Peer-To-Peer Electric Vehicle Charging Market Size Is Projected To Reach $351.7 Million By 2027

The global peer-to-peer electric vehicle charging market size is expected to reach USD 351.7 million by 2027, registering a CAGR of 21.8% from 2020 to 2027 according to a new report by Grand View Research, Inc. To eliminate the range anxiety issues of electric vehicles, various governments are emphasizing on the provision of funds for the development of peer-to-peer networks. For instance, the U.S. government has established the Northeast Corridor Regional Strategy, under which it is providing support for various activities to enhance their Electric Vehicle (EV) charging infrastructure. Under the strategy, the government is providing support for the development of public charging stations and peer-to-peer EV charging networks.

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.

Various utilities and charging station operators are collaborating for the expansion of peer-to-peer EV charging networks, which is further driving the market growth. For instance, in November 2017, Enexis Netbeheer B.V., innogy, and Vorarlberger Kraftwerke, among others, collaborated to launch the Oslo2Rome project. The Oslo2Rome project focuses on the developing P2P network, enabling EV drivers to access private and public charging stations along the Oslo to Rome highway. Furthermore, the increased number of automotive manufacturers emphasizing the development of peer-to-peer networks bodes well for market growth. For instance, in August 2016, Groupe Renault under its Elbnb campaign for the development of P2P networks across Sweden.

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Peer-To-Peer Electric Vehicle Charging Market Report Highlights

• The Level 1 charger segment is anticipated to expand at the highest CAGR during the forecast period, on account of 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 companies such as The Coca-Cola Company and General Motors focusing on making EV charging stations at their facilities open to public
• The European electric utilities such as Copenhagen Electric and Stromnetz Hamburg are collaborating to deliver e-roaming services to EV drivers through projects such as evRoaming4EU that bodes well for the growth of market in the region

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Peer-To-Peer Electric Vehicle Charging Market Segmentation

Grand View Research has segmented the P2P electric vehicle charging market based on charger type, application, and region.

P2P Electric Vehicle Charging Charger Type Outlook (Revenue, USD Million, 2018 - 2027)

• Level 1
• Level 2

P2P Electric Vehicle Charging Application Outlook (Revenue, USD Million, 2018 - 2027)

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

P2P Electric Vehicle Charging Region Outlook (Revenue, USD Million, 2018 - 2027)

• North America
• U.S.
• Canada
• Europe
• Netherlands
• U.K.
• France
• Norway
• Germany
• Asia Pacific
• China
• Japan
• South Korea
• Rest of the World (RoW)

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

• ChargePoint, Inc.
• AeroVironment, Inc.
• Enel X
• ClipperCreek, Inc.
• EVBox
• EV Meter
• IONITY
• Greenlots
• Power Hero
• Innogy

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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