Vehicle-to-Grid Tech Market Set to Skyrocket USD 49.75 Bn by 2034

The global vehicle-to-grid technology market was valued at USD 5.54 bn in 2024 and is expected to reach USD 49.75 bn by 2034, growing at a CAGR of 28.13%

Vehicle-to-Grid Tech Market Critical Observations

• Europe holds the largest market share of around 35.80% in 2024.
• The electric vehicle supply equipment segment accounted for 83.13% of the revenue in 2024.
• Battery electric vehicles (BEVs) dominated the market with a 63.89% share in 2024.
• The plug-in hybrid electric vehicles (PHEVs) segment is expected to grow at a strong CAGR of 28.59%.

Vehicle-to-grid (V2G) technology is revolutionizing the way electric vehicles (EVs) interact with the grid, offering a bidirectional flow of energy. By allowing EVs to store and supply energy back to the grid, V2G technology enhances energy management and supports the transition to cleaner energy. As the adoption of EVs continues to increase, V2G technology is becoming a critical component of sustainable energy infrastructure. The market for this technology is projected to expand significantly, fueled by the growing demand for energy efficiency and grid stability solutions.

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Market Scope

Core Factors

Vehicle-to-grid (V2G) technology is gaining momentum as electric vehicles become more widespread, offering a sustainable solution for energy management. This innovative technology allows EVs to store and return energy to the grid, improving efficiency and stability. As the world shifts toward cleaner energy, the V2G market is set to grow rapidly, fueled by the increasing adoption of electric vehicles and advancements in energy infrastructure.

Potentials

• The rapid expansion of the electric vehicle market offers a massive opportunity for V2G technology integration.
• Supportive policies from governments worldwide promote the development of V2G infrastructure and its adoption.
• The increasing need for renewable energy sources and grid balancing presents significant potential for V2G technology.
• V2G could provide a solution to optimize energy usage in smart cities, enabling better resource management.
• As the demand for energy storage solutions grows, V2G technology can enhance energy distribution and reliability.

Obstacles

• The limited availability of compatible EV models and charging stations hampers the widespread adoption of V2G technology.
• High upfront costs and a lack of financial incentives could slow down the adoption of V2G infrastructure.
• V2G technology may face challenges related to energy security, including potential risks to grid reliability and battery degradation.
• The absence of clear regulatory frameworks and policies in many regions creates confusion and delays in implementation.
• Consumer concerns about the long-term impact of V2G on vehicle batteries may limit the willingness to participate.

Regional Insights

The Europe vehicle-to-grid technology market, valued at USD 1.98 billion in 2024, is expected to grow to USD 17.66 billion by 2034, with a CAGR of 28.05%. Government policies and the rise of electric vehicles are boosting market growth in Europe and North America. The development of smart grid initiatives, autonomous vehicles, and advancements in vehicle batteries also play a role. Meanwhile, Asia Pacific is experiencing robust growth, driven by China’s push for electric-powered mobility and government support for green technologies.

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Industry Leaders

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

Recent Insights

Toyota and local energy utility Pepco are collaborating on vehicle-to-grid (V2G) research for battery electric vehicles, exploring bidirectional power flow technology to allow BEV owners to send power back to the local energy grid. In Europe, electric vehicles are now capable of serving as temporary electricity storage units, enabling owners to supply power to external devices and feed electricity back into the grid, thereby balancing supply and demand.

Market Segmentation

By Component Type           

• Smart Meters
• Electric Vehicle Supply Equipment (EVSE)
• Software
• Home Energy Management (HEM)

By Application Type

• Battery Electric Vehicles (BEVs)
• Fuel Cell Vehicles (FCVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)

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