V2G technology industry worth $ 17.43 billion (2027)
Growth Factors
Increasing awareness for smart power generation coupled with the rising adoption of autonomous vehicles has significantly triggered the demand for V2G technologies.
Governments are expected to expand incentives to accelerate the adoption of battery-powered vehicles resulting in an expansion of the V2G market.
However, the high initial cost of the technology is expected to hinder the market growth. In addition, harsh driving pattern of the motorist may decrease the performance of the autonomous vehicles that again leads to restrict market growth. Repairing companies, automobile owners, and oil industries show resistance to the high cost of existing technology. Nonetheless, the increased battery life and change of preference in the customer’s choice expected to fuel the market in the coming years.
Key Players & Strategies
The global V2G technology market poses high competition with significant on-going developments in the market. The market players are increasingly focused on establishing their strong footprint in the electric vehicle and V2G market.
In February 2019, OVO Energy Ltd announced that Mitsubishi Corporation invested in the company at an exchange of a 20% stake in the business. The company has the intention to invest the amount in an emerging market in Asia Pacific and Europe for the acceleration of intelligent energy technologies in the regions.
Some of the active key players:
Nissan Motor Corporation,
itsubishi Motors Corporation,
NUVVE Corporation,
ENGIE Group,
OVO Energy Ltd,
Group Renault,
Honda Motor Co., Ltd among others.
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Gloss