Vehicle to Grid Chargers Market by End-user and Geography - Forecast and Analysis 2022-2026

The vehicle-to-grid (V2G) chargers market share is expected to increase by USD 8.85 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 33.37%.

This vehicle to grid chargers market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers vehicle to grid chargers market segmentation by end-user (residential chargers and commercial chargers) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The vehicle to grid chargers market report also offers information on several market vendors, including ABB Ltd., Cenex, Enel Spa, ENGIE SA, EVTEC AG, Honda Motor Co. Ltd., Hyundai Motor Group, Magnum CAP, Mitsubishi Motors Corp., Moixa Energy Holdings Ltd., Nissan Motor GB Ltd., Nuvve Holding Corp., Renault sas, Shell plc, The Mobility House GmbH, Toyota Motor Corp, UK Power Networks Operations Ltd., Liikennevirta Oy Ltd., and OVO Group Ltd. among others.

What will the Vehicle To Grid Chargers Market Size be During the Forecast Period?

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Vehicle To Grid Chargers Market: Key Drivers, Trends, and Challenges

The ability to meet the growing electricity demand is notably driving the vehicle to grid chargers market growth, although factors such as high dependency on governments for planning and investment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the vehicle-to-grid chargers industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.

Key Vehicle To Grid Chargers Market Driver

The ability to meet the growing electricity demand is one of the major drivers impacting the vehicle-to-grid chargers market growth. EVs have the potential to reduce pollution and dependence on fossil fuels. Governments of various countries are providing incentives and building the necessary infrastructure to support the adoption of these vehicles. As a result, the adoption rate of EVs has been increasing steadily. The growing demand for EVs has increased the demand for charging outlets, which would increase the need for electricity. The cost of charging EVs has been categorized based on the electricity demand. There are different electric rate plans like flat-rate plans, tiered flat-rate plans, and critical peak pricing plans. During peak hours, the cost of charging is high, while it is less during off-peak hours. This is because service providers could devise comparatively cheaper methods of electricity generation. Vehicle-to-grid technology would reduce the cost of charging EVs during peak hours when the electricity demand is high. On average, EVs are idle 95% of the time. If that idle time could be utilized by transferring the energy from the vehicle to the grid during peak hours, the availability of energy would be more. This would help in meeting the growing demand for electricity at a lesser cost. This is one of the important factors which will drive the global vehicle to grid chargers market during the forecast period.

Key Vehicle To Grid Chargers Market Trend

Increasing adoption of EVs is one of the major trends influencing the V2G market growth. EVs were introduced in the early 1990s. However, they lacked popularity among end-users in the initial years. Increased marketing by vendors and widespread awareness led to a rise in the popularity of EVs. Benefits, such as low air and noise pollution, are the major reasons triggering their demand in the market. Ford Motor Company offers a detailed explanation of different options of EVs and technologies on its website. Support from governments for both manufacturers and consumers has also been a major driver for the increase in the penetration of EVs. The total ownership cost of EVs is higher than that of conventional internal combustion engine (ICE) vehicles. This is because of additional high-capacity batteries used in EVs, along with the use of electronic components and design considerations. The cost of EVs depends on the range, hours of use, cost of charging, and subsidies from governments. One of the bestselling, economical EVs, Nissan LEAF uses a 24kWh battery that costs around $12,000, which is equivalent to the cost of a mid-segment ICE car. The increasing need to reduce carbon emissions has led auto manufacturers to produce EVs, and government subsidies have increased the sales volume of EVs. Increasing sales of EVs would increase the electricity demand, which would affect the global vehicle-to-grid chargers market during the forecast period.

Key Vehicle To Grid Chargers Market Challenge

High dependency on governments for planning and investment is one of the major challenges impeding the vehicle to grid chargers market growth. The vehicle-to-grid technology is similar to the installation of conventional EV charging stations, but this charges bidirectionally, which increases the capital needed and government approval with different policies. In the past few years, many vehicle-to-grid technology pilot projects have been initiated globally with help from governments. However, the penetration of this market would have been higher with the right government policies and standard regulations for the implementation of the vehicle-to-grid infrastructure. A few of the vehicle-to-grid test projects are mentioned below. High dependence on governments for policies and investments will challenge the global vehicle to grid market during the forecast peri

This vehicle to grid chargers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global vehicle to grid (V2G) chargers market as a part of the global automotive components and accessories market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the vehicle to grid chargers market during the forecast period.

Who are the Major Vehicle To Grid Chargers Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• ABB Ltd.
• Cenex
• Enel Spa
• ENGIE SA
• EVTEC AG
• Honda Motor Co. Ltd.
• Hyundai Motor Group
• Magnum CAP
• Mitsubishi Motors Corp.
• Moixa Energy Holdings Ltd.
• Nissan Motor GB Ltd.
• Nuvve Holding Corp.
• Renault sas
• Shell plc
• The Mobility House GmbH
• Toyota Motor Corp
• UK Power Networks Operations Ltd.
• Liikennevirta Oy Ltd.
• OVO Group Ltd.

 

This statistical study of the vehicle-to-grid chargers market encompasses successful business strategies deployed by the key vendors. The vehicle to grid chargers market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The vehicle to grid chargers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.

Vehicle To Grid Chargers Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the vehicle to grid chargers market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Vehicle To Grid Chargers Market?

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35% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the vehicle to grid chargers market in North America. Market growth in this region will be faster than the growth of the market in other regions.

Sales of EVs are increasing year on year in the US, and simultaneously, the charging infrastructure is also expanding which will facilitate the vehicle to grid chargers market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic led to a temporary shutting down of many facilities of end-users in the region. For instance, in April 2020, Ford Motor announced the cancellation of a plan to jointly develop an electric vehicle with Rivian due to the COVID-19 pandemic. In addition, in March 2020, Rivian, an EV company, announced the shutdown of its facilities in the US. Such shutdowns negatively affected the demand for the vehicle to grid chargers, which hindered the growth of the market in focus in the region in 2020.

What are the Revenue-generating End-user Segments in the Vehicle To Grid Chargers Market?

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The vehicle to grid chargers market share growth by the residential chargers segment will be significant during the forecast period. Increasing awareness about alternative energy sources would drive the global vehicle-to-grid chargers market for the residential chargers segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the vehicle to grid chargers market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Vehicle To Grid Chargers Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 33.37%
Market growth 2022-2026	$8.85 billion
Market structure	Fragmented
YoY growth (%)	20.07
Regional analysis	North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution	North America at 35%
Key consumer countries	US, Canada, China, Japan, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	ABB Ltd., Cenex, Enel Spa, ENGIE SA, EVTEC AG, Honda Motor Co. Ltd., Hyundai Motor Group, Magnum CAP, Mitsubishi Motors Corp., Moixa Energy Holdings Ltd., Nissan Motor GB Ltd., Nuvve Holding Corp., Renault sas, Shell plc, The Mobility House GmbH, Toyota Motor Corp, UK Power Networks Operations Ltd., Liikennevirta Oy Ltd., and OVO Group Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Vehicle To Grid Chargers Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive vehicle to grid chargers market growth during the next five years
• Precise estimation of the vehicle to grid chargers market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the vehicle to grid chargers industry across North America, Europe, APAC, South America, the Middle East, and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of vehicle to grid chargers market vendors

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