The peer-to-peer electric vehicle (EV) market is expected to reach $1.08 billion in 2022. The market is expected to register a compound annual growth rate of 20% and exceed $6.7 billion between 2022 and 2032 due to growing advancements.
Peer-to-peer electrical charging is a system for people to share private EV chargers with other drivers when owners aren’t using it. It is designed to help with the lack of public charging infrastructure.
According to Fact.MR, more than 60% of peer-to-peer EV charging sales will be in the residential sector. Fact.MR’s report, “Peer-to-Peer Electric Vehicle Charging Market,” highlights three trends that are driving peer-to-peer EV charging sales: accessible charging stations, increasing adoption of EVs and government initiatives. Increasing the number of chargers in parking areas is also expected to lead to demand for these networks.
Rising fuel prices, preferences for EVs and a desire to reduce carbon emissions are also expected to increase the demand for this market. Grand View Research reported in 2021 that EV charging software and hardware developments are expected to change how EV owners use this technology. For example, some charging technologies can establish the charging time before a driver even plugs in.
According to Grand View Research’s peer-to-peer vehicle charging report, EV manufacturers and original equipment manufacturers (OEM) are working to strengthen EV charging infrastructure, which is expected to lead to increased peer-to-peer charging.
Grand View Research also reported that the residential segment accounted for more than a 61% share of the global revenue in 2021, which is due to OEMs and expanding peer-to-peer networks. However, between 2022 and 2030, commercial is expected to have the fastest growth rate.
North America accounts for over 35% of the global revenue of the peer-to-peer EV charging market.
About The Author
Holly SauerAssociate Editor
Holly Sauer is Electrical Contractor magazine's associate editor. Reach her at [email protected]