Peer-to-peer EV charging to experience significant growth

An increase in e-mobility is the main push behind the adoption of peer-to-peer electric vehicle charging technologies, according to a research report from Fact.MR. 

In a news release, the company said the global peer-to-peer EV charging market is projected to experience significant growth, with an estimated value of $1.5 billion in 2024. Fast-forward to 2034 and the market is projected to surge to a value of $7.9 billion. And a compound annual growth rate (CAGR) of 18% is expected from 2024 to 2034.

“The growing popularity of electric vehicles coupled with government regulations on the use of renewable energy is driving global peer-to-peer electric vehicle charging market growth,” said Fact.MR in the release. 

They said the integration of technologies like bidirectional charging, the Internet of Things, data analytics, on-site energy resources, and smart energy management apps are helping to boost sales of advanced peer-to-peer EV charging systems.

“Through the adoption of advanced peer-to-peer electric vehicle charging technologies, people can use electric vehicles (EVs) as distributed energy storage systems and utilize the energy whenever needed,” they said, adding that “advancements in battery and charging technologies are contributing to the transformation of the automotive sector.”

The United States is anticipated to capture 45.6 per cent of the North American market share by 2034, while the sale of these systems in Japan are projected to reach US$603.87 million by the same period. Furthermore, demand for residential systems/technologies may reach a market value of US$4.4 billion — again, by 2034.

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