Peer-To-Peer Electric Vehicle Charging Market Size, Share, Analysis, Trends, Growth, 2032

Peer-To-Peer Electric Vehicle Charging Industry Prospective:

The global peer-to-peer electric vehicle charging market size was evaluated at $2 billion in 2023 and is slated to hit $13 billion by the end of 2032 with a CAGR of nearly 22.5% between 2024 and 2032.

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Peer-To-Peer Electric Vehicle Charging Market: Overview

Peer-to-peer electric vehicle charging is a new solution designed for addressing the escalating demand for accessible as well as string charging stations for electric vehicles. Furthermore, it allows electric vehicle owners in sharing home chargers along with producing more effective & flexible network. Reportedly, peer-to-peer electric vehicle charging device include a slew of components such as power outlets, couplers, conductors, and cords.

Key Insights

• As per the analysis shared by our research analyst, the global peer-to-peer electric vehicle charging market is projected to expand annually at the annual growth rate of around 22.5% over the forecast timespan (2024-2032)
• In terms of revenue, the global peer-to-peer electric vehicle charging market size was evaluated at nearly $2 billion in 2023 and is expected to reach $13 billion by 2032.
• The global peer-to-peer electric vehicle charging market is anticipated to grow rapidly over the forecast timespan owing to the growing acceptance of electric cars and government subsidies on using eco-friendly vehicles.
• In terms of charger type, the level 2 charger segment is slated to register the highest CAGR over the forecast period.
• Based on application, the residential segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Region-wise, the Asia-Pacific peer-to-peer electric vehicle charging industry is projected to register the fastest CAGR during the projected timespan.

Peer-To-Peer Electric Vehicle Charging Market: Growth Factors

Surging adoption of electric vehicle is projected to boost the global market trends over 2024-2032

Growing acceptance of electric cars and government subsidies on the use of eco-friendly vehicles is projected to boost the expansion of the global peer-to-peer electric vehicle charging market. Furthermore, easy access to electric vehicle charging stations is anticipated to embellish the growth of the global market.

Moreover, the large-scale availability of charging alternatives can help the global market sketch a lucrative growth graph for the market across the globe. A surge in access to domestic charging points and a growing preference for eco-friendly vehicles has enhanced the use of electric vehicles, thereby driving global market trends.

Peer-To-Peer Electric Vehicle Charging Market: Restraints

Less know-how about the benefits derived through use of electric vehicles can retard the global industry surge by 2032

Technological challenges along with the rise in the initial installation costs of the electric charging stations are expected to restrict the expansion of the global peer-to-peer electric vehicle charging industry. Moreover, the lack of awareness about the benefits provided by the use of electric vehicles along with the high costs of commercial charging networks can shrink the growth of the industry in the upcoming years.

Peer-To-Peer Electric Vehicle Charging Market: Opportunities

Demand for green products will open growth avenues for the global market

An increase in the number of peer-to-peer electric vehicle charging stations and cost-efficiency for end-users using electric vehicles has opened new growth dimensions for the global peer-to-peer electric vehicle charging market. Moreover, the growing trend of using eco-friendly products and the need for electric grid optimization are likely to pave the way for an immense growth of the global market.

Peer-To-Peer Electric Vehicle Charging Market: Challenges

Changing costs due to uncertainty in availing raw materials can challenge the global industry expansion by 2032

Dynamic pricing and tough competition between key players along with changing government policies can severely challenge the growth of the global peer-to-peer electric vehicle charging industry. Moreover, rapid technological changes can further obstruct the rapid expansion of the industry in the recent years.

Peer-To-Peer Electric Vehicle Charging Market: Segmentation

The global peer-to-peer electric vehicle charging market is divided into charger type, application, and region.                                             

In terms of charger type, the peer-to-peer electric vehicle charging market across the globe is segmented into level 1 charger and level 2 charger segments. Apparently, the level 2 charger segment, which amassed nearly 65% of the global market revenue in 2023, is expected to record the fastest CAGR in the ensuing years owing to real-time charging abilities, an increase in the allocation of funds for setting level 2 charging stations, and a rise in the acceptance of level 2 chargers by firms such as General Motors and The Coca-Cola Company. 

Based on the application, the global peer-to-peer electric vehicle charging industry is segmented into residential and commercial segments. Apparently, the residential segment, which dominates the global industry in 2023, is set to contribute lucratively towards the segmental expansion in the upcoming years. This can be due to escalating demand for home charging solutions, support from OEMs, and supportive government programs encouraging the use of electric vehicles. Apart from this, surging consciousness among the people about the benefits of P2P charging will drive the segmental expansion.

Peer-To-Peer Electric Vehicle Charging Market: Report Scope

Peer-To-Peer Electric Vehicle Charging Market: Regional Insights

North America is likely to maintain leading status in the global market over the analysis time-interval

North America, which accounted for nearly 40% of the global peer-to-peer electric vehicle charging market size in 2023, is likely to establish a number one position in the global market in the forecasting years. Furthermore, the market progression in the region in the next couple of years can be credited to an increase in the number of key players in countries such as the U.S.

Furthermore, an increase in the collaborations between automotive manufacturers along with infrastructural growth in the North American countries is expected to embellish the expansion of the market in the region.

Asia-Pacific peer-to-peer electric vehicle charging industry is expected to account for the highest gains annually in the upcoming years. The progression of the industry in the APAC region can be due to an increase in the popularity of electric vehicles in emerging economies such as China and India. Adoption of new technologies and urbanization has driven the growth of the industry in the region.

Peer-To-Peer Electric Vehicle Charging Market: Competitive Space

The global peer-to-peer electric vehicle charging market profiles key players such as:

• innogy
• EVBox
• Chargepoint Inc.
• Power Hero
• Enel X
• ClipperCreek Inc.
• EV Meter
• Greenlots
• Webasto Group.

The global peer-to-peer electric vehicle charging market is segmented as follows:

By Charger Type

• Level 1 Charger
• Level 2 Charger

By Application

• Residential
• Commercial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa