The electric vehicle (EV) market is growing rapidly and impacting the energy market and associated services. As OEMs integrate more software-defined solutions into EVs, a potential market for digital products and services (P&S) exists. EV-dedicated digital P&S allows key participants to continuously monetize these solutions through new revenue models. In terms of a broader classification, EV digital services can offer solutions for charging, energy management, vehicles, value-added services (VAS), and eCommerce opportunities. EV digital products can cover one or more of the sub-services and functions under these service classifications. Digital products can be broadly classified into 3 types: stand-alone products, platforms, and white-label platforms, which cover software or software + hardware; they can be further monetized through new business models, such as platform-as-a-service (PaaS), software-as-a-service (SaaS), and hardware-as-a-service (HaaS). Major global OEMs, including GM, Ford, Stellantis, Tesla, and Hyundai Motor Group (HMG), are creating dedicated business divisions for EV-related and new energy businesses, further enhancing the importance of strong EV digital product portfolios. Market opportunities for EV digital P&S range from OEMs and end customers to charging business companies, energy service providers, mobility and fleet operators, and repurposing or recycling companies.

In this study, Frost & Sullivan identifies about 36 EV digital P&S; it observes that it is a highly competitive market with more than 200 participants. The study also covers functions and sub-functions of EV digital P&S and highlights market opportunities for each. The more services, functions, and sub-functions a digital product covers, the higher its value addition and monetization prospects.