The transition to electric mobility is gaining momentum, and software technology is set to play a crucial role in this shift. Software not only enhances the functionality of electric vehicles (EVs) but also contributes to better vehicle utilization, reducing the reliance on fossil fuels and offering economic benefits to both businesses and consumers mentioned in the report by Praxis Global Alliance. Five key software systems are central to this transition: Battery Management Systems (BMS), Charging Management Systems (CMS), Fleet Management Software (FMS), Transport Management Software (TMS), and Parking Management Systems (PMS).
Battery Management Systems (BMS) are essential for ensuring the safe and reliable operation of batteries, particularly in EVs. BMS extends battery lifespan by preventing issues like overcharging and discharging. It also provides accurate measurements of the State of Charge (SoC) and State of Health (SoH), giving users a clear understanding of the battery’s condition. The design of a BMS includes several critical components, such as thermal management for temperature regulation, a cell equalizer for balancing cell voltages, and a measurement unit for precise monitoring. BMS can be categorized based on design, topology, and voltage. The design aspect includes basic protection circuits and more advanced systems that integrate control circuitry and display modules. Topology-based classifications divide BMS into centralized and decentralized systems, reflecting different approaches to monitoring and controlling battery cells. Voltage-based categories include low-voltage and high-voltage BMS, with the latter addressing the varying needs of EVs. The market for BMS includes several key players, contributing to its growth and innovation.
Charging Management Systems (CMS) is another critical component in the EV ecosystem, helping users find charging stations, reserve sessions, and manage EV charging processes. CMS oversees tasks such as handling invoices, simplifying billing, and efficiently monitoring energy usage. One of its standout features is the automation of accounting processes, enabling the creation of accurate reports without manual data entry. CMS also identifies user patterns and adjusts charging schedules accordingly. It is widely used by charge point operators, EV users, and fleet owners, facilitating communication and saving time and money for all involved. CMS also optimizes energy use, reducing operational costs by maximizing charging efficiency and minimizing downtime at charge points. Additionally, the ability to locate nearby charging points adds convenience for users.
Fleet Management Software (FMS) is vital for optimizing EV fleets. FMS offers features such as fuel management, maintenance tracking, and real-time monitoring, ensuring smooth operations. It also plays a key role in contract management, driver behavior analytics, and route optimization. Telematics, a part of FMS, aids in asset tracking, compliance management, and vehicle diagnostics, contributing to efficient operations and resource utilization. FMS benefits include informed decision-making, fuel cost savings, and predictive maintenance, which detects issues early to minimize downtime and costs. By analyzing trip data, FMS can plan EV range and reduce range anxiety. It also enhances driver safety by tracking behaviors such as seat belt usage, speeding, and harsh braking.
Transport Management Systems (TMS) serve as a central hub for streamlining logistics operations and optimizing energy consumption. TMS helps businesses plan, execute, and optimize the movement of goods, ensuring compliance and proper documentation. It processes inputs such as order information, real-time traffic, weather conditions, and financial data. TMS offers significant benefits, including route optimization, reduced freight expenses, real-time visibility, and improved rate selection. TMS plays a pivotal role in modern logistics, offering essential tools for navigating transportation complexities and enhancing operational efficiency.
Parking Management Systems (PMS) simplify parking administration through automation, providing real-time insights into space occupancy. PMS uses IoT, RFID, and biometric technology to optimize space and facilitate EV charging. It enhances user experience, improves security, and generates revenue through data-driven decisions. Businesses benefit from increased availability, transparent allocation, and streamlined EV charging, while residential societies can monetize and optimize parking spaces.
The opportunity for software solutions in electric mobility is estimated at $0.4 billion in FY24 and is expected to grow at a compound annual growth rate (CAGR) of 27%, reaching $1.6 billion by FY30. The charger management and battery management software segments are expected to grow at 53% from FY23-30, driven by the increasing demand for EVs. Meanwhile, TMS and FMS are expected to grow at 21%, reflecting the growing emphasis on operational efficiency.
