The Europe Vehicle-To-Grid (V2G) Market would witness market growth of 24.1% CAGR during the forecast period (2023-2030).
At its core, V2G embodies the convergence of two fundamental trends reshaping the energy landscape, that is, transportation electrification and the proliferation of renewable energy sources. As EV adoption continues to surge, driven by advancements in battery technology, declining costs, and increasing environmental awareness, the role of EVs extends beyond mere modes of transportation. EVs equipped with bidirectional charging capabilities hold the potential to serve as mobile energy storage units, capable of storing surplus electricity from renewable sources and injecting it back into the grid when needed most.
The adoption of EVs is propelled by several key factors driving the shift towards cleaner and more sustainable transportation options. Increasing awareness among governments, businesses, and individuals regarding the environmental consequences of conventional gasoline and diesel vehicles has led to a surge in the popularity of electric vehicles (EVs), regarded as more sustainable and environmentally clean alternatives.
EV sales experienced a substantial surge of 69.3%, resulting in a noteworthy market share of 15.4%. The surge in demand for EVs in Europe necessitates a parallel rise in the need for vehicle-to-grid systems, crucial components for managing electrical power in electric vehicles. Therefore, the rising production of EVs in the region is driving the growth of the vehicle-to-grid (V2G) market.
The Germany market dominated the Europe Vehicle-To-Grid (V2G) Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $844.1 Million by 2030. The UK market is exhibiting a CAGR of 23% during (2023 - 2030). Additionally, The France market would experience a CAGR of 25.2% during (2023 - 2030).
Free Valuable Insights: The Global Vehicle-To-Grid (V2G) Market will Hit $11.7 Billion by 2030, at a CAGR of 25.0%
Based on Technology, the market is segmented into Power Management and Software. Based on Vehicle Type, the market is segmented into Battery Electric Vehicles, Plug In Hybrid Electric Vehicles, and Fuel Cell Vehicles (FCVs). Based on Charging Type, the market is segmented into Unidirectional Charging and Bidirectional Charging. Based on Component, the market is segmented into Electric Vehicle Supply Equipment (EVSE), Smart Meters, Home Energy Management (HEM), and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Netherlands, Norway, and Rest of Europe.
By Technology
By Vehicle Type
By Charging Type
By Component
By Country
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