Level 2 Peer-to-Peer EV Chargers to Accumulate 70% of Global Market Revenue: Fact.MR Study
Published : 21 Feb 2022 Industry: Technology
Fact.MR predicts the global sales of peer-to-peer electric vehicle charging is expected to surpass US$ 6.7 Bn by registering a CAGR of 20% in the forecast period ranging from 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.
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
“Increase in use of electric vehicles along with government initiatives for building electric charging stations is driving demand for peer-to-peer electric vehicle charging.” opines a Fact.MR study.
- 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.
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).
Fact.MR’s Domain Knowledge in Technology
Our technology consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the technology sector. Our expertise in recognizing the challenges and trends impacting the global technology industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – Technology