Published on : Jan 17, 2020
ResearchMoz.us has announced the addition of a report, titled “Vehicle-to-Grid Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027”. The report on the Vehicle-to-Grid Technology market offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application. The forecast period of the report is 2019 to 2027.
The global vehicle-to-grid technology is expected to chart an stellar CAGR (Compound Annual Growth Rate) of 46% over the forecast period owing to multiple factors. Foremost among these factors can be considered the integration of battery electric vehicles with vehicle-to-grid technology, creating untapped opportunities in the market landscape. As it offers smart grid solutions, leading to better control of energy reserves and price arbitrage, customers can proffer services that are supplementary to better operators.
Exchange of data and enabling communication between vehicles and between vehicles and environment is creating a connected experience, leading to an intelligent ecosystem, propelling the vehicle-to-grid technology market onto further growth.
Market players are not just focused on product development, bringing innovation to the core of overall strategy, but they are also opting for joint ventures and partnerships which enable growth or market penetration or combining know how.
In the year 2019, Mitsubishi and Hitachi partnered to come up with a grid charging network with the aim to serve consumers with battery electric vehicles and plug in hybrid vehicles, mainly in Japan.
A slew of business opportunities are arising in the market owing to this technology, providing players the space to offer additional features to customers. For instance, using software and interconnected communication technology, important data about user can be generated. This provides manufacturers a revenue channel they cannot ignore.
The report includes a dashboard view of these players, analyzing market scenario as well as individual contribution of each to the market. It also presents an in-depth analysis of scope, potential and strategy.
The report also gives a regional analysis. As per the analysis, Europe will hold a major share owing to a steady rise in electric vehicles. The governments in the region are particularly very supportive of electrification of transportation. Some of the countries like Luxembourg are already paving the way.
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It is also critical for the region to adopt electrification in order to reach their energy security and decarbonization goals set by European Union (EU). Besides, as burning of conventional fuel to run vehicles is looked down upon because of the adverse impact it creates on the environment, market for vehicle-to-grid technology is only set on a steeper upward slope over the forecast period.
Higher technology adoption in the region, followed by North American region will lead to growth in both. Besides, both regions are scurrying to work upon and better the infrastructure to support the move.
Additionally, owing to presence of technologically forward nations like China and Japan, the Asia Pacific Region will generate quite a few lucrative opportunities, helping the market grow immensely.
The governments support such moves since these allow consumers to generate their own renewable energy source and repository, allowing people to reach self-sufficiency in terms of energy in their homes. Besides, being able to store energy in vehicles allow people to save energy costs, making it extremely popular with users.
Together, these factors pave way for growth and dynamism in the vehicle-to-grid technology market in a major way.