EV Charging Communication Unit Market Expanding Adoption in Passenger and Commercial Vehicles

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global 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))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

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) interact with charging stations through standardized communication interfaces. The vehicle charge communication unit is required to support the most widely adopted AC and DC charging protocols globally. To assess the performance of charging stations and their compatibility with various virtual electric vehicles, the Electric Vehicle Communication Controller (EVCC) is utilized. EV communication controllers provide flexibility in the rapid development of smart charging stations.

Currently, three types of controllers are available, each capable of supporting two distinct charging stations with differing standards. The global expansion of charging infrastructure, coupled with significant investment inflows, has been a major driver of market growth. Anticipated technological advancements, such as faster charging capabilities, improved connectivity, and harmonized charging protocols, are expected to further accelerate market development. To sustain this growth trajectory, governmental policies, including regulations, financial incentives, and grants, play a critical role in encouraging EV adoption and the establishment of comprehensive charging networks.

However, despite the availability of charging infrastructure, inconsistent investment patterns and operational challenges are expected to impede market progress. Prolonged inefficiencies in infrastructure development may constrain revenue growth within the sector.

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

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Market Dynamics
Drivers:
The growth of the EV charging communication unit market is being propelled by advancements in fast-charging technologies and the development of higher-capacity batteries. These innovations are driving increased demand for electric vehicle communication controllers, which facilitate safe, efficient, and convenient wireless charging, as well as vehicle-to-grid (V2G) applications. The rising adoption of EVs and the expansion of associated charging infrastructure are further supporting market growth, with several companies actively developing advanced battery and charging solutions.

Challenges:
The market faces several challenges that could impede its expansion. Regulatory complexities, a shortage of skilled professionals, and the absence of standardized protocols in emerging economies may slow growth. Additionally, the high capital expenditure required for the construction and maintenance of charging stations-especially in low-traffic or underdeveloped regions-remains a significant barrier.

Costs associated with equipment, installation, and electrical infrastructure upgrades, such as high-power transformers or cabling, can be substantial. The COVID-19 pandemic further disrupted the EV charging market by delaying vehicle purchases due to travel restrictions and lockdowns. Supply chain interruptions, affecting materials shared with electric vehicle manufacturing, have also contributed to equipment shortages, impacting overall market development.

Regional Trends:
North America is projected to hold the largest revenue share in the EV charging communication unit market and is expected to achieve a strong CAGR over the forecast period. This growth is supported by the rapid adoption of electric vehicles, government initiatives aimed at expanding charging infrastructure, and increased investment in related technologies. Europe also represents a significant market, driven by stringent regulatory frameworks, the emergence of startups offering innovative wireless EV charging solutions, strategic collaborations, and heightened R&D investment, all of which are contributing to sustained market expansion.

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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.

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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This release was published on openPR.