The report is titled ‘Payments for Electric Vehicle Charging Stations Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the payments for electric vehicle charging stations market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The payments for electric vehicle charging stations market is expected to grow at a significant rate in the near future.
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Payments for Electric Vehicle Charging Stations Introduction
The electric vehicle sector has developed at an expedited rate in the recent few years, along with beyond 1 million electric cars sold in the year 2017 solely – putting forward the worldwide absolute to over 3 million EVs. This is all prepped to speed up even further. Considering the fact that the countries have turned more cognizant of the environmental influence of fossil fuel engines, authorities have been developing incentives and benefits for EV holders. Such a significant shift from conventional to electric vehicles poses a demand for a group of standardized infrastructure and techniques to be established and incorporated with a view to oblige the transformation from conventional to electric vehicles.
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.
Payments for Electric Vehicle Charging Stations Market Dynamics
In today’s contemporary world, the electric vehicle sector has emerged as one of the most appealing and cutting-edge approaches, which compelled millions of people around the world to shift their preference towards electric vehicles. In support of that, notably, the sales of electric vehicles (EV) have soared up, with rise in all three top automotive markets: the US, China, and Europe. The electric vehicle sales surged by 160% in the initial half of the year 2021 from a former year, to 2.6 million units, reflecting 26% of fresh sales in the worldwide automotive market. Infact, over 1 million electric cars have been sold in the year 2017 only, making it complete to over 3 million EVs. Attributing to such rapid sales and massive traction, there is an emerging need for an appropriate EV charging payment infrastructure and convenient technologies that will facilitate accessible, secure payments.
In the current times, open payments technology provides safe, inter-operating, and suitable solutions. The global 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. Therefore, the payments for electric vehicle charging stations market is projected to rise significantly in the following years.
Numerous countries all around the world are inclining towards electric vehicles as they get more mindful towards environment safety, which is further estimated to contribute positively in the market growth in the near future. However, there is still a lack of an appropriate infrastructure and solutions as it is all the same early days for the electric vehicles industry, which resultantly open up a world of questions for end-consumers who are considering to adopt electric vehicles.
One major challenge EV drivers at present observe is a contradictory experience at the charging station. Attributing to the evolving nature of the ecosystem, drivers time and again are not aware of what to expect. Such factors are likely to restrain the market growth over the forecast period.
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Payments for Electric Vehicle Charging Stations Market Segmentation
The global payments for electric vehicle charging stations market is segmented on the basis of payment type, end user, and by region.
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
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
Payments for Electric Vehicle Charging Stations Market Key Players
The key participating players of the global payments for electric vehicle charging stations market include Apple Inc, Samsung, Google Inc., among others.
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