PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606487
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606487
The Peer-To-Peer Electric Vehicle Charging Market was estimated at USD 150.53 million in 2023, growing at a CAGR of 22.50% between 2024 and 2032.
The Peer-to-Peer car charging (P2C2) concept involves robotic charging arms extending to join autonomous automobiles as they travel along the highway, charging one another's batteries. This could eliminate the need for individual EV owners to pull over and quickly charge at a charging station because they rarely use up their entire battery in ordinary use. A credit system might ensure that no one takes advantage of the energy that has already been paid for by someone else, and the entire transportation ecosystem would convert into one massive, shared battery, with no need for anybody to interrupt their trip to recharge.
Peer-To-Peer Electric Vehicle Charging Market- Market Dynamics
Utilization of the V2G EV Charging Stations for Advanced Electric Vehicles
Vehicle-to-grid (V2G) charging stations enable electrical energy to flow in both directions between plug-in electric vehicles and the power grid. V2G technology enables EVs to store and return unused energy to the grid. This can improve the performance of the electrical component while also benefiting the owners of electric vehicles. The introduction of this technology simplified the charging processes for electric vehicles, and EVs have become one of the most popular modes of transportation. As a result, the entire charging station industry is crucial for connecting the network to electric vehicles and facilitating charging. Enel Energia S.p.A. has installed two V2G EV car charging stations on the Italian Institute of Technology's Genoa campus. For instance, in February 2020ChargePoint formed a collaboration with NATSO and now represents over a thousand travel plazas and truckstops. Through this collaboration, the corporations hoped to establish a National Highway Charging cooperative to expand EV charging to all areas of the community.
Peer-To-Peer Electric Vehicle Charging Market- Key Insights
Our research analyst anticipates that the global market will grow at a CAGR of around 22.50% between 2024 and 2032.
According to Charger Types segmentation, the level 1 segment is expected to grow significantly over the projection period.
According to application segmentation, in 2023, the residential segment accounted for the majority of worldwide revenue.
On the basis of region, North America was the leading revenue generator in 2023
The Global Peer-To-Peer Electric Vehicle Charging Market is divided into three segments: Charger Type, application, and region.
The market is divided into two divisions based on Charger Types: Level 1 and Level 2. The level 1 segment is expected to experience significant growth during the projection period. The segment's growth can be related to an increase in the number of government initiatives, such as the Workplace Charging Challenge. The Workplace Charging Challenge focuses on installing level 1 chargers in private corporate workplaces via their P2P network. Under this effort, the United States Department of Energy has subsidized level 1 chargers at private businesses such as Hewlett Packard Enterprise Development LP and Thomas College's P2P networks.
The market is segmented into four segments according to application: Residential and Commercial. The residential sector dominated the market's global sales in 2023. The segment's rise can be attributable to OEMs' increased attention to the expansion of household chargers designed specifically for peer-to-peer networks. For example, in October 2020, Enel X announced the launch of JuiceBox, an electric vehicle charger that can be used in residential parking spaces. JuiceBox may be administered remotely using the Enel X JuicePass app.
Peer-To-Peer Electric Vehicle Charging Market- Geographical Insights
Geographically, this market is distributed over Latin America, the Middle East, and Africa, Asia Pacific, Europe, North America. The regions are further divided based on the countries contributing commerce. In terms of global revenue, North America will dominate the peer-to-peer electric car charging market by 2023. The increasing number of enterprises operating in the peer-to-peer electric car charging area throughout the region is driving market expansion. Furthermore, electric vehicle charging station makers are expanding cooperation with car manufacturers to give a more seamless charging experience.
Asia Pacific is predicted to be the fastest-growing regional market throughout the projection period. Countries are attempting to increase the sales of electric vehicles, generating potential for market growth. China's government provides incentives to increase the country's electric vehicle sales.
The peer-to-peer electric vehicle charging market is very competitive, with the emergent players trying to vie for supremacy with innovative offerings. The leaders of the market, Primus, are Chargepoint Inc., Enel X, EVBox, EV Meter, and ClipperCreek, Inc., present at the forefront as they provide platforms where people can share and access private EV facilities. This competition is driven by the rising adoption of electric vehicles and the rising need for easy, cost-effective charging options. There occur collaborations among EV manufacturers, energy companies, and technology firms with a focus on the development of charging networks as well as smart technologies aimed to enhance user experience. This competitive scenario also leads to further improvement in the systems for peer-to-peer charging while addressing the changing needs of electric vehicle owners and thus promoting sustainable transport solutions across the globe.
In February 2020, ClipperCreek, Inc. revised its HCS-40 charger, a level-2 charger designed for home and commercial charging stations. The revised items are compatible with peer-to-peer electric vehicle charging.