LONDON--(BUSINESS WIRE)--The global vehicle to grid (V2G) market is expected to grow at a CAGR of more than 18% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global vehicle to grid market for 2017-2021. The market is further categorized into two segments based on technology. These segments are power electronics and software, of which the power electronics segment accounted for more than 88% of the market share in 2016.
“The need to reduce GHG emissions and develop energy independence is leading to the rise in the adoption of efficient electric cars, which in turn, is driving the market. It is expected that Tesla and Nissan will launch EVs with V2G capability during the forecast period. This will help the market grow in double digits as the technology will move from the pilot to the commercialization phase, making V2G a mainstream application,” says Thanikachalam Chandrasekaran, a lead smart grid research expert from Technavio.
Technavio’s energy research analysts segment the global vehicle to grid market into the following regions:
- Americas
- APAC
- EMEA
V2G market in Americas
The Americas is the leading region for V2G technologies, with the US being the major contributor to the growth. This growth is attributed to rapid investments in the development and deployment of V2G infrastructure. This was coupled with aggressive government strategies and targets to stimulate sales of battery electric vehicle (BEVs) and plug-in hybrid electric vehicle (PHEVs) in the region. Integrating EVs into the grid can save cost to utilities as well as help offset the overall ownership cost of EV owners.
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V2G market in APAC
APAC has the fastest growing V2G market among other regions. The demand for V2G technologies will largely be driven by the need for improving the environment and energy security in some of the fast-growing economies in APAC, such as China and India. Governments of these countries are investing heavily in the deployment of smart grids that will enable two-way communication between the grid and EVs.
“Investments in smart grid and benefits such as tax exemptions for the construction of charging stations coupled with subsidies for the purchase of EVs will drive the demand for EVs. This, in turn, will fuel the grid integration technologies in the region,” says Thanikachalam.
V2G market in EMEA
The transition to smart grid systems, the evolution of EVs stimulated by the development of vehicle batteries, and aggressive policies in renewable energy are some of the drivers for the V2G market in Europe. Large-scale deployments of smart grid technologies such as smart meters will enable vehicle grid integration (VGI) and increase the share of renewable power in the region. This will drive the need for technologies that will enable grid integration to manage renewable power generation. VGI demonstration projects are taking shape in countries such as Denmark and Germany that have a large amount of renewable power generation.
The top vendors in the global vehicle to grid market as highlighted in this market research analysis are:
- AC Propulsion
- CORITECH
- DENSO
- Hitachi
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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