According to the latest report by Reports and Data, the global Peer to Peer Charging Platform Market size was USD 54.5 billion in 2022 and is expected to grow at a revenue CAGR of 25% during the forecast period. The peer-to-peer EV charging market allows individual EV owners to rent out their charging stations to other EV owners, thereby meeting the increasing demand for charging infrastructure.
One of the primary drivers of revenue growth in the peer-to-peer EV charging industry is the rising popularity of EVs, driven by environmental consciousness and the desire for sustainable mobility. Governments around the world are also encouraging EV use and building EV charging infrastructure. For example, the EU aims to build one million public charging stations by 2025, creating a strong demand for peer-to-peer EV charging.
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The Level 2 segment is anticipated to represent the largest revenue share throughout the projection period due to its ability to charge an EV quicker than a Level 1 charger while being more cost-effective than a Level 3 charger. The residential segment accounted for the largest revenue share in 2022 due to the growing number of EV owners who prefer to charge their vehicles at home. The market in Asia Pacific is anticipated to account for the greatest revenue share over the projected period due to the growing demand for electric vehicles and the shortage of public charging stations.
Some of The Driving Factors of the Peer-to-Peer Electric Vehicle (EV) Charging Market:
- Increasing popularity of EVs due to expanding environmental consciousness and desire for sustainable mobility.
- Governments worldwide putting plans in place to encourage the use of EVs and build an EV charging infrastructure.
- Economical option for EV users who do not have access to a dedicated charging station.
- Growing need for cheap charging solutions, as traditional EV charging options can be excessively costly.
- Creative solution to the issues with regular EV charging infrastructure, particularly in densely populated areas.
- Level 2 chargers are expected to represent the biggest revenue share throughout the projection period due to their ability to charge an EV quicker than a Level 1 charger while being more cost-effective than a Level 3 charger.
- The residential segment accounted for the greatest revenue share in 2022 due to the growing number of EV owners who prefer to charge their vehicles at home.
- The market in Asia Pacific is anticipated to account for the greatest revenue share over the projected period due to the growing demand for electric vehicles and the shortage of public charging stations.
Some of the notable innovations in the Peer-to-Peer Electric Vehicle (EV) Charging Market:
One notable innovation in the Peer to Peer Charging Platform Charging Market is the ability for individual EV owners to rent out their charging stations to other EV owners. This allows for increased availability of charging infrastructure without the need for large-scale investments in new charging stations. Another innovation is the use of Level 2 chargers, which can charge an EV quicker than a Level 1 charger while being more cost-effective than a Level 3 charger. Additionally, the use of home solar panels to provide free, clean energy for charging EVs is growing in favor among EV owners. These innovations are contributing to the growth and success of the peer-to-peer electric vehicle charging market.
Prominent players in the global Peer to Peer Charging Platform market
ChargePoint, ABB Ltd., Enel X, Engie Group, GreenFlux, NRG Energy, Inc., Electricity Authority of Cyprus, and Virtual Peaker.
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