Rising demand for emission free and safe electric vehicles across the globe and the rapid development of fast-charging infrastructure for electric vehicle are the key factors driving the growth of market
Reports and Insights has published a new report titled, “Payments for Electric Vehicle Charging Stations Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Payments for Electric Vehicle Charging Stations Market, By Payment Type (Cashless (Bank Cards, Credit, Debit), Smartphone Wallet (Apple Pay, Android Pay, Samsung Pay), eCommerce (Website Payments, QR Code Payments), Contactless (NFC)), By End User (Commercial (On Road, Public Parking, Other Commercial Sites), Non-Commercial (Non-Residential, Residential) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global payments for electric vehicle charging stations market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
The promptly establishing EV industry, around the world, also compelled an immense surge in the number of electric vehicle (EV) charging stations. For instance, North America: there are currently over 15 EV charging networks in North America, providing over 20,000 charging sites with more than 60,000 charging outlets in the U.S. and Canada.
With this swift surge, the industry is observing a rising need to offer EV holders a steady and simple-to-use payment experience from one EV charging station to the next. It is important to note that the rise in the number of EVs has surpassed the investment in charging infrastructure, owing to which, the implementation of charging stations and affiliated payment methods has been undertaken in a variety of ways, by various industry stakeholders. Owing to which, the global payments for electric vehicle charging stations market is projected to witness substantial growth in the future years.
Notably, the technology needed to execute an open payment infrastructure for electric vehicle charging is already established. Open payment technology can be powered effectively employing the ISO 151181 Vehicle-to-Grid communication standard. Open payments technology provides safe, inter-operating, and suitable solutions. The universal execution of mobile device payment, chip card technology, and tokenization composes a cornerstone on which to line up user-friendly, safe open payments technology into tomorrow’s EVs.
Although there is still a lack of a suitable open payment infrastructure and easy solutions to offer a pleasant experience to EV owners. Digital payments and operator-specific cards are not able to deliver on the comprehensive market needs, which stimulates the need for payment methods which are secure, convenient as well as universal. Such factors are likely to hold back the market growth in the following years.
Having said that, there are numerous benefits and incentives presented by governments and authorities of numerous countries around the world on the adoption of electric vehicles, such as lowered taxes and incentives for scraping ICE vehicles. Such factors are further estimated to accelerate the global payments for electric vehicle charging stations market in the forthcoming years.
Reports and Insights study identifies some of the key participating players in the Payments for Electric Vehicle Charging Stations market globally are Apple Inc, Samsung, Google Inc., among others.
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