The Peer-To-Peer Electric Vehicle Charging market is expected to hit growth at a CAGR of 21.9% during forecast period 2021 to 2028.
The global Peer-To-Peer Electric Vehicle Charging market size is expected to be worth around US$ 351.8 million by 2028, according to a new report by Vision Research Reports.
The global Peer-To-Peer Electric Vehicle Charging market size was valued at US$ 73.5 million in 2020 and is anticipated to grow at a CAGR of 21.9% during forecast period 2021 to 2028.
The growing emphasis of various governments, Original Equipment Manufacturers (OEMs), and automobile companies on enhancing the performance of charging solutions by including features such as Vehicle-to-grid (V2G) and blockchain payments, bodes well for the growth of the market. For instance, in 2016, the Government of Netherlands provided funding worth USD 180.3 billion for enhancing electric vehicle supply equipment, including peer-to-peer networks to companies including BMW AG and Eaton Corporation. Various OEMs and EV manufacturers are looking to strengthen the interoperability of charging infrastructure and electric vehicles, and that is expected to enhance the P2P networks. Additionally, various governments have mandated the allocation of space for electric vehicle charging in parking spaces of residential complexes, which is likely to provide lucrative opportunities to the market. For instance, in January 2019, the Government of India has mandated residential and commercial complexes to allot 20% of their parking space for electric vehicle chargers. However, in 2020, the growth of the market is likely to be impacted by the outbreak of COVID-19 that resulted in shifting focus of the governments on the provision of healthcare services.
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The Level 2 charging segment dominated the market in 2019 owing to the rise in the adoption of Level 2 chargers among corporate organizations such as GENERAL MOTORS and The Coca-Cola Company. Furthermore, government agencies such as Burlington Electric Department and Municipal Electric Authority of Georgia, among others, are emphasizing on the establishment of partnerships with peer-to-peer EV charging software developers such as EVMATCH, INC. These partnerships are aimed at the development of Level 2 chargers at multi-unit dwellings, which is driving the segment growth.
Based on the application, the market has been segmented into residential and commercial, with the residential segment dominating with a share of 61% in 2019. The dominance of the segment can be attributed to the growing emphasis of Original Equipment Manufacturers (OEMs) on the development of residential chargers specific to P2P networks. For instance, in February 2020, Enel X launched its JuiceBox Pro residential EV charger that is Level 2 residential EV charger. JuiceBox Pro is equipped with WiFi connectivity and is compatible Peer-To-Peer network of eMotorWerks.
North America dominated the market with a share of around 38% in 2019, owing to the rise in the number of companies in the region that are operating in the P2P market. For instance, in July 2017, innogy established its U.S. subsidiary innogy e-mobility US LLC that provides electric vehicle supply equipment in North America. The company is also engaged in the development of P2P networks.
The European Parliament has hosted various events such as E-Mobility Charging Infrastructure 2019. The event was held in December 2019 that supported R&D programs by European energy companies to discuss the next steps and main challenges for EV charging infrastructure through peer-to-peer networking.
Charger Type Outlook
Destination Charging Station
Fleet Charging Station
Workplace Charging Station
Rest of the World (RoW)
In this study, the years considered to estimate the market size of Peer-To-Peer Electric Vehicle Charging are as follows:
Historic Year: 2017-2020
Base Year: 2020
Forecast Year 2021 to 2028
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