporation, Edison International, Engie Group, Groupe Renault, Hitachi Ltd., Honda Motor Co.,Ltd., Mitsubishi Motors Corporation, Nissan Motor Corporation, NRG Energy Inc., Nuvve Corporation, OVO Energy Ltd., and Toyota Shokki.