In a recent research report by Transparency Market Research, the analysts state that the global vehicle to grid technology market is expected to grow at a massive pace over the course of the mentioned forecast period of 2019 to 2027. According to the report, the vehicle to grid technology market will exhibit a humungous CAGR of 46% in the given projection period.
There are several factors that are influencing the growth of the global vehicle to grid technology market. One of the most influential factor is the integration of battery electric vehicles (BEVs) with the vehicle to grid technology. This is creating a wide range of business opportunities for the growth of the market. This new technology offers a smart grid solutions to the customers that allows them to have price arbitrage and provides better control of the energy reserves of the vehicle. Hence, the vehicle owners can offer supplementary services to bigger distribution network operators. This also gives them a chance to earn by offering energy reserves to the operators.
Setting Up Intelligent Ecosystem for Network Grid
The leading players in the global vehicle to grid technology market are now integrating the vehicle to grid technology with vehicle to everything. This integration will allow the exchange of data and communication between two enabled vehicles and their surroundings. This is expected to create an interconnected and intelligent ecosystem for transportation between the vehicle owners and technology providers. This is also one of the big driving factors for the growth of the global vehicle to grid technology market.
The leading players in the market are adopting strategies such as joint ventures and alliances to help set up more robust networks and generate higher revenues. For instance, in 2018, Hitachi and Mitsubishi announced a collaboration to establish a vehicle to grid charging network. This network would serve both plug-in hybrid and battery electric vehicles across Japan.
The business opportunities in the global vehicle to grid technology market are now triggering the manufacturers of plug-in hybrid vehicles and battery electric vehicles to offer additional services to the vehicle owners. Since the software being the fundamental component of the vehicle to grid technology, the vehicle owners stand a chance to earn more from the companies who intend to buy the necessary data the intelligent vehicle generates through the interconnected communication technology. This data is key for the vehicle manufacturers in an attempt to offer better and more efficient services to their customers. These factors are thus playing a crucial role in the development of the global vehicle to grid technology market.
Vehicle Owners Have Opportunity to Earn More
The most important aspect of vehicle to grid technology is that it helps in translating savings for several shareholders in the market value chain depending upon the vehicle, charger, and proximity. The leading players in the market are now trying to get customer loyalty for energy reserves by offering them competitive prices. The idea is to avoid paying unnecessarily large sums at the time of high demand.
The reach of the vehicle to grid technology market is now expanding to schools, homes, and fleets. For instance, the batteries in school buses are big enough and have scope of charging other batteries during their downtime or mid-day. Also, the owners can save more on energy expenses at their homes by consuming the electricity generated through plug-in hybrid electric vehicles. This will also help them avoid paying excessively during the peak hours.