Peer-to-Peer Electric Vehicle Charging Market to Register 20% CAGR Amid Growing Electric Vehicle Sales

The global peer-to-peer electric vehicle charging market is expected to reach a valuation of US$ 1.08 Bn in 2022. With growing advancements in the electric vehicle industry, the market is projected to register growth at a CAGR of 20%, exceeding US$ 6.7 Bn during the forecast period (2022-2032).

Growing focus of manufacturers and government towards developing charging infrastructure in parking spaces is projected to increase the sales in peer-to-peer electric vehicle charging market.

For instance, in March 2021, the Government of India declared that the buildings in New Delhi, such as hospitals, hotels, and malls, having parking space for 100 and above vehicles need to give at least 5% of the parking space for electric vehicles and charging points.

Such developments and initiatives are projected to create lucrative opportunities for the peer-to-peer electric vehicle charging market players.  

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Further, growing preference toward electric vehicles due to increasing fuel prices and to reduce carbon emission is anticipated to increase the demand in peer-to-peer electric vehicle charging market.

Subsequently, favorable initiatives by government across the U.S., China, and India to reduce the carbon footprints are spurring the sales of electric vehicles. This is likely to create remunerative growth prospects for the peer-to-peer electric vehicle charging market.

Additionally, collaborations and initiatives among leading companies and residential & commercial sectors for setting accessible electric charging stations will enable the sales of peer-to-peer electric vehicle charging over the assessment period.

Meanwhile, some of the manufacturers are focusing on advancing their electric vehicle production capacities and improving their research and development for high-grade peer-to-peer EV chargers.

Report AttributesDetails
Base Year Value (2021A)US$ 800 Mn
Estimated Year Value (2022E)US$ 1.08 Bn
Projected Year Value (2032F)US$ 6.7 Bn
Global Growth Rate (2022-2032)CAGR 20%

Key Takeaways:

  • North America is expected to account for more than 33% of the market share owing to the presence of leading manufacturers in the U.S.
  • Asia Pacific is anticipated to hold more than 20% of overall market share on the back of favorable government initiatives to boost the adoption of electric vehicles in India.
  • Based on charger type, Level 2 segment is projected to account for nearly 70% of the overall demand share.
  • In terms of application, the residential segment is estimated to hold 60% of the market share for peer-to-peer electric vehicle charging.

Growth Drivers:

  • Increasing establishment of charging stations at parking spaces is anticipated to bolster the demand for peer-to-peer electric vehicle charging stations.
  • Favorable government initiatives for subsidies and policies is projected to spur the sales of electric vehicles, which, in turn, will aid the growth in the market.

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Competitive Landscape:

Leading players in the peer-to-peer electric vehicle charging market are focusing advancing their product line and improving their production capacities to strengthen their global presence. Some of the other players are adopting marketing strategies such as mergers and acquisitions, collaborations, partnerships, and joint ventures to gain a competitive edge.

For instance,

  • February 2022: Chargepoint Inc. partnered with Sonepar for installing charging stations in different parts of France. The partnership is expected to help the organization in increasing the number of charging points in France and help Sonepar strengthen its footprint across France.
  • February 2022: Enphase Energy Inc. entered into a partnership with Swell Energy Inc. to gain presence across New York, California, and Hawaii.
  • March 2021: Charge Point extended its partnership with Volvo to introduce the in-car Charge Point app and provide the Volvo car drivers with continuous charging functionality. 

Key Companies Profiled by Fact.MR

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

More Valuable Insights on Peer-to-Peer Electric Vehicle Charging Market

Fact.MR, in its report, offers a market analysis on the global peer-to-peer electric vehicle charging market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the key growth factors and opportunities in the peer-to-peer electric vehicle charging market on the basis of:

By Charger Type:

  • Level 1
  • Level 2

By Application:

  • Commercial
    • Destination Charging Station
    • Fleet Charging Station
    • Workplace Charging Station
    • Others
  • Residential
    • Private Homes
    • Apartments

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA

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Key Questions Covered in the Peer-to-Peer Electric Vehicle Charging Market Report

  • Which are the factors driving global peer-to-peer electric vehicle charging market growth?
  • What is the expected CAGR value for the global peer-to-peer electric vehicle charging market during the forecast period?
  • What was the growth rate for peer-to-peer electric vehicle charging market during 2017-2021?
  • Which are the leading players in the global peer-to-peer electric vehicle charging market?
  • Which is the leading region in the global peer-to-peer electric vehicle charging market?

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