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EV Charging Communication Unit Market Report- Expansive Coverage on the Profit Sources
According to the latest research by InsightAce Analytic, the Global EV Charging Communication Unit Market is valued at US$ 123.59 Mn in 2022, and it is expected to reach US$ 1,068.88 Mn by 2031, with a CAGR of 27.20% during the forecast period of 2023-2031.
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Electric vehicles (EVs) interface with charging stations through standardized communication protocols. The vehicle charge communication unit is required to support the most prevalent AC and DC charging standards globally. To assess the interoperability between charging stations and various virtual EV models, the Electric Vehicle Communication Controller (EVCC) is utilized. These controllers enable the rapid development of smart charging infrastructure by offering flexibility and compatibility with multiple standards. Typically, three types of controllers are available, each capable of supporting two distinct charging stations with differing requirements.
The global expansion of EV charging infrastructure has significantly contributed to market growth and attracted substantial investments. Anticipated technological advancements-such as increased charging speeds, enhanced connectivity, and the implementation of standardized communication protocols-are expected to further accelerate industry development. To support this momentum, it is essential for governments to introduce clear regulations, financial incentives, and funding initiatives aimed at encouraging EV adoption and the deployment of charging stations.
List of Prominent Players in the EV charging communication unit market:
• Akka Technologies
• Auto Motive Power (AMP)
• Continental AG
• Dana Limited
• Ficosa Internacional SA
• Hyundai Mobis
• LG Innotek
• Mitsubishi Electric Corporation
• Neusoft Corporation
• Qualcomm Technologies, Inc.
• Robert Bosch GmbH
• Sensata Technologies, Inc.
• STMicroelectronics N.V.
• Vector Informatik GmbH
• Vitesco Technologies GmbH
• Tesla
• BYD Auto
• Schneider Electric
• ABB
• Vector
• Siemens
• Engie
• Mitsubishi Electric
• Wallbox
• Heliox
• Spark Horizon
• Leviton
• Blink Charging
• Clippercreek
• Other
Market Dynamics:
Drivers-
The rising demand for electric vehicle (EV) charging communication units is primarily driven by advancements in fast-charging technologies and the development of high-capacity batteries. These innovations are expected to significantly boost the adoption of EV communication controllers, which are essential for ensuring safe and efficient charging operations. Furthermore, the increasing interest in wireless charging systems and vehicle-to-grid (V2G) capabilities is anticipated to fuel further growth in the market.
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Challenges:
Despite the promising growth prospects, the EV charging communication unit market faces several challenges. One of the major hurdles includes the lack of standardized communication protocols and a shortage of skilled professionals, particularly in emerging economies. These issues are compounded by the effects of COVID-19, which led to widespread lockdowns and disrupted supply chains, causing delays in EV adoption and infrastructure deployment.
Regional Trends:
The North American market for EV charging communication units is projected to hold a leading share in terms of revenue and is expected to grow at a robust CAGR in the forecast period. This growth is driven by increasing EV adoption, supportive government initiatives aimed at expanding charging infrastructure, and rising investments in the sector. Meanwhile, Europe also commands a substantial share of the market. The region's growth is supported by stringent regulatory policies, the emergence of innovative startups focusing on wireless EV charging solutions, strategic partnerships, and elevated research and development expenditure-all contributing to the acceleration of market expansion.
Recent Developments:
• In Nov 2023, Ford Motor Company has formally declared the acquisition of Auto Motive Power (AMP), a energy solutions provider. Ford incorporated AMP's sophisticated charging technology to optimize the electric charging infrastructure and battery management systems for its electric vehicle fleet.
• In Oct 2023, LG Innotek emerged as a global leader in the field of electric vehicle charging. The company is acknowledged in the industry for its important international standards-based patents on EV charger components. LG Innotek obtained patents for crucial electric vehicle (EV) and autonomous driving technologies.
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Segmentation Of EV Charging Communication Unit Market-
By Vehicle Type-
• Passenger Vehicle
• Commercial Vehicle
By Propulsion Type-
• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
By Charging Type-
• Wired (Plug-In)
• Wireless (Inductive Charging)
By Current Type-
• Alternating Current (AC)
• Direct Current (DC)
By Component Type-
• Software
• Hardware
By System Type-
• Electric Vehicle Communication Controller (EVCC)
• Supply Equipment Communication Controller (SECC)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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