Seoul, South Korea, July 19. 2022 (GLOBE NEWSWIRE) — Fact.MR predicts global peer-to-peer electric vehicle charging sales to reach a market value of US$1.08 billion and record a staggering double-digit CAGR of 20 % by accumulating a market value of US$6.7 billion over the assessment period 2022-2032. A growing trend to invest in electric vehicles due to rising fuel prices and carbon emissions plays a crucial role in the adoption of electric vehicles. In addition, collaborations and initiatives for the establishment of accessible electric charging stations are drive demand for peer-to-peer electric vehicle charging.
Historically, from 2015 to 2021, global peer-to-peer electric vehicle charging sales reached US$800 million, at the end of the aforementioned period. The outbreak of the coronavirus pandemic has affected supply chain demand for various end sectors. In addition, travel restrictions have affected the demand for electric vehicles. Thus, demand for electric vehicles fell in the first quarter of peer-to-peer electric vehicle charging. However, as the world normalizes, the demand for electric vehicles is expected to increase.
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Growing demand for electric vehicles around the world, along with government subsidies and policies aimed at increasing electric vehicle sales, are creating opportunities for peer-to-peer electric vehicle charging. In addition, the establishment of charging infrastructure in car parks has led to an increase in demand for peer-to-peer electric vehicle charging stations.
Additionally, government initiatives in North America and Asia-Pacific to increase electric vehicle sales are positively influencing the demand for peer-to-peer electric vehicle charging. Additionally, companies are working with the residential and commercial sectors to increase the use of peer-to-peer electric vehicle charging.
Key insights from market research
- By charger type, Tier 2 charger is expected to gain more than 70% market share in the peer-to-peer electric vehicle charging market.
- By application, the residential sector is expected to hold more than 60% market share for the peer-to-peer electric vehicle charging market.
- The peer-to-peer electric vehicle charging industry is expected to hold nearly 20% market share in North America.
- The peer-to-peer electric vehicle charging industry is expected to hold nearly 33% market share across Asia-Pacific.
- Global peer-to-peer electric vehicle charging market to reach US$1.08 billion in 2022
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Rapid adoption of electric vehicles in developing countries along with government initiatives to increase electric vehicle sales are increasing the demand for peer-to-peer electric vehicle charging. Thus, peer-to-peer electric vehicle charging sales are expected to reach US$6.7 billion by registering a CAGR of 20% over the forecast period 2022-2032.
Chinese government agencies are focused on providing incentives to boost electric vehicle sales in the country. For example, Guangzhou, a city in China, announced a subsidy of USD 1,552.94 for vehicles sold in March and the end of December 2020. Moreover, countries like India are making efforts to boost sales of electric vehicles , creating opportunities for market growth.
- 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 enrich its portfolio of hardware and software.
- In January 2022, Enphase Energy Inc announced the acquisition of ClipperCreek. With this acquisition, the company is focused 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 :
By Application :
- Destination charging station
- Fleet charging station
- workplace charging station
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More valuable information
Fact.MR, in its new offering, presents an unbiased analysis of the global peer-to-peer electric vehicle charging market, showcasing historical demand data (2015-2021) and forecast statistics for the period 2022-2032 .
The study offers essential market insights on the basis of charger type (Tier 1 and Tier 2) and application (commercial and residential) across five major regions (North America, Latin America, Europe, Asia- Pacific and Middle East and Africa).
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