Vehicle-to-grid is a technology, which enables electric vehicles to be charged by connecting to the grid installed in different bases. The stored charge or power in the electric vehicles can be used for driving the car as well as it can be utilized for running the electric systems at offices and houses during power failure. The power stored within the electric vehicles through grid are capable of lighting the houses and offices. The power generated from various sources is distributed through the grid installed at houses or parking lots. The basic requirements for vehicle to grid are power connection, communication system and a metering system. The vehicle to grid systems helps in managing the loads generated and equally distributing it. However, the vehicle to grid being a new technology in the market, it is still in the pilot phase and it has not been fully commercialized. The adoption of this technology is limited to some of the developed regions such as the North America, Japan and Europe market. The global market for vehicle to grid will have a slow growth over the forecast period registering a single digit CAGR.
Global Vehicle-To-Grid Market: Drivers & Restraints
The global vehicle to grid market is primarily driven by the demand for environmental friendly power sources for vehicles and household purposes. The penetration of electric vehicles is attributed to the growth of vehicle to grid market. With the high power storage capacity batteries of electric vehicles the electric vehicles acts as a power storage facility which can be used in case of any electric power failure. Moreover, the vehicle-to-grid technology eliminates the traditional non-renewable source of energy such as petroleum and thermal power thus reducing the emissions. The electric vehicle owners can sell the electricity to utilities during a power failure. However, there are some challenges attributed to the vehicle to grid technology, which might restrain the global market for vehicle to grid. For instance, the vehicle to grid requires the coordination of electric vehicles at the utility center to use as a single storage device, which makes it hard to unplug any vehicle when needed during the course of charging.
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Global Vehicle-To-Grid Market: Market Segmentation
Based on vehicle type, the global vehicle to grid market can be segmented into:
- EV’s (Electric Vehicles)
- PEV’s (Plug in Electric Vehicles)
Global Vehicle-To-Grid Market: Regional Outlook
Based on the geographic regions, global automotive seating systems marketing market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among the aforementioned regions, North America market for the vehicle-to-grid market over the forecast period. The vehicle to grid technology is widely adapted in the region as the penetration of EV’s and PEV’s in the region are high as per the data released by the United States Energy Department. The Western European market and the Japan market for the vehicle to grid is followed by the North America market where the initial implementation of the technology has shown effective results. According to the OECD (Organization of Economic Co-operation and Development), the increasing penetration of EV’s and PEV’s in China will provide opportunities for the vehicle to grid models in the region.
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Some of the major players identified in the global vehicle to grid market includes, AC Propulsion, IncEdison International., DENSO CORPORATION., Boulder Electric Vehicle, and Nissan among others.