The North America Vehicle-To-Grid (V2G) Market would witness market growth of 24.8% CAGR during the forecast period (2023-2030).
The market refers to a dynamic ecosystem where electric vehicles (EVs) equipped with bidirectional charging capabilities interact with the electrical grid to provide various energy services. Moreover, within the market for this, electric vehicle batteries function as adaptable energy storage resources capable of storing excess power generated by renewable sources, including solar and wind, and subsequently returning it to the power grid during periods of high demand or peak load.
In the evolving energy and transportation landscape, a revolutionary concept has emerged at the intersection of electric vehicles and the electrical grid V2G technology. With its potential to reshape the dynamics of energy storage, distribution, and consumption, V2G represents a groundbreaking approach to grid management and sustainable transportation. As the grapples with the urgent need to decarbonize energy systems and mitigate the impacts of climate change, V2G emerges as a beacon of innovation, offering a transformative solution that transcends the traditional boundaries between transportation and energy sectors.
The Mexican government's strategic plan to improve mobility and increase clean energy generation aligns with the goals and objectives of the market. As per the International Trade Administration (ITA), the Mexican government has a strategic plan to improve mobility by replacing local transportation with zero-emission vehicles. By 2024, they intend to increase the proportion of electricity generated using renewable energy sources from 25 to 35 percent. Therefore, the rising sales of EVs and government initiatives to promote clean mobility in the region are propelling the market's growth.
The US market dominated the North America 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 $2,626.3 Million by 2030. The Canada market is experiencing a CAGR of 27.6% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 26.5% during (2023 - 2030).
Free Valuable Insights: The Vehicle-To-Grid (V2G) Market is Predict to reach $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 U.S., Mexico, Canada, and Rest of North America.
By Technology
By Vehicle Type
By Charging Type
By Component
By Country
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