The global Peer-To-Peer Electric Vehicle Charging Market size is expected to reach USD 425,595.0 thousand by 2028, registering a CAGR of 21.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. To eliminate the range anxiety issues of Electric Vehicles (EV), various governments are emphasizing the provision of funds for the development of peer-to-peer networks. For instance, the Government of the U.S. has established the Northeast Corridor Regional Strategy, under which it provides support for various activities, such as the development of Electric Vehicle (EV) charging infrastructures and peer-to-peer (P2P)) electric vehicle charging networks.
Various
governments have mandated allotting space for EV charging in the parking spaces
of residential complexes, which is expected to create new growth opportunities
for the market. For instance, in August 2019, the U.K. proposed EV charger
mandates for offices and new homes. Under this regulation, residential
buildings with more than ten parking spaces under major renovations are
expected to have dedicated charging spaces for EVs. Additionally, large nonresidential
buildings with 20 parking spaces are expected to have one EV charger by 2025.
Many
companies are partnering with energy and utility companies to extend the reach
of their peer-to-peer EV charging solutions. For instance, in January 2020,
EVmatch announced a pilot project with utilities based in the U.S. state of
Vermont, such as Burlington Electric Department and Green Mountain Power. The
aim of this initiative is to offer a logistical, affordable, and simple way for
property owners to make EV charging available to multi-family residences.
The
outbreak of the COVID-19 pandemic is expected to trigger the sales of
automobiles, including electric cars, as consumers would prefer traveling in
their personal cars to avoid exposure to coronavirus. Initiatives such as
protection against job losses, deferred payments, and benefits offered by
finance companies, such as 0% financing, are also expected to encourage the
adoption of electric vehicles and subsequently trigger the demand for EV
charging stations. Thus, the COVID-19 outbreak is positively impacting the P2P
electric vehicle charging market growth.
Related Press
Release@ Peer-To-Peer Electric Vehicle Charging Market Report
Peer-To-Peer Electric Vehicle Charging Market Report
Highlights
- The level 1
charger segment is anticipated to register a significant growth owing to
the increasing number of multi-unit dwellings installing level 1 charging
stations
- The
commercial segment is projected to register the highest CAGR over the
forecast period owing to the increasing focus of companies such as The
Coca-Cola Company and General Motors on making EV charging stations at
their facilities open to public
- European
manufacturers of electric utilities, such as Copenhagen Electric and
Stromnetz Hamburg, are collaborating to deliver e-roaming services to EV
drivers through projects such as evRoaming4EU, which bodes well for the
growth of the market in this region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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