The growth of the global vehicle-to-grid (V2G) technology market is being driven by the surge in demand for electric vehicles globally. The surge in demand for electric vehicle charging stations all around the globe are driving the expansion of global vehicle-to-grid (V2G) technology market.

The vehicle-to-grid (V2G) technology is deployed in different types of plug-in hybrid vehicles, battery electric vehicles, and hydrogen fuel cell electric vehicles. Due to utilization of vehicle-to-grid (V2G) technology, the efficiency and productivity of electric vehicles have increased on a large scale. The vehicle-to-grid technology is regarded as smart charging technology for electric vehicles. In addition, the surge in demand for electric vehicle charging stations all around the globe are driving the expansion of global vehicle-to-grid (V2G) technology market.

The global vehicle-to-grid technology market size was valued at US$ 1.77 billion in 2021 and is expected to be worth around US$ 17.43 billion by 2027, recording a CAGR of 48% over forecast period 2022 to 2027.

What are the key trends in the vehicle-to-grid (V2G) technology market?

The growth of the global vehicle-to-grid (V2G) technology market is being driven by the surge in demand for electric vehicles globally. Electric vehicles are thought to be viable options for lowering greenhouse gas emissions and, more broadly, global human caused emissions, which are primarily generated by the transportation and energy sectors. They also contribute to the diversification of the energy sector and open up new business prospects. As electric vehicles rely on the electric grid for power, synchronizing these networks with low-carbon electricity production by adopting renewable energy with high energy conversion efficiency would surely result in a greener energy and mobility landscape. Electric vehicles also have a superior overall efficiency when compared to their gasoline-powered equivalents, the internal combustion engine-based automobiles. This is due to increased grid electricity generating efficiency and regenerative decelerating. Thus, the growing demand for advanced technology for electric vehicles is creating lucrative prospects for the growth of global vehicle-to-grid (V2G) technology market.

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In addition, growing government initiatives for the adoption of electric vehicles is also driving the growth of global vehicle-to-grid (V2G) technology market. According to International Energy Agency (IEA), there were 10 million of electric vehicles on the road all around the world. Significant tax breaks aided the early adoption of electric light duty vehicles and fueled the expansion of electric vehicle production and storage sectors. The policies which included subsidies, tax rebates, were intended to close the price gap between traditional automobiles and electric vehicles. Such regulations were first applied in the 1990s in Norway then in 2008 in the U.S. and in 2014 in China. The government of other developed regions such as UK, India, China, South Korea, and Japan are constantly taking efforts for the development of vehicle-to-grid (V2G) technology market.

What are the challenges in the vehicle-to-grid (V2G) technology market?

The key challenges faced by vehicle-to-grid (V2G) technology market players are high investments and high initial costs. The vehicle-to-grid (V2G) technology is quite expensive as compared to traditional type of technologies. In addition, one of the key factors restricting the growth and development of global vehicle-to-grid technology market is growing stringent government regulations in developed and developing nations. France have enacted stringent regulations and norms regarding grid electricity of technology. This type of norms hampers the growth of global vehicle-to-grid (V2G) technology market. The large-scale incorporation of electric vehicles into the grid will have a substantial impact on grid voltage.

The impact of electric vehicle incorporation into the UK grid was investigated using various electric vehicle aggregation levels and adoption possibilities. A power systems computer aided design model was used to integrate 24 users at the low voltage segment and simulation results show that the low voltage limit was surpassed for the minimal load and 50-100% for the penetration harsh situations. Moreover, lack of proper infrastructure is also hindering the growth of global vehicle-to-grid (V2G) technology market. As a result, all of these challenges are impacting the expansion of global vehicle-to-grid (V2G) technology market.

Which regions are driving the vehicle-to-grid technology trend?

The vehicle-to-grid (V2G) technology is very trending all around the world. Almost each and every region is adopting vehicle-to-grid (V2G) technology for charging of electric vehicles and plug in hybrid vehicles. North America and Europe are the two largest markets for vehicle-to-grid (V2G) technology globally. Government initiatives supporting the use of battery-powered vehicles to minimize carbon emissions are among the primary drivers driving the vehicle-to-grid (V2G) technology market's rise. Furthermore, long-standing manufacturer warranties, as well as government subsidies and benefits for electric car and electric vehicles adoption, attract a large number of customer base.

The automobile manufacturers in these developed regions are also promoting vehicle-to-grid (V2G) technology, which extends battery life and improves their value chain. In the future years, Asia-Pacific is likely to see a substantial development in vehicle-to-grid (V2G) technology. Asian countries including Japan, China, India, and South Korea are the key drivers of the vehicle-to-grid (V2G) technology market. The demand for electric vehicles in China, Europe, and the U.S. are growing at a rapid pace. Moreover, these nations' market players are penetrating vehicle-to-grid (V2G) technology market in underdeveloped regions. In addition, the technological advancements and adoption of innovative and advanced technologies are also driving the growth of global vehicle-to-grid (V2G) technology market.

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