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Electric Vehicle Communication Controller Market: Demand, Competitive Landscape, and Key Growth Opportunities Forecast to 2033
Electric Vehicle Communication Controller Global Market
According to The Business Research Company's, The electric vehicle communication controller market size has grown exponentially in recent years. It will grow from $0.13 billion in 2023 to $0.17 billion in 2024 at a compound annual growth rate (CAGR) of 35.9%. The growth in the historic period can be attributed to rising adoption of electric vehicles, government regulations, and incentives, and increasing demand for connected and autonomous vehicles.
The electric vehicle communication controller market size is expected to see exponential growth in the next few years. It will grow to $0.53 billion in 2028 at a compound annual growth rate (CAGR) of 32.4%. The growth in the forecast period can be attributed to resilience to oil price volatility, a shift in automotive industry dynamics, consumer preference for connectivity, and a focus on smart cities. Major trends in the forecast period include increased connectivity, 5G integration, AI and machine learning integration, modular and scalable designs, edge computing.
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Market Drivers and Trends:
The growing demand for electric vehicles is expected to propel the growth of the electric vehicle communication controller market going forward. Electric vehicles (EVs) are automobiles that are propelled by one or more electric motors, using electrical energy stored in rechargeable batteries. With increasing awareness among consumers about the benefits of electric vehicles, both in terms of environmental impact and long-term cost savings, in turns to boost the demand of EV. Electric vehicle communication controller (EVCC) serves as the central communication hub in electric vehicles, facilitating data exchange between various vehicle components, charging infrastructure, and external systems, ensuring efficient and safe operation of the vehicle's electric propulsion system. For instance, in June 2023, according to reports published by a Europe-based autonomous intergovernmental organization, the share of electric cars in total sales had more than tripled in three years, from around 4% in 2020 to 14% in 2022. Therefore, the growing demand for electric vehicles is expected to propel the growth of the electric vehicle communication controller market going forward.
Major companies operating in the electric vehicle communication controller market are focusing on solutions such as e-platform to meet the growing demand for the electric vehicle communication controller market. e-Platform are highly integrated platform with a focus on safety, efficiency, intelligence, and aesthetics that is intended for use with fully electric vehicles. For instance, in September 2021, BYD Auto Co., a Chinese automotive company, launched the e-platform 3.0 for electric vehicles. The platform provides a plethora of features and benefits, such as blade batteries, an independent BYD OS development process, and an integrated 8-in-1 electric powertrain. From A-class to D-class models, the e-Platform 3.0 is compatible with a wide range of vehicle configurations, including front, rear, and all-wheel-drive options.
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Major Key Players of the Market:
Tesla Inc., Siemens AG, BYD Company Limited, Schneider Electric SE, Bosch GmbH, ABB Ltd., Eaton Corporation, Delta Electronics Inc., Webasto Charging Systems Inc., Phoenix Contact GmbH & Co. KG, Wallbox Chargers SL, Enel X, EVBox Group, Pod Point Ltd., ChargePoint Inc., Blink Charging Co., EVgo Services LLC, Efacec Power Solutions, Noodoe Corporation, WiTricity Corporation, EV Connect Inc., Ubitricity GmbH, Tritium Pty Ltd., Chakratec Ltd., JuiceBar EV Charging, DBT-CEV, ClipperCreek Inc
Electric Vehicle Communication Controller Market 2024 Key Insights:
• The Electric Vehicle Communication Controller Market is expected to grow to $0.53 billion in 2028 at a compound annual growth rate (CAGR) of 32.4%.
• Role of Electric Vehicle Communication Controllers in Expanding EV Market
• Electric Vehicle Communication Controllers And The Rise Of Vehicle-to-Vehicle (V2V) Communication
• North America was the largest region in the electric vehicle communication controller market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle communication controller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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