Seoul, South Korea, July 19, 2022 (GLOBE NEWSWIRE) -- Fact.MR predicts The global sales of peer-to-peer electric vehicle charging is likely to garner a market value of US$ 1.08 Bn and is expected to register a staggering double digit CAGR of 20% by accumulating a market value of US$ 6.7 Bn through the assessment period 2022-2032. A rising inclination towards investing in electric vehicles due to increasing fuel prices and carbon emission is playing a crucial role in the adoption of electric vehicles. Moreover, collaborations and initiatives for setting accessible electric charging stations are driving the demand for peer-to-peer electric vehicle charging.
Historically, from 2015 to 2021, the global sales of peer-to-peer electric vehicle charging reached US$ 800 Mn, by the end of the aforementioned period. The onset of the coronavirus pandemic affected the supply chain demand for various end sectors. Moreover, the restriction on movements affected the demand for electric vehicles. Thus, the demand for electric vehicles dipped in the first quarter of peer-to-peer electric vehicle charging. However, as the world is gaining normalcy, the demand for electric vehicles is expected to upsurge.
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Growing demand for electric vehicles worldwide along with government granting subsidies and policies to uplift the sales of electric vehicles is creating opportunities for peer-to-peer electric vehicle charging. Moreover, establishing charging infrastructure in parking spaces has led to an increase in the demand for peer-to-peer electric vehicle charging stations.
Furthermore, initiatives by government in North America and Asia Pacific for increasing the sales of electric vehicles are positively influencing the demand for peer-to-peer electric vehicle charging. In addition, companies are collaborating with residential and commercial sectors for increasing the usage of peer-to-peer electric vehicle charging.
Key Takeaways from Market Study
- By charger type, Level 2 charger expected to gain more than 70% market share for peer-to-peer electric vehicle charging market.
- By application, residential sector expected to hold more than 60% market share for peer-to-peer electric vehicle charging market.
- Peer-to-peer electric vehicle charging industry expected to possess nearly 20% market share throughout North America.
- Peer-to-peer electric vehicle charging industry expected to possess nearly 33% market share throughout Asia Pacific.
- Global market for peer-to-peer electric vehicle charging to reach US$ 1.08 Bn in 2022
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Rapid adoption of electric vehicles in developing countries along with initiatives by government to increase sales for electric vehicles is upsurging the demand for peer-to-peer electric vehicle charging. Thus, the sales of peer-to-peer electric vehicle charging are expected to reach US$ 6.7 Bn by registering a CAGR of 20% in the forecast period 2022-2032.
The government bodies of China are focusing on providing incentives to boost the sales of electric vehicle in the country. For instance, Guangzhou, a city in China, announced a subsidy of USD 1,552.94 for the vehicles sold in March and the end of December in 2020. Moreover, countries, such as, India are making efforts to boost the sales of electric vehicles, creating opportunities for market growth.
Competitive Landscape
- In August 2021, Chargepoint Inc announced the acquisition of ViriCiti, a provider of electrification solutions for eBus and commercial fleets. This acquisition will help the company to enhance its portfolio of hardware and software.
- In January 2022, Enphase Energy Inc announced the acquisition of ClipperCreek. Through this acquisition, the company is focusing on improving its charging capability for vehicle to home and vehicle to grid applications.
Key Segments Covered in the Peer-to-Peer Electric Vehicle Charging Report
By Charger Type :
- Level 1
- Level 2
By Application :
- Destination Charging Station
- Fleet Charging Station
- Workplace Charging Station
- Others
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global peer-to-peer electric vehicle charging market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of charger type (Level 1 and Level 2) and application (commercial and residential) across five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa).
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