EV Charging Management Software Platform Market Size

EV Charging Management Software Platform Market Size

EV Charging Management Software Platform Market size was valued at USD 1.1 billion in 2022 and is anticipated to register a CAGR of over 23% between 2023 and 2032. Favourable policies and initiatives focused on promoting the adoption of electric vehicles will foster industry growth. Many governments and regulatory bodies have implemented policies, incentives, and regulations to encourage the adoption of EVs and the development of charging infrastructure. This includes subsidies, tax incentives, emissions reduction targets, and mandates for EV charging stations, all of which create a favourable environment for the EV charging management software platform industry.

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For instance, launched during the 8th Clean Energy Ministerial (CEM) in June 2017, the EV30@30 initiative aims to expedite the adoption of electric vehicles, striving to achieve a target of at least 30 percent new electric vehicle sales by 2030. Presently, the campaign counts 13 member countries and enjoys the support of 23 companies and organizations. This campaign focuses on bolstering the electric vehicle market, encompassing electric light commercial vans, passenger cars, buses, and trucks, which include battery-electric, plug-in hybrid, and fuel-cell vehicles. It also dedicates efforts to the development of charging infrastructure to ensure an adequate power supply for the growing fleet of electric vehicles.
 

The increasing adoption of electric vehicles worldwide has been a significant growth driver and could strengthen the EV charging management software platform market outlook through 2032. According to the International Energy Agency, the electric car market has experienced remarkable growth, surpassing 10 million in sales in 2022.

The proportion of electric cars in overall sales has more than tripled in just three years, climbing from approximately 4% in 2020 to a substantial 14% in 2022. Forecasts suggest that the momentum in electric vehicle (EV) sales is likely to persist throughout 2023, with the first quarter already witnessing the sale of over 2.3 million EVs, marking a 25% increase compared to the same period last year. These numbers could soar to 14 million by the end of 2023, demonstrating a 35% YoY growth.

As more consumers and businesses transition to EVs, the demand for efficient and scalable charging infrastructure and management solutions has risen, leading to the growth of this market. However, the expansion of EV charging infrastructure, particularly in less densely populated areas, can be slow and costly. EV charging management software platforms rely on a robust and widespread charging infrastructure to be effective. The slow development of charging stations in some regions can limit the market's growth since the software's utility is closely tied to the availability of charging points.