Market Dynamics:
The growth of the vehicle to grid technology market is driven by increasing adoption of electric vehicles globally and rising demand for ancillary services from utilities. According to the International Energy Agency, the global stock of electric passenger cars exceeded 10 million in 2021 and is anticipated to grow at a fast pace in the coming years. Utilities are under pressure to balance renewable energy sources like solar and wind power with consumer demand. Vehicle to grid technology helps to monetize electric vehicle battery storage capacity to fulfil ancillary service requirements such as regulation services, frequency response and spinning reserves. Additionally, growing investments by leading automakers as well as government initiatives to build supporting vehicle to grid infrastructure are expected to boost market growth over the forecast period.

Key Takeaways

The Global Vehicle To Grid Technology Market Size is expected to witness high growth, exhibiting a CAGR of 43.9% over the forecast period, due to increasing demand for clean mobility solutions. Rapid electrification of transportation, coupled with supportive government policies and incentives promoting V2G infrastructure are fueling the market expansion.

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