Peer-to-Peer Electric Vehicle Charging Market Size, Share & Trends Analysis Report By Charger Type (Level 1, Level 2), By Application (Residential, Commercial), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global peer-to-peer electric vehicle charging market size was exhibited at USD 128,927.5 thousand in 2023 and is projected to hit around USD 981,084.58 thousand by 2033, growing at a CAGR of 22.5% during the forecast period of 2024 to 2033.

Key Takeaways:

• The North American region dominated the peer-to-peer electric vehicle charging market and accounted for over 36.0% of the global revenue in 2023.
• The level 2 segment dominated the market in 2021 and accounted for more than 73.0% of the global revenue in 2023.
• The residential segment led the market and accounted for more than 62.0% of the global revenue in 2023.

Peer-To-Peer Electric Vehicle Charging Market by Overview 

The surge in electric vehicle (EV) adoption has brought about innovative solutions to address charging infrastructure challenges. Among these, peer-to-peer (P2P) electric vehicle charging has emerged as a promising concept, revolutionizing the way EV owners access charging facilities. This article aims to provide a comprehensive overview of the P2P electric vehicle charging market, delving into its definition, key players, market dynamics, and future prospects.

Peer-To-Peer Electric Vehicle Charging Market Growth

The growth of the Peer-To-Peer (P2P) Electric Vehicle Charging market is driven by several key factors. Firstly, the rising adoption of electric vehicles (EVs) worldwide is fueling demand for innovative charging solutions. P2P charging offers a decentralized approach, leveraging existing infrastructure and enabling greater accessibility to charging facilities. Additionally, the cost-effectiveness of P2P charging appeals to EV owners, who can monetize their charging stations during idle periods, thereby offsetting ownership costs. Moreover, the flexibility and convenience offered by P2P charging platforms, in terms of pricing, scheduling, and location, contribute to their growing popularity among EV users. As sustainability becomes increasingly important, the optimization of existing infrastructure through P2P charging aligns with environmental goals, further driving market growth. Overall, these factors underscore the significant potential of P2P electric vehicle charging to reshape the future of transportation and contribute to the evolution of sustainable mobility.

Peer-To-Peer Electric Vehicle Charging Market Report Scope

Peer-To-Peer Electric Vehicle Charging Market Dynamics

• Accessibility:

The dynamics of the Peer-To-Peer (P2P) Electric Vehicle Charging market are significantly influenced by its role in enhancing accessibility to charging infrastructure. P2P charging platforms utilize privately-owned stations, thereby expanding the reach of charging facilities beyond traditional public networks. This decentralized approach not only addresses the scarcity of charging points in certain areas but also offers greater convenience to EV owners by providing access to charging options closer to their locations. As a result, the accessibility factor drives the adoption of P2P charging solutions, contributing to the market's growth and expansion.

• Cost-effectiveness:

Another pivotal dynamic shaping the Peer-To-Peer (P2P) Electric Vehicle Charging market is its inherent cost-effectiveness. EV owners can leverage P2P charging platforms to monetize their charging stations during idle periods, effectively offsetting the cost of EV ownership. This mutually beneficial arrangement allows station owners to generate additional income while providing affordable charging options to EV users. By optimizing the utilization of existing infrastructure and minimizing the need for costly investments in new charging infrastructure, P2P charging offers a financially sustainable solution for both station owners and EV drivers. As a result, the cost-effectiveness of P2P charging drives its adoption and contributes to the overall growth of the market.

Peer-To-Peer Electric Vehicle Charging Market Restraint

• Infrastructure Limitations:

One significant restraint affecting the Peer-To-Peer (P2P) Electric Vehicle Charging market is the reliance on existing infrastructure. While P2P charging platforms leverage privately-owned charging stations to expand accessibility, the availability of such infrastructure remains limited in certain regions. This constraint hinders the scalability of P2P charging networks, particularly in areas with sparse charging infrastructure or low EV adoption rates. Additionally, the compatibility and standardization of charging equipment pose challenges, as different charging station types may not be interoperable with all EV models. 

• Regulatory Hurdles:

Another significant restraint facing the Peer-To-Peer (P2P) Electric Vehicle Charging market relates to regulatory hurdles and policy uncertainties. The evolving regulatory landscape surrounding electric vehicle charging, including safety standards, grid integration requirements, and tariff regulations, presents challenges for P2P charging platforms. Compliance with diverse regulatory frameworks across different jurisdictions adds complexity to the operation of P2P charging networks and may deter potential stakeholders, such as station owners and EV users, from participating. Moreover, unclear or inconsistent regulations regarding energy sales, taxation, and liability may create legal uncertainties, impacting the willingness of stakeholders to engage in P2P charging transactions. 

Peer-To-Peer Electric Vehicle Charging Market Opportunity

• Market Expansion in Emerging Economies:

One notable opportunity in the Peer-To-Peer (P2P) Electric Vehicle Charging market lies in the expansion into emerging economies. As electric vehicle adoption gains momentum globally, emerging markets present significant growth potential due to their increasing urbanization, rising disposable incomes, and growing environmental awareness. P2P charging solutions can address the infrastructure challenges faced by these regions by leveraging existing resources and offering cost-effective charging options. Moreover, the flexibility and scalability of P2P charging platforms make them well-suited for diverse market environments, enabling rapid deployment and adaptation to local needs.

• Integration with Smart Grid Technologies:

Another promising opportunity for the Peer-To-Peer (P2P) Electric Vehicle Charging market lies in the integration with smart grid technologies. P2P charging platforms can leverage advanced grid management systems, demand-response mechanisms, and renewable energy integration to optimize the utilization of charging infrastructure and enhance grid stability. By coordinating charging schedules based on grid conditions, electricity prices, and user preferences, P2P charging networks can mitigate peak demand, reduce energy costs, and promote the efficient use of renewable energy sources. Furthermore, the integration of vehicle-to-grid (V2G) capabilities enables bidirectional energy flows between EVs and the grid, creating additional revenue streams for EV owners and grid operators.

Peer-To-Peer Electric Vehicle Charging Market Challenges

• User Adoption and Awareness:

One of the significant challenges facing the Peer-To-Peer (P2P) Electric Vehicle Charging market is user adoption and awareness. While P2P charging platforms offer numerous benefits, including accessibility, cost-effectiveness, and flexibility, many EV owners may be unaware of these solutions or hesitant to participate due to unfamiliarity or perceived complexities. Lack of awareness about P2P charging options and their benefits can hinder market growth and limit the utilization of existing charging infrastructure. Additionally, EV owners may have concerns about reliability, security, and payment mechanisms associated with P2P charging transactions, further inhibiting adoption. 

• Interoperability and Standardization:

Another key challenge in the Peer-To-Peer (P2P) Electric Vehicle Charging market is interoperability and standardization of charging infrastructure. The lack of uniformity in charging protocols, connector types, and communication standards across different EV models and charging stations complicates the seamless integration and operation of P2P charging networks. EV owners may encounter compatibility issues when trying to access P2P charging stations, leading to inefficiencies, inconvenience, and frustration. Moreover, the absence of standardized billing and payment systems for P2P charging transactions can create barriers to interoperability and hinder market growth. Addressing these challenges requires industry collaboration, regulatory initiatives, and technological advancements to establish common standards, protocols, and certification schemes for P2P charging infrastructure. 

Segments Insights:

COVID-19 Impact Analysis

The COVID-19 pandemic has resulted in governments globally emphasizing the implementation of stringent lockdowns. Multiple industries are facing significant challenges owing to the pandemic and the subsequent global economic slowdown. The pandemic has also had a severe impact on the electric vehicle charging infrastructure market across the globe. All modes of transportation experienced losses due to their limited operability during lockdowns. This has caused limited usage of electric vehicle charging stations at malls and complexes.

Moreover, the global economic crisis is also likely to affect investments toward the development of smart cities, EV charging networks, and various industries and sectors such as automotive, electronics, and power. This factor is likely to impact the growth of the market in the next two years. Additionally, a decrease in the production of EVs owing to the shortage of lithium-ion cells in countries such as India, Brazil, and the U.K. has significantly affected the market growth.

Charger Type Insights

The level 2 segment dominated the market in 2021 and accounted for more than 73.0% share of the global revenue in 2023. The segment growth can be attributed to the increase in the adoption of level 2 chargers among corporates such as The Coca-Cola Company and GENERAL MOTORS. Furthermore, electricity providers are emphasizing the establishment of partnerships with peer-to-peer EV charging software developers to develop level 2 chargers for public and tenant use. For instance, in June 2020, Silicon Valley Clean Energy (SVCE) announced its partnership with EVMATCH, INC. Through this partnership, EVMATCH, INC developed and installed eight wi-fi connected level 2 electric vehicle charging stations for both public and tenant use in Santa Clara. SVCE provided funding to cover the infrastructure cost for each multi-unit dwelling that participated in the pilot program.

The level 1 segment is anticipated to register significant growth over the forecast period. The segment growth can be attributed to a rise in the number of government initiatives such as the Workplace Charging Challenge. The Workplace Charging Challenge focuses on adding level 1 chargers at private company workplaces under their P2P network. Under this initiative, the U.S. Department of Energy has covered level 1 chargers at facilities of private organizations such as Hewlett Packard Enterprise Development LP and Thomas College across their P2P networks.

Application Insights

The residential segment led the market and accounted for more than 62.0% share of the global revenue in 2023. The segment growth can be attributed to the increase in emphasis of Original Equipment Manufacturers (OEMs) on the expansion of residential chargers specific to peer-to-peer networks. For instance, in October 2020, Enel X announced the launch of JuiceBox, an electric vehicle charger that can be used in parking spaces at homes. JuiceBox can be remotely managed through the Enel X JuicePass app.

The commercial segment is anticipated to register the fastest growth rate over the forecast period. The rising demand for EV charging stations in commercial buildings globally is chiefly attributed to the promising growth prospects of the segment. For instance, a joint contract was awarded to EVE Australia Pty Ltd. and AGL Energy for the development of P2P networks at various commercial buildings across the Australian cities of Brisbane and Melbourne. Moreover, petroleum refinery companies are also making efforts to set up electric vehicle charging stations across complexes, malls, corporate tech parks, and hotels. For instance, in November 2022, Indian Oil Corporation Limited announced that it has planned to set up 10,000 electric vehicle charging stations across India at malls, complexes, and corporate offices by 2024. Such factors bode well for the growth of the segment. 

Regional Insights

The North American region dominated the peer-to-peer electric vehicle charging market and accounted for over 36.0% share of the global revenue in 2023. The market growth can be attributed to the increasing number of companies operating in the peer-to-peer electric vehicle charging space across the region. Moreover, electric vehicle charging station manufacturers are extending partnerships with car manufacturers to provide a seamless charging experience. For instance, in March 2023, 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 would help drivers locate the charging stations in North America from the vehicle infotainment system.

Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. Countries are making efforts to boost the sales of electric vehicles, creating opportunities for market growth. The government bodies of China provide incentives to boost the electric vehicle sales of the country. For instance, Guangzhou, a city in China, announced a subsidy of USD 1,552.94 for the vehicles sold in March and the end of December in 2020. At the same time, the state-level subsidy provided to new energy vehicles was extended to 2023. Thus, increasing government efforts toward promoting the sales of electric vehicles in the country are expected to create opportunities for market growth in the coming years.

Some of the prominent players in the Peer-to-peer electric vehicle charging market include:

• Chargepoint Inc.
• ClipperCreek, Inc.
• Enel X
• EVBox
• EV Meter
• Greenlots
• has·to·be gmbh
• innogy
• Power Hero
• Webasto Group

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global peer-to-peer electric vehicle charging market.

Charger Type

• Level 1
• Level 2

Application

• Residential

• • Private Homes
  • Apartments

•  Commercial

• • Destination Charging Station
  • Fleet Charging Station
  • Workplace Charging Station
  • Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)