Demand for Electric Vehicle Communication Controller to Reach $553.4 Million By 2024 | LG Innotek Co. Ltd., Tesla Inc., BYD Co. Ltd., Schneider Electric SE, ABB Ltd

The electric vehicle communication controller market growth can be ascribed to the soaring investment in electric vehicle charging infrastructure. EV manufacturers and charging component providers are investing heavily in smart and efficient battery charging systems. Besides, the integration of electric vehicle communication controllers is driven by the government provisions that aim to enhance the uptake of EVs by boosting the availability of electric vehicle supply equipment (EVSE) with higher capacity and efficiency. These factors will increase the market size from $97.0 million in 2018 to $553.4 million in2024, at a massive CAGR of 34.8% during 2018–2024.

Additionally, the development of novel technologies is offering numerous growth opportunities to electric vehicle communication controller market players. With the soaring demand for EVs and easy accessibility to charging stations, market players have shifted their focus toward the development of improved charging ports and stations. For instance, these players are developing the vehicle-to-grid (V2G)charging technology to ease the load on electric grids that is increased when numerous EVs are connected to them for charging, by helping supply power from the EV battery to it via the EVSE.

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Besides, many companies are involved in the large-scale production of conductive charging ports due to the low price and early induction of these chargers for personal vehicles. These firms are also expected to increase the production of inductive charging systems in the coming years owing to the escalating demand for these chargers, as they facilitate quick plug-in electric vehicle (PEV) charging and hassle-free functioning. The key players involved in the production and installation of these EV chargers include Mitsubishi Electric Corporation, LG Innotek Co. Ltd., Schneider Electric SE, ABB Ltd., Vector Informatik GmbH, and Tesla Inc.

Furthermore, EV manufacturers, charging communication and transaction system developers, and EVSE providers are collaborating with each other to develop improved communication systems for EVs and charging stations. For example, Fortum Corp., in July 2019, entered into a partnership with MG Motor India Pvt. Ltd. to set up 50-kW DC fast-charging stations for EVs in India. Under this agreement, Fortum Corp. was to install EVSE at the showrooms of MG Motor in Mumbai, Hyderabad, Delhi/NCR, Bengaluru, and Ahmedabad.

The system segment of the electric vehicle communication controller market is bifurcated into electric vehicle communication controller (EVCC) and supply equipment communication controller (SECC). Of these, the EVCC bifurcation accounted for the larger market share in 2018 due to the soaring demand for plug-in electric vehicles (PEVs), 2.1 million of which were sold globally in 2018. During the forecast period, the SECC category is expected to demonstrate the faster growth in the market owing to the surge in the installation of charging stations for EVs, worldwide.

Globally, the Asia-Pacific (APAC) region adopted the highest number of electric vehicle communication controllers in 2018 due to the subsidies offered by several governments on the purchase of EVs, which is, in turn, leading to the rapid installation of EVSE. Due to this very reason, of all the APAC nations, China has exhibited the largest adoption of electric vehicle communication controllers. Furthermore, Europe is expected to display a rapid installation of charging stations and adoption of EVs, thus leading to a sharp growth in the demand for electric vehicle communication controllers in the coming years.

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Thus, the soaring adoption of EVs and installation of EVSE will enhance the induction of electric vehicle communication controller systems in the foreseeable future.

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This release was published on openPR.