Peer-To-Peer Electric Vehicle Charging Market

The global peer-to-peer electric vehicle charging market size was USD 1.08 Billion in 2022 and is likely to reach USD 5.57 Billion by 2031, expanding at a CAGR of 20% during 2023–2031. The growth of the market is attributed to the rise in demand for electric vehicles (EVs) across the globe.

Peer-to-peer (P2P) charging is a system in which users publicly share the personal EV charging ports with other EV owners. When private owners are not using their charge points, they can use the P2P charging system to make them available to the public. This directly helps in building robust & wide infrastructure for EV charging points and helping users affected by range anxiety issues.

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Moreover, apartment and condo’s owners are progressively implementing EV charging stations as a way to generate cash, recuperate electricity expenses, and draw attractive tenants. The outbreak of the COVID-19 pandemic has hampered the market growth as it influenced governments across the globe to emphasize the implementation of stringent lockdown and resulted in a global economic crisis.

This has led to have a negative impact on investments in EV charging infrastructure development. However, the market is slowly coming back to its normal track and expected to expand at a rapid pace as the virus cases have subsided across several countries. 

Peer-To-Peer Electric Vehicle Charging Market Trends, Drivers, Restraints, and Opportunities

• Strict government policies to impose ban on fossil-based gas vehicles in wide attempt to curb carbon emission in the coming years are expected to fuel the growth of the EV charging market.

• Development of blockchain transaction platforms for electric car charger promoted by major companies is anticipated to boost the market growth during the forecast period.

• Production & procurement of lithium-ion batteries after the COVID-19 outbreak has become challenging for major industries. This is expected to hamper the growth of the market.

• Due to the lack of EV charging infrastructure across the globe, it created a range anxiety issues for users and can act as major restraining factor for the market.

• Government initiatives have mandated EV charging to be available in parking spaces in residential complexes, which is likely to provide potential growth opportunities for P2P EV charging market.

Scope of Peer-To-Peer Electric Vehicle Charging Market Report

The report on the global peer-to-peer electric vehicle charging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Peer-To-Peer Electric Vehicle Charging Market Segment Insights

Residential segment to witness robust market share

Based on applications, the global peer-to-peer electric vehicle charging market is bifurcated into commercial and residential. The residential segment is expected to witness robust market share during the forecast period owing to putting more attention on the deployment of household chargers for P2P networks by the original equipment manufacturers.

However, the commercial segment is anticipated to hold a key share of the market in the coming years as various government initiatives encouraging commercial sector for the deployment of P2P networks.

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Level-2 segment is expected to grow at a rapid pace

On the basis of charger types, the market is segregated into level-2 and level-1. The level-2 segment is expected to grow at a rapid pace and is projected to continue the dominance during the forecast period. Government agencies are prioritizing the formation of collaborations with P2P EV charging software developers, with the goal of developing level-2 chargers at multi-unit residences, thereby, driving the market segment growth.

On the other hand, the level-1 segment is anticipated to account for considerable market share during the forecast period. The rise in the number of government initiatives such as the installation of workplace charging station is a key factor contributing to the growth of the segment. The workplace charging challenge aims to install level-1 chargers at private enterprise offices as part of P2P network.

North America to constitute a key market share

In terms of regions, the global peer-to-peer electric vehicle charging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the projected period attributed to the rise in number of companies operating in the P2P EV charging area across the region.

However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period as governments from different regions offering attractive incentives on EVs, which is projected to spur the presence and create numerous opportunities for P2P EV networks in the region.

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Segments

The global peer-to-peer electric vehicle charging market has been segmented on the basis of

Applications

• Commercial
• Residential

Charger Types

• Level-1
• Level-2

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Enel X
• Chargepoint Inc.
• Webasto Group
• Power Hero
• EVBox
• EV Meter
• Greenlots
• has·to·be gmbh
• Innogy
• ClipperCreek, Inc.

Competitive Landscape

Key players competing in the global peer-to-peer electric vehicle charging market are Enel X; Chargepoint Inc.; Webasto Group; Power Hero; EVBox; EV Meter; Greenlots; has·to·be gmbh; Innogy; and ClipperCreek, Inc.

Companies are focusing on business strategies such as partnerships, collaborations, and merger & acquisitions to expand their market share. Furthermore, key players are also engaging to expand their capacity to leverage their market position. In February 2021, Enel X established a collaboration with EnergyHub, an energy consulting firm, to expand the use of smart charging stations as a flexible energy source for utilities.

In March 2021, Chargepoint Inc. announced a cooperation with Volvo automobiles for a built-in Chargepoint Inc. app that expected to provide Volvo car drivers with smooth charging functionality.