The global electric vehicle communication controller market is projected to reach $553.4 million by 2024, growing at a CAGR of 34.8% during 2019–2024.
With the increasing pollution levels in the air, the need for reducing the carbon emissions is more dire than ever. Since the burning of fossil fuels is one of the most significant reasons behind these emissions, the process needs to be controlled or entirely done away with.
On account of the concerns regarding air pollution and global warming, the usage of diesel and gasoline-based vehicles is being discouraged and electric vehicles (EV) are being promoted. With the public also doing its bit by rapidly adopting such transportation modes, the need for the charging infrastructure, commonly known as electric vehicle supply equipment (EVSE), is also surging.
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Thus, with the growth in EV sales and EVSE installations, the electric vehicle communication controller (EVCC) market is predicted to grow, from $97.0 million in 2018 to $553.4 million in 2024, at a CAGR of 34.8% during the forecast period (2019–2024). EVCC is responsible for establishing the communication between the electronic control unit (ECU) and the EVSE, hence extremely important in EVs.
The EVCC is generally available for battery EVs (BEV) and hybrid EVs (HEV); during 2014–2018, BEVs accounted for the higher installation rate of these components because of their higher sales, as these are completely emission-free.
Around the world, Asia-Pacific (APAC) accounted for the highest integration rate of EVCCs in EVs, during the historical period.
This was a direct result of the high sale of clean-energy vehicles and installation of charging stations in the region, primarily in China. This is the reason that in APAC, the electric vehicle communication controller market in China was historically the largest.
Extreme pollution levels, government support and strict emission reduction policies, and reducing cost of ownership are driving the EV sales in the region. In the coming years, the industry would progress the fastest in Europe, owing to the increasing EV sales and charging station integration.
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Competitive Landscape of Electric Vehicle Communication Controller Market
Key players operating in the global electric vehicle communication controller market includes LG Innotek Co. Ltd., BYD Co. Ltd., Tesla Inc., Schneider Electric SE, Ficosa International SA, ABB Ltd., Robert Bosch GmbH, Siemens AG, Vector Informatik GmbH, and Mitsubishi Electric Corporation.
Electric Vehicle Communication Controller Market Segmentation
Market Segmentation by System
- By technology
- Battery electric vehicle (BEV)
- Plug-in hybrid electric vehicle (PHEV)
- By vehicle type
- Passenger car
- Commercial vehicle
- By technology
Market Segmentation by Charging Type
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