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Vehicle-to-Grid (V2G) Chargers Market Trends

Report ID: GMI11160
Published Date: Aug 2024
Report Format: PDF

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Vehicle-to-Grid Chargers Market Trends

Advancements in V2G charger technology are driving market growth. Key innovations include faster charging times, superior bi-directional power flow capabilities, and enhanced energy management systems. These improvements increase the efficiency, reliability, and user-friendliness of V2G systems, facilitating broader adoption. Companies are focusing on developing more compact and affordable V2G chargers, thereby reducing entry barriers for both consumers and utilities. For instance, in June 2024, Toyota Motor North America partnered with energy utility Pepco to explore vehicle-to-grid (V2G) technology for battery electric vehicles in Maryland. This collaboration will utilize the Toyota bZ4X electric vehicle to investigate bidirectional power flow technology, allowing EV owners to charge during off-peak hours and return power to the local grid during peak demand. As technology advances, V2G chargers are becoming integral to the energy ecosystem. The increasing integration of renewable energy sources further underscores the importance of V2G technology. Further, sustained growth is expected in this sector over the forecast period.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Market size for vehicle-to-Grid (V2G) chargers was USD 353.7 million in 2023 and is expected to register over 19.5% CAGR from 2024-2032 due to the solar and wind energy sources becoming more prevalent worldwide.

Vehicle-to-Grid (V2G) chargers industry from the level 2 segment reached USD 173.6 million in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to rising strategic collaborations between automakers and energy providers.

Europe industry held 41% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to robust policies and incentives in the region.

ABB, Nuvve Corporation, EnelX, Dreev (EDF Group), EVBox, Siemens, and BorgWarner, Inc., are some of the major Vehicle-to-Grid (V2G) chargers companies worldwide.