According to Fact.MR, the global market for peer-to-peer electric vehicle charging is estimated to cross US$ 6.7 billion by 2032, growing at a 20% CAGR. The adoption of electric vehicles is greatly influenced by the growing trend toward investing in them as a result of rising fuel prices and carbon emissions. The need for peer-to-peer electric car charging is also being driven by partnerships and initiatives for establishing easily accessible electric charging stations.
Peer-to-peer electric car charging sales on a global scale totaled US$ 800 million by the conclusion of the aforementioned period, according to historical data from 2015 to 2021. The demand for various end sectors’ supply chains was impacted by the start of the coronavirus pandemic. Additionally, the limitations on movement had an impact on the desire for electric cars. As a result, in the first quarter of peer-to-peer electric vehicle charging, demand for electric vehicles declined. But once things return to normal, there will likely be a rise in demand for electric cars.
Peer-to-peer electric vehicle charging demand is also being positively impacted by government measures in North America and the Asia Pacific to increase the sales of electric vehicles. To increase the use of peer-to-peer electric vehicle charging, businesses are also partnering with the residential and commercial sectors.
Key Market Study Conclusions
- For the peer-to-peer electric car charging industry, Level 2 chargers are anticipated to take more than 70% of the market share.
- Residential applications are anticipated to account for more than 60% of the market for peer-to-peer electric vehicle charging.
- In North America, the peer-to-peer electric car charging market is anticipated to hold a 20% market share.
- In Asia Pacific, the peer-to-peer electric car charging market is anticipated to hold a 33% market share.
- Peer-to-peer electric vehicle charging will generate $1.08 billion in revenue worldwide in 2022.
Competitive Environment
- Chargepoint Inc. announced in August 2021 that it has acquired ViriCiti, a company that offers electrification solutions for eBus and commercial fleets. The company will be able to expand its selection of hardware and software thanks to this acquisition.
- Enphase Energy Inc. announced the purchase of ClipperCreek in January 2022. The company is concentrating on enhancing its charging capacity for applications involving vehicles that connect to homes and the grid through this acquisition.