P2P ELECTRIC VEHICLE CHARGING ESTIMATED MARKET SIZE BY 2027

On the 13th of May 2020, a new report by Grand view Research Inc. indicated the global peer-to-peer (P2P) electric vehicle charging market size that is expected to reach USD 351.7 million by the year 2027, while registering a CAGR of 21.8% from the years 2020 to 2027. There was emphasis on the provisions of funds for the development of peer-to-peer networks. For instance – the US governments established the Northeast Corridor Regional Strategy under which it provides support to enhance the Electric Vehicle (EV) charging infrastructure, it also encourages public charging stations and charging networks.

The increasing approach of various governments, Original Equipment Manufacturers (OEMs), and automobile companies towards improving the performance of charging solutions by adapting features such as Vehicle-to-grid (V2G) and blockchain payments, promises and expediential market growth.

For instance, in the year 2016, the Government of Netherlands provided funding worth USD 180.3 billion for enhancing electric vehicle supply equipment, including peer-to-peer networks to companies including BMW AG and Eaton Corporation. Several OEMs and EV manufacturers are looking to strengthen the interoperability of charging infrastructure and electric vehicles, which is expected to enhance the P2P networks.