Peer-To-Peer Electric Vehicle Charging Market by Product Type (Level 1, Level 2) by Product Application (Commercial, Residential, Others): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The global market is expected to cross-market value of USD 352.41 million in 2027 from USD 105.68 million in 2020. It is expected to grow at a CAGR of over 22.23% during the forecast period.

A P2P EV charging can be explained as an energy exchange scheme between two groups of electric vehicles that decreases the charging process’s effect on the power grid during business hours. This trading scheme is also financially advantageous to all participants in the trading process. Credence Research is offering holistic information and absolute accuracy in the report titled “Global Peer-To-Peer Electric Vehicle Charging Market.”

Key Market Drivers and Restraints

Factors that have a high impact on the growth of the market of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.

Impact of COVID-19

Following the spread of the novel coronavirus, governments worldwide have emphasized the introduction of strict lockdowns. As a result, a global economic downturn has been expected to affect investments in EV charging networks, smart cities, and numerous industries and sectors like electronics, power generation, and automobiles, among others. This factor is expected to affect business growth over the next two years. 

North America to Dominate the global market.

On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the worldwide market. North America dominated with over 51% share in 2020.

Global Market is led by Level 2

Level 1 and Level 2 are the two Product Types of the global market. However, with increasing government measures like the Workplace Charging Challenge, the Level 1 segment is expected to grow at a significantly high CAGR.

Residential dominated the global market in terms of Product Application

Commercial, Residential, and Others are three various Product Applications of this market. In 2020, the residential segment had a high share. Still, in the forthcoming years, the commercial segment will dominate due to increased contracts offered by commercial building contractors to utilities to create P2P networks.