P2P EV Charging Market
Global P2P EV Charging Market to Grow More than Four Times at a Significant CAGR of 28.9%
Published | 09 September 2022
Global Peer-to-Peer Electric Vehicle Charging Market is flourishing mainly due to a growing demand for charging infrastructure for a rapidly increasing number of electric vehicles (EVs) on the road.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of global peer-to-peer (P2P) electric vehicle (EV) charging market at USD 115.3 million in 2021. Also, BlueWeave forecasts global P2P EV charging market to grow at an impressive CAGR of 28.9% during the forecast period (2022–2028) to reach a market size of USD 624.6 million by 2028. Key factors for the global P2P EV charging infrastructure market growth are an increasing number of EVs and the subsequent spurring demand for EV charging infrastructure.
Rising Demand for EVs to Drive Global P2P EV Charging Market
Automobile manufacturers invest heavily to address the growing demand for EVs. This, in turn, would benefit the EV charging station market. While most EV owners install a Level 1 or Level 2 EV charging unit in their house or apartment complex, public charging stations are growing in popularity across the world. Hence, the growing number of EVs on the road will drive the demand for charging stations.
Global Peer-to-Peer Electric Vehicle Charging Market - By Application
Based on application, the global P2P EV charging market is divided into two segments: residential (apartments and private homes) and commercial (destination charging station, fleet charging Station, workplace charging station, and others). In 2021, the commercial segment accounted for a higher market share of the P2P EV charging market by application. A commercial charging installation saves time for employees and keeps fleets running. The ongoing expansion of EV charging stations in corporate facilities is mostly due to the segment's promising future.
In November 2021, Indian Oil Corporation Limited announced its plans to add 10,000 charging outlets in malls, complexes, and business buildings across India by 2024. Such charging outlets would help in establishing a conducive environment for the segment's growth.
Global Peer-to-Peer Electric Vehicle Charging Market - By Type
Based on the charger type, the global P2P EV charging market is segmented into two levels: Level 2 and Level 1. In 2021, the Level 2 segment held a higher market share in the global P2P EV charging market by type. The increasing use of level 2 chargers by corporations such as The Coca-Cola Company and General Motors has aided the segment's expansion. Through collaborations with P2P EV charging software developers, electricity providers are also promoting the development of level 2 chargers for general and residential use. As part of this deal, EVMATCH, INC., constructed and installed eight Wi-Fi-connected level 2 charging stations in Santa Clara, US, for both public and tenant use. SVCE provided funding to each multi-unit home that took part in the pilot scheme to cover the cost of infrastructure.
The global P2P EV charging market is divided into four regions: North America, Europe, Asia Pacific, and Latin America, the Middle East, and Africa. In 2021, the P2P EV charging market in North America had the highest market share. The market expansion can be attributed to the growing number of businesses in the P2P EV charging industry across the region. In addition, EV charging station makers are creating partnerships with automobile manufacturers to provide a seamless charging experience.
Impact of COVID-19 on Global P2P EV charging market
Governments across the world imposed severe lockdowns as a result of the COVID-19 outbreak. Various industries faced significant challenges as a result of the pandemic and the subsequent international economic collapse. The pandemic has also had a significant impact on the market for EV charging infrastructure. Due to reduced operability during lockdowns, all modes of transportation faced significant losses. As a result, charging stations at malls and buildings are in short supply. In addition, the financial crisis is expected to affect investments in smart buildings, EV charging networks, and various businesses and sectors including EV and power.
The global P2P EV charging market is fragmented to a degree. To strengthen their position in the market, leading companies are adopting a variety of tactics including strategic joint ventures and alliances, product innovation, global expansion, mergers and acquisitions, and investments in R&D activities. Players in the market focus on providing cloud-based solutions to both large and small and medium-sized businesses. Furthermore, these solutions are specifically developed to assist financial organizations in effectively managing their clients' assets and wealth. Meanwhile, market participants focus on initiatives such as increased R&D spending and new product releases. AeroVironment, Inc., for example, spent over 30% of its expenses on investing in R&D activities during FY2019. Enel X also rolled out the JuiceRoll Race edition charging station for MotoE in April 2021. ClipperCreek, Inc., launched updated HCS-40 level-2 charger, which is appropriate for home and commercial charging stations, in February 2020.
In January 2022, Enphase Energy, a leading supplier of microinverter-based solar and battery systems, completed the acquisition of ClipperCreek, a leading player in EV supply equipment based in the US. The acquisition is expected to expand Enphase administration into residential electrification by employing its power alteration and software platform to govern resources and loads within the home. Shell teamed up with Porsche Asia Pacific, the region's largest and most established sports car manufacturer. As part of this agreement, the firms plan to build Southeast Asia's first cross-border high-performance charging network, with 12 charge ports at six Shell stations along Malaysia's North-South route to provide EV drivers convenient travel between Kuala Lumpur, Penang, and Singapore. ChargePoint has partnered with FLO, a women's health app that helps women through every stage of their reproductive cycle, to provide access to public chargers on both networks while traveling in Canada and the United States, without the need to sign up for multiple accounts or pay additional costs.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Recent Press Releases
- United States Tire Market Set to Witness Accelerated Growth: Forecast to Grow at the CAGR of 6.8% During 2022-2028
- India Brake Pad Market to Grow at a CAGR of 8.9% through 2028
- Global Medical Device Cleaning Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 7.2% in the Forecast Period
- India Off the Road (OTR) Tire Market to Grow at a CAGR of 8.5%, during Forecast Period
- Saudi Arabia Tire Market Anticipating Strong Growth Prospects: Likely to Grow at a CAGR of 7.4% by 2027
- India Electric Bus Market to Grow at a Staggering 52.8% CAGR