Peer-to-Peer Electric Vehicle Charging Market

Peer-to-Peer Electric Vehicle Charging Market Study by Level 1 and Level 2 Chargers for Residential and Commercial Use from 2024 to 2034

Analysis of Peer-to-Peer Electric Vehicle Charging Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Peer-to-Peer Electric Vehicle Charging Market Outlook (2024 to 2034)

The global peer-to-peer electric vehicle charging market is calculated to increase from a valuation of US$ 1.5 billion in 2024 to US$ 7.9 billion by 2034. The market has been forecast to expand swiftly at a CAGR of 18% from 2024 to 2034.

Growing demand for electric vehicles (EVs) worldwide, along with governments granting subsidies and policies for the use of eco-friendly vehicles, is set to boost overall peer-to-peer electric vehicle charging market growth through 2034. The development of compact charging infrastructure designs for home garage spaces is leading to a rise in the demand for advanced peer-to-peer EV charging stations.

During the COVID-19 pandemic, the global automotive industry suffered a significant setback. Production and output levels were severely impacted, causing gaps in the demand-supply dynamics. Manufacturers began to relook at future growth prospects, emphasizing more on beefing up electric vehicle production infrastructure, leading to increasing research and development activities in developing high-grade peer-to-peer EV chargers.

Integration of artificial intelligence, blockchain, and smart grid technologies are some of the leading peer-to-peer electric vehicle charging market trends. As such, COVID-19 also aided market players in pursuing technological breakthroughs.

  • North America is expected to capture 25% of the global peer-to-peer electric vehicle charging market share in 2024.
  • The East Asia peer-to-peer electric vehicle charging market size is forecasted to reach US$ 2 billion by 2034.
Report Attribute Detail
Peer-to-Peer Electric Vehicle Charging Market Size (2024E) US$ 1.5 Billion
Forecasted Market Value (2034F) US$ 7.9 Billion
Global Market Growth Rate (2024 to 2034) 18% CAGR
South Korea Market Value (2034F) US$ 614.03 Million
Level 1 Charger Demand Growth Rate (2024 to 2034) 16.8% CAGR
Key Companies Profiled EVBox; Webasto Group; Enphase; EV Meter; Greenlots; ChargePoint Inc.; Innogy; Power Hero; has·to·be gmbh; Enel X.

What Market Dynamics are Influencing Adoption of Electric Car Battery Chargers?

“Technological Innovations Driving Profits of Electric Vehicle Charging System Providers”

EV charging operators, including public and private operators, are making use of on-site energy storage and energy generation through grid-to-power technology. The use of smart energy management software solutions is also driving the adoption of distributed energy storage systems to reduce operational costs and maximize the use of renewable energy.

  • In 2023, Ford announced its plans to build the first automaker-backed lithium iron phosphate (LFP) battery plant in the United States, offering customers alternative EV batteries for use in some models.

This announcement has contributed to the increasing popularity of lithium iron phosphate (LFP) batteries. These batteries are cost-effective and charge faster than standard nickel cobalt manganese (NCM) EV batteries.

EV manufacturers and original equipment manufacturers (OEMs) are focusing on strengthening the interoperability of electric vehicles and charging infrastructure. This, in turn, is set to augment the demand for peer-to-peer electric vehicle charging technologies. In addition, governments across the world are focusing on providing the necessary space for establishing electric vehicle charging infrastructure in residential areas.

What Should Peer-to-Peer Electric Vehicle Charging Service Providers Focus on More?

“Lack of Standardized Electric Vehicle Charging Infrastructure”

Electric car demand has been gaining traction in recent years and is only set to increase faster over the coming years. This is further driving the high need for uniform charging infrastructure. Some EV charging stations may not work with the required voltage and power. Level 1 charging stations differ in the voltage supplied compared to Level 2 charging stations. Level 1 chargers offer a voltage of 120V AC, whereas level 2 chargers provide 208/240V AC. The lack of standardized charging infrastructure is expected to hamper the business of peer-to-peer electric vehicle charging service providers to some extent.

Start-up Ecosystem

  • Charging Robotics, an Israeli start-up, offers a robotic platform for the automatic and wireless charging of EVs. The company’s platform, through its wireless power transfer module, transfers energy from the robot to the vehicle without plugs or cables.
  • Up&Charge is a France-based start-up that offers a wireless charging platform for electric vehicles. The company’s platform uses an induction charging system to charge vehicles automatically and efficiently. The company also has a patented universal induction device with an electronic box, a battery, a transmitter coil, a receiver coil, and a terminal.

Country-wise Analysis

How are Peer-to-Peer Electric Vehicle Charging System Manufacturers Faring in the United States?

“Presence of Top Companies Providing Peer-to-Peer Electric Vehicle Charging Technologies”

Attribute United States
Market Value (2024E) US$ 200 Million
Growth Rate (2024 to 2034) 17.8% CAGR
Projected Value (2034F) US$ 1.03 Billion

Presence of leading peer-to-peer electric vehicle charging technology providers in the United States is contributing to the market growth in the country. Manufacturers of electric vehicle charging technology are focusing on extending partnerships with car manufacturers to provide a seamless charging experience.

  • In March 2021, Charge Point announced the extension of its partnership with Volvo to launch an in-car Charge Point app and provide seamless charging functionality to Volvo car drivers. This app is built to help drivers locate charging stations in the United States from the vehicle infotainment system.
  • The United States is forecasted to hold 45.6% of the North American market share by 2034.

Will Japan Be a Profitable Market for Peer-to-Peer Electric Vehicle Charging Solution Providers?

“Early Adopters of Advanced Technologies Making Two-Way Use of Peer-to-Peer Electric Vehicle Charging Technologies”

Attribute Japan
Market Value (2024E) US$ 100 Million
Growth Rate (2024 to 2034) 19.7% CAGR
Projected Value (2034F) US$ 603.87 Million

Increasing sales of electric vehicles coupled with the integration of smart grid technologies is driving the adoption of peer-to-peer electric vehicle charging technologies in Japanese homes. These vehicle-to-grid technologies are acting as bidirectional distributed energy storage systems offering electricity to houses from vehicles whenever needed.

Category-wise Analysis

Why are Level 2 Chargers So Popular?

“Partnerships between Electricity Providers and Peer-to-Peer Electric Vehicle Charging Technology Providers for Level 2 Chargers”

Attribute Level 2 Chargers
Segment Value (2024E) US$ 1.1 Billion
Growth Rate (2024 to 2034) 18.5% CAGR
Projected Value (2034F) US$ 6.01 Billion

Electricity providers are focusing on establishing partnerships with peer-to-peer EV charging software developers to offer level 2 chargers for tenant and public use. Surge in the adoption of level 2 chargers among corporations such as General Motors and The Coca-Cola Company is positively influencing segment growth. Thus, by charger type, Level 2 is expected to hold 70% of the global market share in 2024.

Why is Residential Application of Peer-to-Peer Electric Vehicle Chargers High?

“OEMs Focusing on Supply of Residential Peer-to-Peer Electric Vehicle Charging Systems”

Attribute Residential Peer-to-Peer Electric Vehicle Chargers
Segment Value (2024E) US$ 900 Million
Growth Rate (2024 to 2034) 17.2% CAGR
Projected Value (2034F) US$ 4.4 Billion

The high emphasis of original equipment manufacturers (OEMs) on increasing the production of residential chargers specific to peer-to-peer networks is set to boost peer-to-peer electric vehicle charging market growth.

  • For instance, in October 2020, Enel X launched JuiceBox, an electric vehicle charger. This charger can be used in parking spaces at homes. Moreover, JuiceBox can be remotely managed through the Enel X JuicePass app.

As a result, the residential segment is expected to hold 60% of the global market revenue share in 2024.

Competitive Landscape

Key players in the peer-to-peer electric vehicle charging industry are employing tactics such as product innovations, mergers, strategic partnerships, and investments in research and development activities to earn higher profits. Leading companies are also focusing on providing cloud-based services to both small and large enterprises.

  • In February 2022, ChargePoint Inc. announced a partnership with Sonepar to deploy charging stations in France. Through this partnership, the company is focusing on increasing the number of charging points in France. In addition, this partnership is helping Sonepar strengthen its position across France.
  • In February 2022, Enphase Energy Inc. initiated a partnership with Swell Energy Inc. Through this partnership, Enphase Energy Inc. is increasing its presence in states such as New York, California, and Hawaii.

Fact.MR provides detailed information about the price points of key providers of peer-to-peer electric vehicle charging technologies positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Key Segments of Peer-to-Peer Electric Vehicle Charging Market Research

  • By Charger Type :

    • Level 1
    • Level 2
  • By Application :

    • Residential
    • Commercial
  • By Region :

    • North America
    • Latin America
    • Western Europe
    • Eastern Europe
    • East Asia
    • South Asia & Pacific
    • Middle East & Africa

- FAQs -

How big is the peer-to-peer electric vehicle charging market in 2024?

The global peer-to-peer electric vehicle charging market is evaluated at US$ 1.5 billion in 2024.

What are the projected sales of peer-to-peer electric vehicle charging technologies for 2034?

Sales of peer-to-peer electric vehicle charging technologies are forecasted to reach US$ 7.9 billion by 2034.

What is the future of peer-to-peer electric vehicle charging systems?

The global market is foreseen to increase at a CAGR of 18% from 2024 to 2034.

What is the sales outlook for peer-to-peer electric vehicle charging systems in North America?

The North American market is projected to reach US$ 1.9 billion by 2034.

What is the current valuation of the South Korea market?

The South Korea market is anticipated to reach a valuation of US$ 100 million in 2024.

Which type of peer-to-peer electric vehicle charger is widely used?

Level 2 chargers are forecasted to account for 73% of the global market share by 2034.

Who are the leading peer-to-peer electric vehicle charging technology providers?

Some of the leading market players are Greenlots, ChargePoint Inc., Innogy, and Power Hero.

- Also of Interest -

Electric Car Battery Charger Market

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Electric Vehicle (EV) Battery Market

Electric Vehicle (EV) Battery Market Analysis by Lithium-ion Batteries, Lead Acid Batteries, and Nickel Hydride Batteries for Passenger Cars, Commercial Vehicles, and Two Wheelers from 2023 to 2033

Energy Storage Systems Market

Energy Storage Systems Market Analysis, By Technology (Electro Chemicals, Thermal Storage, Mechanical Energy Storage), By Application (Transportation, Grid Storage), By End User - Global Forecast Report 2022-2031

Distributed Energy Storage System Market

Distributed Energy Storage System Market Study by Electricity Grids and Renewable Power Sources for Industrial, Commercial, and Residential Use from 2024 to 2034

Peer-to-Peer Electric Vehicle Charging Market

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