The Global Peer-To-Peer Electric Vehicle Charging Market size is expected to reach $363.4 million by 2028, rising at a market growth of 20.6% CAGR during the forecast period.
The Peer-to-Peer car charging (P2C2) concept envisions robotic charging arms reaching out to join autonomous vehicles as they convoy down the highway, charging one another's batteries. This might completely remove the need to pull over and rapid charge at a charging station for individual EV owners who rarely use up entire battery in regular use. A credit system might ensure that no one takes advantage of the energy that has been paid for by someone else, and the entire transportation ecology would transform into one gigantic, shared battery, with no need for anyone to interrupt route to replenish.
A new strategy is emerging to overcome the lack of charging infrastructure. Individuals can share EV chargers via block chain-based applications. Private owners can use P2P EV charging networks to make chargers accessible to the public when they are not in use. In exchange, they can supplement income by improving the utilization of idle charger. EV drivers may seek available chargers in area and refuel vehicles before they run out of battery capacity at any time.
The necessity for peer-to-peer electric car charging stations has increased as a result of factors such as expanding public adoption of electric vehicles and government regulations and incentives for owning electric vehicles and the development of a supercharger network. According to the European Association of Automobile Manufacturers (ACEA), the Netherlands, France, and Germany would account for approximately 70% of the region's electric vehicle charging stations by 2020. Furthermore, electric car sales in Europe increased by 89% in 2020, contributing to the market's growth.
As a result of the COVID-19 outbreak, governments across the world are promoting the implementation of strict lockdowns. As a result of the pandemic and the resulting internationally economic slump, various industries are facing considerable hurdles. The pandemic has also had a significant influence on the market for electric vehicle charging infrastructure. During lockdowns, all types of transportation suffered heavy losses due to limited operability. As a result, the use of charging stations in malls and complexes has been limited.
Furthermore, the financial crisis is anticipated to have an impact on investments in smart buildings, EV charging networks, and a variety of industries and sectors, including automobiles, electronics, and power.
As the number of electric vehicles on the road grows, so does the need for charging infrastructure. Leading electric vehicle markets including China, the United States, and Germany are heavily investing in EV charging stations as well as research and development for easier and more effective charging techniques. Automakers are projected to make significant expenditures to meet the growing demand for electric vehicles and to play a significant role in the market's evolution. This suggests that the production of electric vehicles is increasing, which would enhance the industry for EV charging stations. While the majority of EV owners deploy a Level 1 or Level 2 EV charging unit in home or apartment complex, public charging stations are becoming increasingly popular around the world. The desire for electric vehicle charging stations will rise as EV sales grow.
Vehicle-to-Grid (V2G) charging stations are a technology that allows electrical energy to flow in both directions between plug-in electric vehicles and the power grid. The V2G technology allows EVs to store and discharge unused energy to the grid. This can improve the electrical component's performance while also actually contributing to EV owners. Electric vehicle charging processes have been simplified as a result of the introduction of this technology, and EVs have become one of the most popular ways of transportation. As a result, the whole charging station business is critical for connecting the network to the electric vehicle and enabling charging. At the Genoa campus of the Italian Institute of Technology, Enel Energia S.p.A. erected two V2G EV car charging stations.
The necessity for uniformity of electric car charging stations has been highlighted by variables such as the expansion of the electric vehicle industry and variances in charging workloads. Certain electric vehicle charging terminals may only work with a specific voltage. Level 1 charging stations include a voltage of 120V AC, whereas level 2 supercharger points provide a voltage of 208/240V AC. DC charging stations, along with the use of 480V AC to provide quick charging. For the establishment of a friendly ecology and increased EV sales, governments must standardize charging infrastructure. The standards for fast charging differ across countries. CHAdeMO is used in Japan, while CCS is used in Europe, the United States, and South Korea, and GB/T is used in China.
Based on Application, the market is segmented into Residential (Apartments and Private Homes) and Commercial (Destination Charging Station, Fleet Charging Station, Workplace Charging Station, and Others). The commercial segment registered a significant revenue share in the peer-to-peer electric vehicle charging market in 2021. Commercial charger installation provides convenience to business staff and keeps fleets powered. The continued growth of electric vehicle charging stations in corporate buildings is mostly owing to the segment's great growth prospects. Indian Oil Corporation Limited declared in November 2021 that by 2024, it plans to install 10,000 charging points across India in malls, complexes, and office buildings. Such characteristics create an enabling environment favorably for the segment's future growth.
Based on Charger Type, the market is segmented into Level 2 and Level 1. The Level 2 segment procured the largest revenue share in the peer-to-peer electric vehicle charging market in 2021. The use of level 2 chargers by companies like The Coca-Cola Corporation and GENERAL MOTORS has contributed to the segment's growth. Furthermore, electricity providers are pushing the development of level 2 chargers for general and resident usage through cooperation with peer-to-peer EV charging software developers. EVMATCH, INC built and deployed eight Wi-Fi linked to level 2 charging stations for electricity in Santa Clara for both public and tenant use as part of this agreement. Each multi-unit home that took part in the pilot scheme received funds from SVCE to cover the cost of infrastructure.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 101.6 Million |
| Market size forecast in 2028 | USD 363.4 Million |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 20.6% from 2022 to 2028 |
| Number of Pages | 238 |
| Number of Tables | 419 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Charger Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Norway, Netherlands, China, Japan, Taiwan, India, South Korea, Singapore, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The North American region acquired the highest revenue share in the peer-to-peer electric vehicle charging market in 2021. The growing number of enterprises in the peer-to-peer electric car charging industry across the region can be ascribed to the market's expansion. Furthermore, producers of electric vehicle charging stations are forming alliances with automobile manufacturers to give a seamless charging experience. Charge Point, for example, in March 2021 would extend its collaboration with Volvo to offer an in-car Charging Point app and give seamless charging features to Volvo drivers. This app uses the vehicle's infotainment system to help drivers discover charging outlets across North America.
Free Valuable Insights: Global Peer-To-Peer Electric Vehicle Charging Market size to reach USD 363.4 Million by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ChargePoint Holdings, Inc., Enphase Energy, Inc. (ClipperCreek, Inc.), Enel X Italia Srl (Enel Group), EVBox (Engie SA), EVmeter LTD., Shell Recharge Solutions (Shell plc), Innogy SE (E. ON SE), Power Hero, Inc., and Webasto Group.
By Application
By Charger Type
By Geography
The peer-to-peer electric vehicle charging market size is projected to reach USD 363.4 million by 2028.
Utilization of the V2G EV charging stations for the advance electric vehicles are increasing are driving the market in coming years, however, the current electric vehicle charging infrastructure is not standardized growth of the market.
ChargePoint Holdings, Inc., Enphase Energy, Inc. (ClipperCreek, Inc.), Enel X Italia Srl (Enel Group), EVBox (Engie SA), EVmeter LTD., Shell Recharge Solutions (Shell plc), Innogy SE (E. ON SE), Power Hero, Inc., and Webasto Group.
The Residential segment acquired maximum revenue share in the Global Peer-To-Peer Electric Vehicle Charging Market by Application in 2021, thereby, achieving a market value of $224.0 million by 2028.
The North America is the fastest growing region in the Global Peer-To-Peer Electric Vehicle Charging Market by Region in 2021, and thereby, achieving a market value of $118.3 million by 2028.
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