The global Peer-To-Peer Electric Vehicle Charging Market size is expected to reach USD 644,982.3 thousand by 2030, registering a CAGR of 22.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising demand for electric vehicles worldwide has encouraged an increase in the number of peer-to-peer electric vehicle charging stations installed across the globe to address the range anxiety issues associated with electric vehicles. Moreover, rising awareness among users to use green transportation modes is also expected to propel the adoption of electric vehicles, which is likely to contribute to the market growth over the forecast period.
Several governments across the globe have mandated
space allocation for EV charging infrastructure in the parking spaces
of residential complexes, which is expected to create new growth opportunities
for the market. For instance, in June 2019, the Government of India, under the
new guidelines of the housing and urban development ministry, mandated that the
residential and commercial complexes across India would allocate 20% of their
parking space for electric vehicle charging facilities. Such factors are
expected to create growth opportunities for the market over the forecast
period.
Many companies are partnering with electric car
manufacturers to provide a seamless charging experience to customers. For
instance, in March 2021, ChargePoint announced its partnership with Polestar
cars, a Swedish company that manufactures electric vehicles. Under this
partnership, Polestar drivers would have access to over 100,000 ChargePoint
charging points and additional charging spots made possible through roaming
agreements with other major charging networks in North America.
The COVID-19 pandemic is expected to trigger the sales
of automobiles, including electric cars, as consumers would prefer traveling in
personal vehicles to avoid exposure to the virus in public transport.
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 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 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 the public
- The increasing adoption of smart city initiatives to boost the
adoption of electric vehicles in emerging economies, such as China and
India, is expected to create growth opportunities for the market in the
Asia Pacific region over the forecast period
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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