Peer-To-Peer Electric Vehicle Charging Market Size, Share & Trends Analysis Report By Application (Residential, Private Homes, Apartments, Commercial, Destination Charging Station, Fleet Charging Station, Workplace Charging Station, Others), By Type (Level 1, Level 2) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global peer-to-peer electric vehicle charging market size was valued at USD 88 million in 2021 and is estimated to reach an expected value of USD 525 million by 2030, registering a CAGR of 22% over the forecast period (2022-2030). 

Peer-to-peer electric vehicle charging equipment comprises several components, including couplers, cords, conductors, power outlets, and other accessories, devices, and apparatus. Manufacturers of peer-to-peer electric vehicle charging equipment obtain these components from the relevant suppliers. Although manufacturers tend to strike supply agreements with suppliers to ensure a smooth and uninterrupted supply of components, they may also resort to spot contracts depending on the situation. AeroVironment, Inc.; ChargePoint, Inc.; ClipperCreek, Inc.; and Greenlots are some of the prominent peer-to-peer electric vehicle charging equipment manufacturers.

The increase of domestic charging points and the growing need among owners of electric vehicles to alleviate range anxiety are two factors that have contributed to the market expansion. Throughout the forecast period, there are prospects for growth in the peer-to-peer electric car charging market due to rising global awareness and acceptance of electric vehicles. Nowadays, drivers can pair their autonomous electric cars with one another to share a charge while traveling. Over the projected period, this is anticipated to produce growth prospects for peer-to-peer electric vehicle charging station suppliers.

Market Dynamics

Global peer-to-peer electric vehicle charging market drivers

Increasing contribution of the transportation sector toward carbon emission

Many metropolitan cities have been facing smog and air quality issues, which have caused respiratory diseases. Such conditions are making it difficult to survive in the existing environment. In Europe, air pollution is responsible for the death of around 450,000 people every year. In 2016, the European Commission approved new rules (National Emissions Ceilings (NEC) Directive) for its member states to reduce air pollution levels. All these factors propel the need for an eco-friendly and low-residual mode of transportation, thus, promoting the adoption of electric vehicles and increasing the need for supportive peer-to-peer electric vehicle charging stations. According to the data published by the Global Carbon Project (GCP), China accounts for a significant share of the global CO2 emissions and is driven by an increase in coal, natural gas, and crude oil consumption, increased industrial production, and reduced hydroelectric energy generation. There has been a significant reduction in the emission share of the US and Europe over the last seven years due to stringent regulatory policies and government initiatives. Hence, the reduction in consumption of fossil fuels and the increased adoption of electric vehicles are expected to reduce global CO2 emissions.

Advances in battery technology and growing emphasis on autonomous vehicles

Advances in battery and charging technologies are expected to transform the global automotive industry. While the evolving battery technology has increased the traveling range of electric vehicles per charge, innovative chargers being introduced in the market are capable of charging batteries faster than before, thereby encouraging more consumers to opt for electric vehicles and triggering the demand for peer-to-peer electric vehicle charging units. The growing emphasis on autonomous vehicles and shared mobility, culminating in the growing adoption of electric vehicles, also bodes well for the peer-to-peer electric vehicle charging market.

The other factors that are expected to trigger the adoption of electric vehicles include the growing popularity of ride-hailing and ride-sharing services and the Mobility-as-a-Service (MaaS) model. While ride-hailing and ride-sharing are becoming economical transportation modes for commuters, adopting electric vehicles would further make these services economical. Moreover, most electric vehicles now feature advanced drive-by-wire systems that replace conventional mechanical control systems with electronic controls. Furthermore, automobile manufacturers have started preferring electric vehicles to develop autonomous transportation systems owing to better technology integration. Firstly, electric vehicles include fewer moving parts than conventional ICE vehicles and incur lower operational and maintenance costs. Secondly, they can be considered a safer mode of transportation than conventional ICE vehicles, which carry highly inflammable fuel in the fuel tanks. All these factors contribute to the growing adoption of electric vehicles and hence, toward the rising demand for supportive peer-to-peer electric vehicle charging infrastructure.

Global peer-to-peer electric vehicle charging market restraint

The rise in the number of public charging stations

Over the past few years, interest in electric cars has grown. As a result, there has been an increase in demand for charging infrastructure. Over the projection period, it is anticipated that the fast-evolving electric vehicle charging landscape and the surge in public charging stations will challenge market growth. Customers all over the world are concentrating on adopting battery-only electric vehicles, which is boosting the use of public charging stations.

Automakers across the globe are focusing on manufacturing electric vehicles. Moreover, businesses are also focusing on adding charging stations for public use. For instance, in August 2020, General Motors, in partnership with EVgo Services LLC, an electric vehicle charging station supplier, announced its plans to add approximately 700 fast-charging stations over the next five years. This will challenge the growth of the peer-to-peer electric vehicle charging market over the forecast period.

Moreover, fast-charging stations have greater kilowatt capacity than residential electric vehicle chargers. These fast-charging stations enable drivers to quickly recharge their vehicle batteries to travel more than 300 miles on a single charge. The increasing number of electric vehicles is encouraging automakers to focus on deploying fast-charging stations. As a result, the rise in public charging stations is expected to hamper the peer-to-peer electric vehicle charging market growth over the forecast period.

Global peer-to-peer electric vehicle charging market opportunities

Government regulation and tax exemptions

Governments have started offering financial incentives, including subsidies and tax benefits, to encourage people to buy electric vehicles. Incentives are being offered either on a lump sum basis or the basis of the wattage of batteries powering the electric vehicles. These subsidies and tax incentives are expected to drive the sales of electric vehicles and, subsequently, the demand for peer-to-peer electric vehicle charging equipment.

In the US, insurers insure electric vehicles at discounted rates, and utilities charge lower tariffs for the electricity consumed by the peer-to-peer electric vehicle charging stations. In some states, subsidies are offered to reduce the upfront purchase costs of electric vehicles. In contrast, cheaper credit is being offered to manufacturers and buyers of electric vehicles and charging equipment. The federal Internal Revenue Service (IRS) offers a tax credit of up to USD 7,500 on purchasing new electric vehicles.

Several countries are running incentives-based programs to encourage the purchase of electric vehicles. For instance, bonus payments and insurance discounts are being offered to the buyers of electric vehicles in France and the UK, while goals to curtail the sales of ICE vehicles over the next decade are also being pursued in France, the U.K., India, and China.

Apart from subsidies and tax incentives, special care is also being exercised to avoid the misuse of these incentives and subsidies. For instance, in China, some cities exempt electric vehicles from license-plate lotteries and auctions. After a successful pilot program, the Chinese government introduced green license plates for New Energy Vehicles (NEVs) across the country. By 2017, the new license plates were introduced in all provincial capitals and selected major cities, while the remaining cities were expected to follow in H1/2018. Vehicle owners with green license plates will be eligible for preferential treatment in terms of national and local subsidies for electric vehicles. These subsidies are anticipated to help reduce consumers' concerns regarding the high upfront costs associated with electric vehicles. To reduce pollution and carbon emissions, France and the UK have announced to ban on the sales of fuel-based vehicles by 2040. Similar initiatives in China and India are also expected to drive the adoption of electric vehicles and, subsequently, the demand for peer-to-peer electric vehicle charging infrastructure.

Regional Analysis

By Region, the global peer-to-peer electric vehicle charging market is segmented into North America, Europe, Asia Pacific, and RoW.

North America accounted for the largest market share and is estimated to grow at a CAGR of 22.8% during the forecast period. A large number of players in North America is one of the major factors driving the regional market. For instance, in July 2017, Innogy established e-mobility US LLC, a subsidiary that provided EV charging equipment in North America.

The Asia Pacific is the second largest region. It is estimated to reach an expected value of USD 220 million by 2030, registering a CAGR of 23.4%. Countries are working to increase the sales of electric cars, opening up new market expansion potential. Chinese government agencies offer incentives to increase the country's sales of electric vehicles. For instance, the Chinese city of Guangzhou offered a USD 1,552.94 subsidy for automobiles purchased between March 2020 and the end of December 2020. The state-level incentive for new energy cars was also extended until 2022 at the same time. Thus, it is anticipated that possibilities for market expansion will arise in the years to come as government initiatives to promote the sales of electric vehicles in the nation increase.

The third-largest region in Europe. Market expansion in Europe is driven by increased business investment in collaboration methods. For instance, in November 2020, NewMotion, a European smart charging solutions provider, announced its partnership with the U.K.-based charger point operator Osprey Charging (formerly known as Engine). Through the partnership, 259 DC 50kWh fast connections were added to NewMotion's public charging network.

Segmental Analysis

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

By Charger Type, the global peer-to-peer electric vehicle charging market is segmented into Level 1 and Level 2. the Level 2 segment accounted for the largest market share and is estimated to grow at a CAGR of 22.7% during the forecast period. Level 2 chargers offer 3-7 times faster than level 1 chargers. Various companies are making efforts to provide level 2 chargers for peer-to-peer vehicle charging at multi-dwelling residential units. For instance, Park Plaza Apartments in Mountain View and Revere Apartments in Campbell, both in California US, offer EVmatch's level 2 charging access to their tenants and the public in nearby areas. EVmatch's solution allows people to book an EV charging session at Revere and Park Plaza. Several companies are trying to provide car manufacturers with level 2 charging infrastructure solutions. For instance November 2019, EVgo added roaming access for its customers on the ChargePoint network to provide seamless roaming to 28,000 level 2 chargers. Similarly, in August 2019, EVgo and Nissan announced the expansion of the charging network for EV drivers. 200 fast chargers across the US Level 2 charging stations are increasingly being installed at grocery stores, retail stores, and commercial buildings, among other places. For instance, EVgo operates 1,000 level 2 chargers in 66 metropolitan markets, allowing EV drivers to charge their vehicles on EVgo's roaming partner network.

By Application, the global peer-to-peer electric vehicle charging market is segmented into Residential (private homes and apartments) and commercial (destination charging station, fleet charging station, workplace charging station). The commercial segment accounted for the largest market share and is estimated to grow at a CAGR of 22.8% during the forecast period. According to the statistics provided by the International Energy Agency, in 2017, there were 430,000 publicly accessible chargers worldwide. Additionally, the number of private chargers at workplaces and homes was 3 million worldwide. To address the limitation of public chargers, various companies are making efforts to provide peer-to-peer EV charging solutions backed by the latest and advanced technologies, such as blockchain. For instance, Innogy, a provider of electric charging solutions, uses blockchain technology for peer-to-peer charging. In July 2017, Innogy partnered with eMotorWerks, an electric vehicle infrastructure company. The partnership allowed the residential and commercial owners of eMotorWerk's electric vehicle charging stations to rent charging time to EV drivers in a peer-to-peer network powered by Innogy's Share&Charge platform. The owners received payments from mobility tokens and Euro-backed digital tokens. The increasing number of charging stations at commercial properties, such as extensive sports and parking facilities, is driving the demand for peer-to-peer EV charging systems.

Recent Developments

• October 2022 - The EAP program's goal was to conduct on-site tests under actual driving situations to verify the functionality and suitability of EVBox Troniq Modular charging stations for various sorts of automobiles. This specialized effort involved deploying and installing EVBox Troniq Modular charging stations across Europe through a network of reliable partners. The eight power modules in the French-made EVBox Troniq Modular, which can provide quick charging, range in capacity from 90 to 240 kW. (439 km of autonomy in 21 minutes of charging).
• September 2022 - EVBox, one of the top suppliers of charging solutions, increased its portfolio last year. The brand-new, cutting-edge EVBox Troniq Modular DC charging station has finished Module B of the measurement and calibration procedure. It is now prepared for usage by the general public. Because of its cutting-edge design and modular construction, the EVBox Troniq Modular provides a dependable and expandable solution. To offer this quick charging station in various markets, the requirements of the relevant regions had to be satisfied.