GVR Report cover Peer-To-Peer Electric Vehicle Charging Market Size, Share & Trends Report

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, And Segment Forecasts, 2021 - 2028

  • Published Date: Jul, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-218-1
  • Format: Electronic (PDF)
  • Historical Data: 2018 - 2019
  • Number of Pages: 130

Report Overview

The global peer-to-peer electric vehicle charging market size was valued at USD 88,278.1 thousand in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.9% from 2021 to 2028. The market growth can be attributed to the rising sales of electric vehicles worldwide. According to the statistics provided by EVmatch, an Electric Vehicle (EV) charging station provider, the U.S. will have more than 30 million electric vehicles on roads in the coming years. This growth can be attributed to plans of imposing a ban on gas car sales by 2035 in countries such as New Jersey, California, and Massachusetts.

U.S. peer-to-peer electric vehicle charging market size, by charger type, 2018 - 2028 (USD Thousand)

At the same time, condos and apartment owners are increasingly adopting EV charging stations as it helps them to earn revenue, recoup electricity costs, and attract valuable tenants from their charging stations. For instance, Park Plaza Apartments in Mountain View and Revere Apartments in Campbell have started offering EVmatch’s level 2 charging access to the general public and tenants. Additionally, Vermont property based near Mount Snow ski resort has installed an EV charger that offers access to the general public and residents 24/7, owing to the partnership of EVmatch and Green Mountain Power. Thus, the growing adoption of EV charging stations among apartments is largely contributing to the market growth.

Government grants provided to promote the adoption of EV charging stations are expected to create new opportunities for the market in the coming years. For instance, in June 2020, EVmatch received funds from Silicon Valley Clean Energy for installing 8 EV chargers across multifamily properties by 2021. Additionally, up to 75% of the grant is provided under the Electric Vehicle Homecharge Scheme for installing EV charge points at domestic properties across the U.K. These funded home EV charge points are required to have smart technology from July 2019 onwards, which is expected to drive the demand for peer-to-peer (P2P) electric vehicle charging solutions.

Several companies, such as ZF Car eWallet GmbH and ZF Friedrichshafen AG, are emphasizing the development of blockchain transaction platforms for electric vehicle charging, which bodes well for the market growth. For instance, in July 2017, Innogy partnered with eMotorWerks, an electric vehicle infrastructure company. The partnership enabled 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 in the form of mobility tokens and Euro-backed digital tokens. Furthermore, companies such as eMotorWerks and Share&Charge are focusing on the development of decentralized blockchain systems for EV charging. For instance, in January 2019, Share&Charge announced that it is working on the development of a decentralized blockchain system that uses the Open Charge Point Interface (OCPI) protocol for P2P connections between charge point operators and service providers.

The rise in the number of privately owned EV charging points is a major factor that has fueled the growth of the market. According to the International Energy Agency (IEA), the number of private charging points has risen by 1.6 million from 2017 to 2018. The market growth is fueled by the increasing emphasis of various companies, such as Blink Charging Co. and Hubject, on offering eRoaming services to electric vehicle drivers. For instance, in October 2018, Blink Charging Co. entered into a partnership with Hubject to offer a roaming service. The eRoaming service enables EV drivers having a subscription of either of the companies to charge their EVs at charge points owned by both.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has resulted in governments globally emphasizing the implementation of stringent lockdowns. This has caused a global economic crisis that is likely to affect the 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 P2P electric vehicle charging 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 led the peer-to-peer EV charging market and accounted for more than 72.0% share of the global revenue in 2020. The segment growth can be attributed to the increase in the adoption of level 2 chargers among corporate organizations such as The Coca-Cola Company and GENERAL MOTORS. Furthermore, government agencies such as the Municipal Electric Authority of Georgia and Burlington Electric Department are emphasizing the establishment of partnerships with peer-to-peer EV charging software developers such as EVMATCH, INC. These partnerships aim to develop level 2 chargers at multi-unit dwellings, thereby driving the segment growth. For instance, in December 2019, the Burlington Electric Department, in partnership with EVMATCH, INC., has deployed level 2 chargers at multi-unit dwelling properties in Burlington city. The companies provide multi-unit dwellings with 15 JuiceBox Pro chargers for free.

The level 1 segment is anticipated to register a 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 companies' 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 61.0% share of the global revenue in 2020. 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 February 2020, Enel X announced the launch of its JuiceBox Pro, a level 2 residential EV charger. JuiceBox Pro is equipped with Wi-Fi connectivity and is compatible with the peer-to-peer network of eMotorWerks.

Europe peer-to-peer electric vehicle charging market share, by application, 2020 (%)

The commercial segment is anticipated to register the fastest growth rate over the forecast period. 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. Various government agencies such as Office of Gas and Electricity Markets, European Commission, and Commission for Electricity and Gas Regulation (CREG) are providing funding to companies such as EverCharge, EVgo, and Zap-Map for developing commercial P2P networks. For instance, in June 2019, the Office of Gas and Electricity Markets (Ofgem), through the Low-Carbon Network Fund, awarded funding to Zap-Map for the development of commercial P2P networks.

Regional Insights

North America dominated the market accounted for over 37.0% share of the global revenue in 2020. 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. For instance, in July 2017, innogy announced the establishment of its U.S. subsidiary, innogy e-mobility US LLC, which is focused on providing electric vehicle supply equipment in North America. The company is also engaged in the development of peer-to-peer networks. In North America, a rise in the establishment of standards has been observed for peer-to-peer EV chargers, which has further driven the growth of the regional market.

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 end of December in 2020. At the same time, the state-level subsidy provided to new energy vehicles was extended to 2022. 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.

Key Companies & Market Share Insights

Strategies adopted by some of the key players operating in the market include collaborations, mergers, and partnerships for expanding their market share. For instance, in March 2021, Chargepoint Inc. announced its partnership with Volvo cars for a built-in Chargepoint Inc. app to provide seamless charging functionality to Volvo car drivers. This partnership will help Volvo car drivers to explore charging stations in North America from the vehicle infotainment system. Additionally, in February 2021, Enel X announced its partnership with EnergyHub, an energy specialist, to extend the availability of smart charging stations to utilities as a flexible energy source. Through this partnership, utilities would be capable of managing customer-owned Enel X smart EV charging stations directly.

Meanwhile, other players in the market are focusing on strategies such as high investments in R&D activities and new product launches. For instance, AeroVironment, Inc. invested approximately 30% of its expenses on R&D activities in FY 2019. Furthermore, in December 2018, AeroVironment Inc. launched EVSE-RS, which is a 32 amp charger that is compatible with the P2P network. In February 2020, ClipperCreek, Inc. updated its HCS-40 charger, which is a level 2 charger suitable for residential and commercial charging stations. The updated products support the compatibility of P2P EV charging. Some of the prominent players operating in the global peer-to-peer electric vehicle charging market are:

  • Chargepoint Inc.

  • ClipperCreek, Inc.

  • Enel X

  • EVBox

  • EV Meter

  • Greenlots

  • has·to·be gmbh

  • innogy

  • Power Hero

  • Webasto Group

Peer-to-Peer Electric Vehicle Charging Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 106,472.3 thousand

Revenue forecast in 2028

USD 425,595.0 thousand

Growth rate

CAGR of 21.9% from 2021 to 2028

Base year of estimation

2020

Historical data

2018 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD thousand and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Charger type, application, region

Regional scope

North America; Europe; Asia Pacific; RoW

Country scope

U.S.; Canada; Netherlands; France; Norway; Germany; U.K.; China; South Korea; Japan

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

The report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Grand View Research has segmented the global peer-to-peer electric vehicle charging market report based on charger type, application, and region:

  • Charger Type Outlook (Revenue, USD Thousand, 2018 - 2028)

    • Level 1

    • Level 2

  • Application Outlook (Revenue, USD Thousand, 2018 - 2028)

    • Residential

      • Private Homes

      • Apartments

    •  Commercial

      • Destination Charging Station

      • Fleet Charging Station

      • Workplace Charging Station

      • Others

  • Regional Outlook (Revenue, USD Thousand, 2018 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Netherlands

      • France

      • Norway

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • South Korea

      • Japan

    • Rest of the World

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