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The analyst has been monitoring the vehicle to grid market and it is poised to grow by $ 5.01 bn during 2020-2024 progressing at a CAGR of 14% during the forecast period says the report of Reportlinker.
The reports on vehicle to grid market provide a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the change in grid structure allowing decentralized power generation, ability to meet peak electricity demands, and improvements in EV battery technology. In addition, change in grid structure allowing decentralized power generation is anticipated to boost the growth of the market as well.
The study identifies the increasing popularity of EVs through government initiatives as one of the prime reasons driving the vehicle to grid market growth during the next few years. Also, rapid deployment of smart grids, and rise in number of EV charging stations will lead to sizable demand in the market.