Growing at 28.9% CAGR | The EV Charging Software Market Share Reach USD 11.1 Billion by 2032

Rise in the trend of electric vehicles in several countries and among individuals is directly influencing the growth of the global EV charging software market.

PORTLAND, PORTLAND, OR, UNITED STATE, August 23, 2024 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " Growing at 28.9% CAGR | The EV Charging Software Market Share Reach USD 11.1 Billion by 2032 ." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global EV charging software market size was valued at USD 1.1 billion in 2023, and is projected to reach USD 11.1 billion by 2032, growing at a CAGR of 28.9% from 2024 to 2032.

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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.

The EV charging software market is segmented on the basis of charging site, charger type, vehicle type, and region. By product type, the market is segmented into operation management, energy management, billing and payments, and others. Based on charging site, the market is segmented into public and private. On the basis of charger type, the market is segmented into level 1, level 2, and level 3. On the basis of vehicle type, the market is segmented into e-2wheeler, e-3wheeler, e-car (personal), and e-car (commercial). Region-wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.

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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.

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.

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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.

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.

Competitive analysis and profiles of the major players in the global EV charging software market include ChargePoint, Inc., EVBox, EVConnect, Shell Recharge Solution, ChargeLab, Inc., Siemens AG, Tesla, Centrica, Driivz Ltd., and Eaton Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the EV charging software market globally.

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Key Takeways:

● By charging site, the public segment accounted for the largest EV charging software market share in 2023.

● By charger type, the level 2 segment accounted for the largest EV charging software market share in 2023.

● By vehicle type, the e-2wheeler segment accounted for the largest EV charging software market share in 2023.

● Region-wise, Asia-Pacific generated the highest revenue in 2023.

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