Electric Vehicle Communication Controller Market is Projected to Surpass $553.4 Million By 2024: P&S Intelligence
Electric Vehicle Communication Controller Market Research Report: By System (EVCC, SECC), Charging Type (Conductive, Inductive), Geographical Outlook (U.S., Canada, France, Germany, Netherlands, Norway, Portugal, Sweden, U.K., Australia, China, India, Japan, South Korea, Brazil, Mexico) – Global Industry Trends and Growth Forecast to 2025
NEW YORK, Dec. 04, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, the global electric vehicle communication controller market share was valued at $97.0 million in 2018, which is projected to reach $553.4 million by 2024, witnessing 34.8% CAGR during 2019–2024. Based on system, the electric vehicle communication controller (EVCC) category dominated the market during the historical period.
Larger share of the EVCC category in the electric vehicle communication controller market is ascribed to the increasing production and sales of plug-in electric vehicles (PEVs) across the globe. A total of 2.1 million PEVs were sold in 2018, registering 64% growth in sales recorded in 2017. Government support in the form of incentives and subsidies to customers for the purchase of PEVs and environmental concerns are some factors driving the adoption of these vehicles, globally.
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Several electric vehicle manufacturers, charging station equipment providers, and developers of charging communication and transaction systems are entering into collaborations and partnerships with each other, to develop enhanced communication systems used for electric vehicles and charging stations. For instance, in July 2019, Fortum Corp., an electric vehicle supply equipment (EVSE) provider, partnered with automobile manufacturer MG Motor India Pvt. Ltd. to set up 50 kW DC fast charging stations for electric vehicles in India. Under this agreement, Fortum Corp. agreed to install charging stations across MG Motor’s showrooms in Hyderabad, Bengaluru, Ahmedabad, Delhi/NCR, and Mumbai.
With the increasing demand for electric vehicles worldwide, the existing charging infrastructure is required to upgrade for higher efficiency and easy accessibility. To fulfill this demand, electric vehicle manufacturers and charging component providers are largely investing in efficient and smart battery charging systems. Companies are leveraging government provisions to produce electric vehicles and charging stations with more capacity and efficiency, thereby driving the growth of the electric vehicle communication controller market.
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The SECC category is projected to witness faster growth in the electric vehicle communication controller market during 2019–2024. The market growth in this category is driven by the increasing installation of charging stations for electric vehicles. In 2018, there were around 538,600 publicly accessible chargers across the world, an increase of 105,360 chargers from 2017. With the growing number of electric vehicles, the demand for charging stations is also expected to increase significantly, further boosting the sales of electric vehicle communication controller.
The conductive charging category is expected to continue holding larger share in the electric vehicle communication controller market during the forecast period as well. This can be attributed to the low price and early adoption of these chargers for personal vehicles, globally. However, the inductive charging category is also expected to witness notable growth in the market during the forecast period, on account of the growing demand for inductive chargers, as these facilitate hassle-free functioning and quick PEV charging.
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Among all regions, APAC held the largest share in the electric vehicle communication controller market in 2018. In the region, China accounted for more than half of the world’s electric vehicle sales in 2018; and thus, it was the largest market for electric vehicle communication controller. With regional governments offering subsidies on the purchase of electric vehicles, the demand for electric vehicles and related charging stations is expected to witness considerable growth in the region, further positively affecting the regional market. Furthermore, the governments are also taking initiatives for the installation of electric vehicle charging stations in their countries. In 2018, APAC accounted for more than 65% share in electric vehicle charger installations across the world. Such factors are positively affecting the adoption of electric vehicles and related charging stations, which in turn, boosting the electric vehicle communication controller industry in the region.
Key players operating in the global electric vehicle communication controller market includes LG Innotek Co. Ltd., BYD Co. Ltd., Tesla Inc., Schneider Electric SE, Ficosa International SA, ABB Ltd., Robert Bosch GmbH, Siemens AG, Vector Informatik GmbH, and Mitsubishi Electric Corporation.
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