Vehicle-to-Grid (V2G) Market to Soar to USD 109.94 Billion by 2033, Driven by 30.2% CAGR | Exactitude Consultancy

Vehicle-to-Grid (V2G) Market Overview (2025–2033)

/EIN News/ -- Luton, Bedfordshire, United Kingdom, May 29, 2025 (GLOBE NEWSWIRE) -- The vehicle-to-grid (V2G) market is set for significant expansion, projected to grow at a CAGR of 30.2% between 2025 and 2033, reaching a valuation of over USD 109.94 billion by 2033 from USD 7.37 billion in 2025. V2G is an advanced energy management solution that enables bi-directional energy exchange between electric vehicles (EVs) and the power grid. This technology leverages the stored energy in EV batteries to support grid operations during peak demand or emergencies, while also enabling vehicles to draw power when needed. V2G is gaining traction as a critical component of the renewable energy ecosystem, offering grid stabilization, cost optimization, and emission-free energy distribution.

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The market is being driven by the increasing deployment of smart grids, widespread adoption of electric vehicles, and growing concerns about energy sustainability. The integration of bidirectional charging stations further enhances the potential of V2G systems by allowing vehicles to store and supply excess energy to the grid. Advances in battery technology, coupled with the development of Vehicle-to-Everything (V2X) systems, are expected to propel market growth. However, challenges such as inadequate infrastructure, lack of standardization, and high implementation costs remain significant barriers to widespread adoption.

Market Segmentation:

1. By Solution Type

• Hardware
  • Bidirectional Chargers
  • Smart Meters
  • Inverters
  • EVSE (Electric Vehicle Supply Equipment)
• Software
  • Energy Management Systems
  • Vehicle Aggregation Platforms
  • Grid Integration Software
• Services
  • Installation & Integration Services
  • Maintenance & Support
  • V2G Aggregator Services

2. By Vehicle Type

• Battery Electric Vehicles (BEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
• Fuel Cell Electric Vehicles (FCEVs)
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
• Passenger Cars

3. By Charging Type

• Unidirectional Charging (V1G)
  • Smart Charging (Grid to Vehicle)
• Bidirectional Charging (V2G)
  • Vehicle-to-Grid (V2G)
  • Vehicle-to-Home (V2H)
  • Vehicle-to-Building (V2B)
  • Vehicle-to-Load (V2L)

4. By Application

• Peak Load Management
• Backup Power Supply
• Frequency Regulation
• Energy Trading
• Renewable Energy Integration

5. By End User

• Residential
• Commercial Fleets
• Utilities
• Public Infrastructure Providers
• Government & Municipalities

6. By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Norway
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • South Africa

By Solution Type:

Among the various solution types, Electric Vehicle Supply Equipment (EVSE) dominates the market. EVSE serves as the fundamental interface between the EV and the power grid, enabling both charging and discharging processes. With increasing investments in renewable energy infrastructure, the demand for EVSE has surged due to its role in facilitating smart energy flow. Other key solutions include smart meters, home energy management (HEM) systems, and advanced software platforms for grid integration and data management.

By Vehicle Type:

Plug-in Hybrid Electric Vehicles (PHEVs) represent the largest share within the vehicle-type segment. Their ability to operate using both internal combustion engines and battery power makes them versatile and energy-efficient. Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs) also contribute significantly to the V2G ecosystem, particularly as governments incentivize cleaner alternatives to traditional vehicles.

By Charging Type:

Bidirectional charging has emerged as a key growth area, allowing EVs not only to receive power from the grid but also to return it during peak times. This dual functionality is essential for grid stability, especially with increasing reliance on intermittent renewable sources like solar and wind. Unidirectional charging, while still prevalent, is gradually being supplemented by the superior capabilities of bidirectional systems.

Regional Analysis

North America:

North America, particularly the U.S. and Canada, is at the forefront of V2G adoption, accounting for a substantial market share. The region benefits from strong government support, progressive regulatory frameworks, and widespread EV infrastructure. Strategic collaborations between automotive manufacturers and energy companies are accelerating the deployment of V2G solutions.

Europe:

Europe holds more than 35% of the V2G market and is projected to maintain steady growth throughout the forecast period. The region’s leadership stems from stringent emissions regulations, attractive incentives for EV ownership, and significant investments in clean energy. Countries like the Netherlands, Germany, and the UK are pioneering pilot programs and commercial deployments of V2G technologies.

Asia-Pacific:

The Asia-Pacific region is witnessing rapid growth, driven by massive EV adoption in countries such as China, Japan, and South Korea. Government initiatives promoting renewable energy integration and smart city development are further contributing to the regional expansion of the V2G market.

Latin America, Middle East & Africa:

Although still emerging, these regions present untapped potential due to their increasing urbanization, growing demand for energy security, and youth-driven EV adoption trends. National energy strategies focusing on sustainability are expected to stimulate future market growth.

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Key Players:

1. Nissan Motor Corporation
2. Tesla, Inc.:
3. Nuvve Corporation
4. Enel X
5. ABB Ltd.
6. Mitsubishi Motors Corporation
7. BMW Group
8. Hyundai Motor Company
9. Honda Motor Co., Ltd.
10. Hitachi Energy
11. Daimler AG
12. General Motors Company
13. Proterra Inc.
14. Stellantis N.V.
15. Siemens AG
16. ENGIE Group
17. OVO Energy
18. EDF Energy
19. The Mobility House
20. E.ON U.K. plc:

Recent Developments:

1. Nissan Motor Corporation

Nissan continues to lead in V2G innovation. In October 2024, the company became an equal investor in ChargeScape, a V2G integration platform alongside BMW, Ford, and Honda. ChargeScape facilitates communication between EVs and utility companies, allowing for managed home charging and energy redistribution back to the grid during peak demand periods. Nissan plans to introduce ChargeScape's services to its EV customers in the U.S. and Canada upon completion of the investment transaction.

2. Mitsubishi Motors Corporation

Mitsubishi is actively promoting V2G technology in Australia. In 2025, Mitsubishi Motors Australia's CEO, Shaun Westcott, advocated for government subsidies to support bi-directional EV charging, positioning it as a transformative technology akin to rooftop solar systems. Bi-directional charging enables electricity to flow between EVs and homes, potentially creating a circular energy system that uses solar power to charge cars during the day and draws energy from car batteries at night.

3. Electrovaya

Electrovaya, a Canadian battery technology firm, is expanding its role in the V2G market. In November 2024, the company entered into an agreement with a European automaker to supply battery systems for new V2G-capable EV models, expanding its footprint in the automotive sector. In January 2025, Electrovaya announced plans to increase production capacity to meet the growing demand for its battery systems, signaling confidence in market expansion.

4. Mobilize (Renault Group)

Mobilize, Renault's mobility brand, is integrating V2G capabilities into its offerings. In June 2023, Mobilize announced its Powerbox bidirectional charging station as part of the launch of the new Renault 5 electric. In 2024, the Renault 5 with Mobilize V2G technology will offer to save money by plugging in the car. The two-way system will transform the electric city car into an energy supplier.

5. China’s National Development and Reform Commission (NDRC)

In April 2025, China's NDRC announced plans to initiate pilot projects in nine cities to utilize electric vehicles (EVs) as batteries to stabilize the power grid during peak demand periods. These efforts follow last year's regulatory framework aimed at integrating new energy vehicles with the grid, addressing concerns about the rapid adoption of EVs potentially overwhelming energy systems. The 30 projects, located in cities like Beijing, Shanghai, Shenzhen, and Guangzhou, will primarily feature V2G technology, where cars store and return electricity to the grid and adjust their charging times to avoid peak hours.

This report is also available in the following languages : Japanese (車両から電力網へ（V2G）市場), Korean (차량-전력망(V2G) 시장), Chinese (车辆到电网 (V2G) 市场), French (Marché du véhicule vers le réseau (V2G)), German (Vehicle-to-Grid (V2G)-Markt), and Italian (Mercato Vehicle-to-Grid (V2G)), etc.

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