The latest market report published by Credence Research, Inc. “Global Peer-To-Peer Electric Vehicle Charging Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 105.68 million in 2020 and expected to reach a healthy CAGR of over 22.23% during the forecast period from 2021 to 2027 to reach around USD 352.41 million in 2027.
Browse the full report at https://www.credenceresearch.com/report/peer-to-peer-electric-vehicle-charging-market
To address the shortage of charging infrastructure, a new approach is emerging. Individuals may share their private EV chargers with others using blockchain-based applications. Private owners may use P2P EV charging networks to make their chargers accessible to the public when they are not in use.
Impact of COVID-19
The allotment of space for EV charging in places like parking spaces of housing areas has been mandated by various governments, which is expected to offer profitable opportunities for the industry. For example, the Indian government mandated that commercial and residential complexes set aside 20.1% of their parking area for EV chargers in January 2019. The outbreak of COVID-19, which caused governments to turn their attention to the provision of healthcare facilities, is expected to have an impact on market growth in 2020.
P2P are able to Charge as Driver of EVs
Allowing customers to rent out their chargers to the public for a fee will greatly increase the number of charging stations available. P2P charging will make charging stations accessible anywhere with little or no investment, simply by using existing infrastructure that would otherwise be idle. As a result, range anxiety will be reduced, and EV adoption will increase.
Global Market by Product Type Insights
Level 2 and Level 1 are two of the Product Type of this market. Because of an increase in the government measures like the Workplace Charging obstacle, the Level 1 segment is expected to grow at a significantly high CAGR. The US Energy Department has covered Level 1 chargers at private organizations like Thomas College, in its P2P network as part of the Workplace Charging Challenge.
Level 1 Segment to Dominate the global market
Global Market by Product Application Insights
Global market is segmented based on Product Application as Commercial, Residential, and Others. In 2020, the residential segment dominated with profitable share of 60.5 percent. Original Equipment Manufacturers are increasingly focusing on the production of residential chargers for P2P networks, resulting in the segment’s dominance.
Global Market by Regional Insights
There has been an increase in the establishment of standards for P2P EV chargers in North America, which has fueled the regional market’s growth. For example, the Open InterCharge Protocol is standard form of network communication which was developed in May 2019. This allows EV drivers to roam through commercial and private P2P networks, allowing them to charge their vehicles.
Global Market Competitive Landscape
Most prominent players in the global market include ClipperCreek, Inc., AeroVironment, Inc., EV Meter, ChargePoint, Inc., Greenlots, IONITY, Enel X, EVBox and Innogy. The report covers very detailed profiles of these key players.
Global Peer-To-Peer Electric Vehicle Charging Market by Product Type, 2015 – 2027
· Level 1
· Level 2
Global Peer-To-Peer Electric Vehicle Charging Market by Product Application, 2015 – 2027
Global Peer-To-Peer Electric Vehicle Charging Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Peer-To-Peer Electric Vehicle Charging Market: Key Players
· AeroVironment, Inc.
· ChargePoint, Inc.
· ClipperCreek, Inc.
· Enel X
· EV Meter