Rise in sales of electric vehicles and government initiatives
toward a pollution-free environment are expected to propel the
growth of the global EV charging software market.
NEW
CASTLE, Del., May 9, 2024
/PRNewswire/ -- Allied Market Research published a report,
titled, "EV Charging Software Market by Charging Site (Public
and Private), Charger Type (Level 1, Level 2, and Level
3), and Vehicle Type (E-2Wheeler, E-3Wheeler, E-car
(personal), and E-car (commercial)): Global Opportunity Analysis
and Industry Forecast, 2024-2032". According to the report, the "EV
charging software market" was valued at $1.1
billion in 2023, and is estimated to reach $11.1 billion by 2032, growing at a CAGR of 28.9%
from 2024 to 2032.
Prime Determinants of Growth
Rise in sales of electric vehicles and increase
in government initiatives toward a pollution-free environment
are factors expected to propel the growth of the global EV charging
software market. However, risk of cyber-attacks is anticipated to
hamper the growth of the global market. On the contrary, increase
in demand for 5G and IoT in charging stations is expected to create
lucrative opportunities for the growth of the global
market.
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Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$1.1 Billion
|
Market Size in
2032
|
$11.1 Billion
|
CAGR
|
28.9 %
|
Segments
covered
|
Charging Site, Charger
Site, Vehicle Type, and Region.
|
Drivers
|
Growing sales of
electric vehicles
Government initiatives
toward a pollution-free environment
|
Opportunities
|
Future potential of 5G
and IoT
|
Restraints
|
Risk of cyber
attacks
|
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The public segment to maintain its lead
position during the forecast period.
By charging site, the public segment accounted for the largest
share in 2023, contributing for more than half of the EV charging
software market revenue, as it can help to make EVs more accessible
and convenient for residents and businesses. However, the private
segment is expected to attain the largest CAGR of 29.5% during
the forecast period as it offers augmented controlling, minimal
crowd, flexibility, and optimizable solutions.
The level 2 segment to maintain its lead
position during the forecast period.
By charger type, the level 2 segment accounted for the largest
share in 2023, contributing for more than two-fifths of the EV
charging software market revenue, as these chargers can provide up
to 30 miles of range per hour of charging and with the help of
level 2 chargers user can charge their vehicle at home or
workplace, making it more convenient. However, the level 3 segment
is expected to attain the largest CAGR of 30.3% during the forecast
period. As it offers rapid charging, it can go a long way by
helping drivers get past the fear of getting stranded on the road.
Thus, driving the growth of the segment in the global EV charging
software market.
The vehicle type segment to maintain its lead
position during the forecast period.
By vehicle type, the e-2wheeler segment accounted for the
largest share in 2023, contributing for more than one-third of
the EV charging software market revenue, as electric vehicles, such
as electric scooters and bikes, save money as they do not require
fuel and need as much maintenance as compared to traditional
vehicles. However, the personal e-car segment is expected to attain
the largest CAGR of 32.7% during the forecast period. Electric cars
produce fewer greenhouse gas emissions and air pollutants as
compared to traditional vehicles, contributing to a cleaner
environment.
Asia-Pacific
region to maintain its dominance by 2032.
By region, the Asia-Pacific
segment held the highest market share in terms of revenue in 2023,
accounting for nearly one-fourth of the EV charging software market
revenue. Increase in the usage of EV charging software
in businesses to improve businesses and the customer experience is
anticipated to propel the growth of the market in this region.
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Leading Market Players: -
- ChargePoint, Inc.
- EVBox
- EVConnect
- Shell Recharge Solution
- ChargeLab, Inc.
- Siemens AG
- Tesla
- Centrica
- Driivz Ltd.
- Eaton Corporation
The report provides a detailed analysis of these key players in
the EV charging software market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different countries.
The report is valuable in highlighting business performance,
operating segments, product portfolio, and strategic moves of
market players to showcase the competitive scenario.
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