The Future Promise of Vehicle-to-Grid Technology Market | A Comprehensive Review and Research Agenda

Vehicle-to-Grid is a system in which reciprocal, bi-directional electrical energy flow occurs between plug-in electric vehicles (BEV and PHEV) and the power grid. Vehicle-to-grid technology is used to provide power to help in balancing the loads, that is shifting demand form high to low or low to high and it can also be used as power backup.

Consistent rise in the rate of adoption of electric vehicles is anticipated to propel the Vehicle-to-Grid technology market during the forecast period. The long-term cost-effectiveness, eco-friendliness, of electric vehicles and significant cost reduction and longer running distance capabilities of EV batteries are prompting consumers to adopt electric vehicles. In 2010, the global average price for an EV battery was US$ 1,000 per kWh. By 2015, its price had declined to US$ 350 per kWh.

In 2015, nearly 462,000 people around the world bought electric cars, a significant rise of approximately 59% from 2014. The supply of electric cars has been growing since 2010, with marginally higher sales of battery electric vehicles (BEVs) than those of plug-in hybrid electric vehicles (PHEVs). Moreover, severe regulations enforced globally by regulatory bodies on vehicle carbon emissions are also anticipated to boost the adoption of electric vehicles. This, in turn, is projected to propel the Vehicle-to-Grid technology market, as various electric vehicle OEMs are providing vehicles installed with Vehicle-to-Grid technology. Hasty usage of renewable energy sources is a key factor that is boosting the market for Vehicle-to-Grid technology.

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However, there are key issues that have to be overcome before adoption of the Vehicle-to-Grid technology. An obligation to develop a cleaner energy infrastructure, strong economic subsidy for consumers, and advances in research are driving the Vehicle-to-Grid technology market at a rapid pace.

Based on vehicle type, the Vehicle-to-Grid technology market can be divided into battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell vehicles, and others. Battery operated electric vehicles are pure electric vehicles, and the wheel drive is obtained from torque generated by an electric motor, thus eliminating the need for an internal combustion engine. The BEVs segment is expanding at a significant pace, as these vehicles produce zero emission and are being adopted at a higher rate in Europe.