Peer-To-Peer Electric Vehicle Charging Market To Hit Value $644,982.3 Thousand By 2030 |Grand View R

Author : Mrudula Karmarkar | Published On : 03 Jan 2024

San Francisco, 03 January 2024: The Report Peer-To-Peer Electric Vehicle Charging Market Size, Share & Trends Analysis Report By Charger Type (Level 1, Level 2), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2023 - 2030

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 2023, 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.

Factors such as the growing demand for electric vehicles worldwide and government policies and subsidies for purchasing electric vehicles and establishing charging infrastructure have led to an increase in the demand for peer-to-peer electric vehicle charging stations. According to a study by the European Association of Automobile Manufacturers (ACEA), the Netherlands, Germany, and France collectively account for nearly 70% of the region’s EV charging stations in 2020. Moreover, in 2020, electric vehicle sales in Europe grew by 89%, which is further expected to contribute to the growth of the market.

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Various EV manufacturers and Original Equipment Manufacturers (OEMs) are making efforts to strengthen the interoperability of electric vehicles and charging infrastructure, which is further expected to enhance peer-to-peer charging networks. Additionally, governments across the globe are consistently allocating the necessary space for establishing electric vehicle charging infrastructure in residential places, which is likely to provide lucrative opportunities to the market. For instance, in March 2021, the Government of India directed that buildings in New Delhi, such as hotels, hospitals, and malls, with parking facilities of more than 100 vehicles need to reserve 5% of the parking space for electric vehicles and charging points.

Peer-To-Peer Electric Vehicle Charging Market Report Highlights

• The level 1 charger segment is anticipated to register significant growth owing to the increasing number of multi-unit dwellings installing level 1 charging stations
• The commercial segment is projected to register the highest CAGR over the forecast period owing to the increasing focus of companies such as The Coca-Cola Company and General Motors on making EV charging stations at their facilities open to the public
• The increasing adoption of smart city initiatives to boost the adoption of electric vehicles in emerging economies, such as China and India, is expected to create growth opportunities for the market in the Asia Pacific region over the forecast period

Numerous companies are focusing on partnerships with utility and energy companies to expand the reach of their peer-to-peer EV charging solutions. For instance, in January 2020, EVmatch announced the pilot project with utilities based in the U.S. state of Vermont, including Green Mountain Power and Burlington Electric Department, to make EV charging available to multi-family residences affordably and logically for property owners. Apartment owners are also increasingly adopting EV charging stations to earn extra revenue, recoup electricity costs, and attract new tenants. For instance, Park Plaza Apartments in the Mountain View area and Revere Apartments in the Campbell area in California have started offering EVmatch’s level 2 charging access to the general public and tenants.

To address range anxiety issues related to electric vehicles, governments across the globe are focusing on providing funds for the development of peer-to-peer networks. For instance, the U.S. government has developed the Northeast Corridor Regional Strategy, through which it provides support for the integration and development of peer-to-peer electric vehicle charging networks and electrical vehicle charging infrastructures. Government grants provided to promote the adoption of EV charging stations are expected to create new opportunities for the market in the near future. For instance, in June 2020, EVmatch received funds from Silicon Valley Clean Energy (SVCE), an electricity provider, for installing 8 EV chargers across multifamily properties across SVCE’s thirteen-member communities in the U.S. by 2021.

Peer-To-Peer Electric Vehicle Charging Market Report Scope

The COVID-19 pandemic has resulted in governments globally emphasizing the implementation of stringent lockdowns. Multiple industries are facing significant challenges owing to the pandemic and the subsequent global economic slowdown. The pandemic has also had a severe impact on the electric vehicle charging infrastructure market across the globe. All modes of transportation experienced losses due to their limited operability during lockdowns. This has caused limited usage of electric vehicle charging stations at malls and complexes.

Moreover, the global economic crisis is also likely to affect investments toward the development of smart cities, EV charging networks, and various industries and sectors such as automotive, electronics, and power. This factor is likely to impact the growth of the market in the next two years. Additionally, a decrease in the production of EVs owing to the shortage of lithium-ion cells in countries such as India, Brazil, and the U.K. has significantly affected the market growth.

List of Key Players in the Peer-To-Peer Electric Vehicle Charging Market

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