Increasing Use of E-mobility Primarily Pushing Adoption of Peer-to-Peer Electric Vehicle Charging Technologies
Rockville, Md., May 21, 2024 /PRNewswire/ — According to a recent market research report by Fact.MR, the global Peer-To-Peer Electric Vehicle Charging Market is projected to witness substantial growth, with an estimated value of $1.5 billion in 2024. By 2034, this market is anticipated to surge to a value of $7.9 billion, reflecting a robust compound annual growth rate (CAGR) of 18% from 2024 to 2034.
The growing popularity of electric vehicles coupled with government regulations on the use of renewable energy is driving global peer-to-peer electric vehicle charging market growth. Integration of advanced technologies such as bidirectional charging, the Internet of Things, data analytics, on-site energy resources, and smart energy management apps are contributing to the sales growth of advanced peer-to-peer electric vehicle charging systems. Through the adoption of advanced peer-to-peer electric vehicle charging technologies, people can use electric vehicles (EVs) as distributed energy storage systems and utilize the energy whenever needed.
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Advancements in battery and charging technologies are contributing to the transformation of the automotive sector. Ongoing developments in battery technology are increasing electric vehicle ownership, further leading to higher demand for innovative chargers. The growing adoption of autonomous vehicles and shared mobility is also increasing the demand for advanced peer-to-peer electric vehicle charging solutions.
Key Takeaways from the Market Study:
- Global demand for peer-to-peer electric vehicle charging systems is foreseen to rise at a CAGR of 18% through 2034.
- The United States market is set to capture 45.6% of the North American market share by 2034.
- Sales of peer-to-peer electric vehicle charging systems in Japan are projected to reach US$ 603.87 million by 2034.
- Demand for residential peer-to-peer electric vehicle charging technologies is forecasted to reach a market value of US$ 4.4 billion by 2034.
“Introduction of cost-effective and high energy storage lithium iron phosphate (LFP) batteries are complementing peer-to-peer electric vehicle charging market growth,” says a Fact.MR analyst.
Key Companies Profiled in This Report:
- EVBox
- Webasto Group
- Enphase
- EV Meter
- Greenlots
- ChargePoint Inc.
- Innogy
- Power Hero
- has•to•be gmbh
- Enel X
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Competitive Analysis:
The rising trend of sustainability and renewable energy usage is generating lucrative opportunities for peer-to-peer electric vehicle charging product manufacturers. Established players and new companies entering the global market are set to earn high profits due to the increasing adoption of electric vehicles worldwide. Industry giants are adopting strategies such as geographical expansion, collaborations with research institutions, and mergers & acquisitions to boost their product folio and revenue shares.
- 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.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global peer-to-peer electric vehicle charging market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on charger type (level 1, level 2) and application (residential, commercial), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Explore More Related Studies Published by Fact.MR Research:
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Electric Vehicle (EV) Battery Market is projected to expand at a prolific CAGR of 18.5% and reach a valuation of $347 billion by the end of 2033, up from $63.55 billion in 2023.
Energy Storage Systems Market stands at $45.1 billion in 2022 and is projected to reach a valuation of US$ 73.8 billion by the end of 2031.
Battery Management IC Market poised to Reach US$ 3.5 Billion by 2034, Driven by Demand for Smart Energy Solutions.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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