EV Charging Management Software Platform Market Expected to Influence Growth until 2031
The EV charging management software platform market is projected to reach $25,922.4 million by 2031 from $980.0 million in 2021, growing at a CAGR of 36.7% during the forecast period 2022–2031. The EV charging management software platform market growth is expected to be driven by the proliferating demand for electric vehicles across the globe and government initiatives toward a pollution-free environment. The EV market will rapidly grow and evolve in the coming months and years to reach critical mass. Savvy operators will begin with a software solution that can scale with the market, allowing them to monetize and grow their business investments.
Read Report Overview: EV Charging Management Software Platform Market
Market Lifecycle Stage
EV charging management software enables e-mobility service providers and EV charging operators to manage all aspects of EV charging, maximizing charger uptime and providing EV drivers with a seamless charging experience. Furthermore, the software enables EV charging providers to monetize their services. Some of the major benefits of EV charging management software include energy usage and cost optimization, complete control of charging infrastructure, remote management of EV infrastructure, seamless charging experience for drivers, possibility of cost reduction and revenue generation, automation of EV billing and payments, and the ability to achieve interoperability.
Impact of EV Charging Management Software Platform Market
As electrification and electric vehicle adoption continue, government initiatives and policies for electric vehicles contribute significantly to the advancement of this vision. Over the last few decades, governments around the world have been attempting to find ways to reduce vehicle carbon dioxide emissions. The advancement of electric vehicle technology is a catalyst for reducing tailpipe emissions from ICE vehicles. Effective policies and regulations are being implemented to accelerate the global adoption of electric vehicles. These ongoing efforts by governments in various countries and areas facilitate the growth of electric vehicles, which is expected to boost the EV charging management software platform market and ensure better and cleaner air quality in the coming years.
Demand — Drivers and Limitations
Following are the demand drivers for the EV Charging Management Software Platform Market:
- Growing Sales of Electric Vehicles
- Ease of Use of Software and Smartphone Application
- Government Initiatives toward a Pollution-Free Environment
Following are the challenges for the EV Charging Management Software Platform Market:
- Risk of Cyber Attacks
- Lack of Standard Protocols to Develop Software Platforms
- Increase in Energy Demands with Exploding EV Sales
Analyst’s Thoughts
According to Dhrubajyoti Narayan, Lead Analyst, BIS Research, “The EV charging management software platform is critical to business success because it meets the operational excellence and EV driver satisfaction requirements of EV charging operators. Furthermore, the right software platform allows operators to optimize energy management, bridging the mobility, and energy worlds for the greater good of the planet. The increasing popularity and ease of use of software and smartphone applications is one of the key factors driving the EV charging management software platform market over the forecast period. For instance, EVBox Charging Management Software tracks, manages, and optimizes the EV charging network by providing detailed information via their business portal to manage charging on the go via its EVBox Charge app.”
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, and analyzing company coverage, product portfolio, and market penetration.
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Recent Developments in the EV Charging Management Software Platform Market
- In February 2022, EV Connect Expands EV Charging-as-a-Service Program supported by investor Mitsui & Co., Ltd. (Mitsui) was launched. The program combines hardware, software, and service offerings with flexible payments to EV Connect customers to create a one-stop shop for worry-free EV charging.
- In June 2022, NovaCHARGE announced successful pilots of a new Hot Standby feature that provides mobile network redundancy and eliminates single-point failover at the mobile carrier level were completed. This feature enables more robust EVSE communications to address the critical need for timely EV charging in fleet, workplace, public, and high-density residential customers.
- In September 2021, e-Mobility Power (eMP), the major provider of electric vehicle charging in Japan, migrated and consolidated its complete network of over 27,000 chargers to the Driivz end-to-end EV charging and smart energy management software platform.
- In February 2021, EVBox launched a real-time EV charging infrastructure Insights business portal. The new business portal Everon, a brand of EVBox, allows fleet and site managers control over the functioning of their EV charging infrastructure.
