Why will Sales of Electric Vehicle Communication Controllers Boom in Asia-Pacific in Future?

The escalating air pollution levels and the rapid environmental degradation all over the world are the major factors fueling the popularity of electric vehicles. Moreover, with the surge in electric vehicle deployment in several countries, the demand for proper electric vehicle charging infrastructure, including charging stations, is growing rapidly, which is, in turn, propelling the requirement for electric vehicle communication controllers. Electric vehicle manufacturing companies and charging component developers are making huge investments in efficient and smart battery charging systems.

Many organizations are leveraging government provisions for manufacturing electric vehicles and charging stations having more efficiency and capacity. For instance, the Australian Renewable Energy Agency (ARENA) provided a grant worth $6 million to Chargefox Pty. Ltd. in October 2018. This amount will be utilized by Chargefox for deploying rapid electric vehicle chargers all over Australia, which will, in turn, push up the demand for electric vehicle communication controllers in the country.

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Apart from the aforementioned factors, the emergence of new and advanced technologies such as the vehicle-to-grid (V2G) for two-way electricity demand management system is also creating lucrative growth opportunities for the electric vehicle communication controller manufacturing companies across the world. Due to the mushrooming usage of electric vehicles and the burgeoning requirement for easy accessibility to charging stations and ports, the industry players are increasingly focusing on developing advanced charging stations.

Because of the above-mentioned factors, the demand for electric vehicle communication controllers is surging sharply, which is, in turn, driving the advancement of the global electric vehicle communication controller market. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $97.0 million in 2018 to $553.4 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 34.8% between 2019 and 2024.

Between conductive and inductive charging types, the demand for conductive charging is predicted to rise enormously in the coming years. This will be because of the low prices and the large-scale usage of these chargers, especially for personal vehicles, all over the world. The popularity of inductive charging type is also predicted to shoot up in the future years, primarily because of the fact that the inductive chargers allow rapid PEV charging and smooth functioning.

Geographically, the sales of electric vehicle communication controllers are predicted to boom in Europe in the forthcoming years. This will be due to the surging deployment of electric vehicles and electric vehicle charging stations in the region. Moreover, the ballooning sales of electric cars in the region are also fueling the rapid expansion of the electric vehicle communication controller market in Europe. As per reports, the sales of electric cars grew by around 33% in Europe from 2017 to 2018.

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Therefore, it can be said without any hesitation that the demand for electric vehicle communication controllers will skyrocket all over the world in the upcoming years, mainly because of the growing requirement for electric vehicle charging facilities and stations, on account of the rising deployment of electric vehicles in various countries.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.