Electric Vehicle Communication Controller Market Predicted to Exhibit Over 30.0% Explosive CAGR Between 2019 and 2024

In 2018, the global electric vehicle communication controller market generated a revenue of $97.0 million. The market is predicted to reach a valuation of $553.4 million by 2024. According to the estimates of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 34.8% between 2019 and 2024. The rising implementation of favorable government regulations regarding the installation of electric vehicle charging infrastructure is the biggest factor driving the market advancement.

With the soaring pollution levels and deteriorating air quality levels, the popularity of electric vehicles (EVs) is growing rapidly across the world. This is, in turn, boosting the demand for electric vehicle charging facilities and infrastructure. As a result, various governments, charging component providing organizations, and electric vehicle manufacturing companies are making huge investments in the deployment of proper EV charging infrastructure. They are investing heavily in efficient and smart battery charging systems.

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The installation of these charging stations would push up the demand for controllers, which would, in turn, cause the expansion of the electric vehicle communication controller market. Depending on system, the market is divided into supply equipment communication controller (SECC) and electric vehicle communication controller (EVCC). Of the two, the EVCC recorded higher growth in the market in the past few years, on account of the large-scale deployment of plug-in electric vehicles (PEVs) around the world.

Across the globe, the electric vehicle communication controller market registered the highest growth in Asia-Pacific (APAC) in the years gone by. In this region, China witnessed more than half of the global sales of electric vehicles in 2018. The lucrative subsidies provided by the governments of many regional countries on the purchase of EVs boosted the sales of these vehicles in the region in the last few years. This subsequently caused the boom of the market in the region.

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Hence, it can be said with full surety that the market would exhibit huge expansion all over the globe in the upcoming years, mainly because of the rising usage of electric vehicles and the enactment of favorable government regulations regarding electric vehicle and charging station deployment across the world.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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This release was published on openPR.