Peer-To-Peer Electric Vehicle Charging Industry Overview
The global peer-to-peer electric vehicle charging market size is expected to reach USD 644,982.3 thousand by 2030, registering a CAGR of 22.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising demand for electric vehicles worldwide has encouraged an increase in the number of peer-to-peer electric vehicle charging stations installed across the globe to address the range anxiety issues associated with electric vehicles. Moreover, rising awareness among users to use green transportation modes is also expected to propel the adoption of electric vehicles, which is likely to contribute to the market growth over the forecast period.
Several governments across the globe have mandated space allocation for EV charging infrastructure in the parking spaces of residential complexes, which is expected to create new growth opportunities for the market. For instance, in June 2019, the Government of India, under the new guidelines of the housing and urban development ministry, mandated that the residential and commercial complexes across India would allocate 20% of their parking space for electric vehicle charging facilities. Such factors are expected to create growth opportunities for the market over the forecast period.
Many companies are partnering with electric car manufacturers to provide a seamless charging experience to customers. For instance, in March 2021, ChargePoint announced its partnership with Polestar cars, a Swedish company that manufactures electric vehicles. Under this partnership, Polestar drivers would have access to over 100,000 ChargePoint charging points and additional charging spots made possible through roaming agreements with other major charging networks in North America.
The COVID-19 pandemic is expected to trigger the sales of automobiles, including electric cars, as consumers would prefer traveling in personal vehicles to avoid exposure to the virus in public transport. Initiatives such as protection against job losses, deferred payments, and benefits offered by finance companies, such as 0% financing, are also expected to encourage the adoption of electric vehicles and subsequently trigger the demand for EV charging stations. Thus, the COVID-19 outbreak is positively impacting the market growth.
Peer-To-Peer Electric Vehicle Charging Market Segmentation
Grand View Research has segmented the global peer-to-peer electric vehicle charging market based on charger type, application, and region.
Based on the Charger Type, the market is segmented into Level 1, and Level 2.
- The level 2 segment dominated the market in 2021 and accounted for more than 73.0% share of the global revenue in 2022. The segment growth can be attributed to the increase in the adoption of level 2 chargers among corporates such as The Coca-Cola Company and GENERAL MOTORS. Furthermore, electricity providers are emphasizing the establishment of partnerships with peer-to-peer EV charging software developers to develop level 2 chargers for public and tenant use.
- The level 1 segment is anticipated to register significant growth over the forecast period. The segment growth can be attributed to a rise in the number of government initiatives such as the Workplace Charging Challenge. The Workplace Charging Challenge focuses on adding level 1 chargers at private company workplaces under their P2P network.
Based on the Application, the market is segmented into Residential, and Commercial.
- The residential segment led the market and accounted for more than 61.0% share of the global revenue in 2022. The segment growth can be attributed to the increase in emphasis of Original Equipment Manufacturers (OEMs) on the expansion of residential chargers specific to peer-to-peer networks.
- The commercial segment is anticipated to register the fastest growth rate over the forecast period. The rising demand for EV charging stations in commercial buildings globally is chiefly attributed to the promising growth prospects of the segment. For instance, a joint contract was awarded to EVE Australia Pty Ltd. and AGL Energy for the development of P2P networks at various commercial buildings across the Australian cities of Brisbane and Melbourne.
Key Companies Market Share Insights
The market is moderately fragmented. Prominent players are pursuing numerous strategies, such as strategic joint ventures and partnerships, product innovation, geographical expansion, mergers acquisitions, and research development initiatives, to cement their foothold in the market. Market players are focusing on offering cloud-based solutions to both large and small medium enterprises. Moreover, these solutions are being particularly designed to help financial firms in managing the assets and wealth of the clients efficiently.
Meanwhile, players in the market are focusing on strategies such as high investments in RD activities and new product launches. For instance, AeroVironment, Inc. invested approximately 30% of its expenses on RD activities in FY 2019. Furthermore, in April 2021, Enel X launched the JuiceRoll Race edition charging station for MotoE. In February 2020, ClipperCreek, Inc. updated its HCS-40 charger, which is a level-2 charger suitable for residential and commercial charging stations. The updated products support the compatibility of P2P EV charging. Some prominent players in the peer-to-peer electric vehicle charging market are:
- Chargepoint Inc.
- ClipperCreek, Inc.
- Enel X
- EVBox
- EV Meter
- Greenlots
- has·to·be gmbh
- innogy
- Power Hero
- Webasto Group
Order a free sample PDF of the Peer-To-Peer Electric Vehicle Charging Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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