This market study segments the global vehicle grid integration technologies market by technology (drive systems, software and communication systems, and equipment) and by geography (the Americas, APAC, and EMEA). It also presents a comprehensive analysis of the major market drivers and challenges that influence the prospects for market growth. The top vendors in this market are AC Propulsion, Coritech, Denso, and Hitachi.
Technavio’s market research analysts estimate the global vehicle grid integration technologies market, to generate revenues of $7.5 billion between 2016 and 2020. Growing need for reduction in GHG and energy independence, has led to the adoption of efficient electric vehicles (EVs), resulting in increasing requirement for vehicle grid integration technologies. These vehicle to grid (V2G) technologies provide both frequency regulation and peak load balancing of power from renewable resources. APAC leads the global market for vehicle-grid integration (VGI) technologies, owing to the rising need for improving energy security in some of the fast-growing economies of the region.
The new market research report from Technavio provides a breakdown and analysis of the vehicle to grid segments by technology.
“The rising popularity of electric vehicles (EVs) and the recent increase in the number of government initiatives are propelling the growth of this market. In recent times, increased marketing activities by vendors and widespread awareness have led to a rise in the popularity of EVs. Benefits such as low air and noise pollution will be the primary factors triggering its demand in the market. This increase in the popularity of EVs will result in additional vehicles being integrated into the grid,” says Vishu Rai, Lead Analyst, Energy, Technavio Research
The drive systems segment dominates the market in terms of technology and is expected to account for an impressive market share of more than 84% by 2020. The drive systems technology is the most expensive technology in vehicle grid integration. It acts as a DC-AC converter and enables the bi-directional flow of power between the vehicle and the grid. The ability of drive systems to facilitate the process of integration will result in its high demand during the forecast period.
The key vendors in the global vehicle grid integration technologies market are AC Propulsion, Coritech, Denso, and Hitachi. This market is highly competitive due to the presence of numerous international and local suppliers. Since the technology is still in the nascent stage, new vendors that have the capability to develop specialized products can easily enter the market and capture market shares.
A more detailed analysis is available in the Technavio report, Global Vehicle Grid Integration Technologies Market 2016-2020.
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