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Electric Vehicle Communication Controller Market: By System Type (Supply Equipment Communication Controller [SECC], EV Communication Controller [EVCC]), By Vehicle Type (Plug-In, Hybrid, Battery Operated), By Current Type (Alternating current [AC], Direct current [DC]), By Charging Type (Wired Charging [Plug-In], Wireless Charging [Inductive Charging]), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Global Electric Vehicle Communication Controller Market to surpass USD 1,281 million by 2031 from USD 74.3 million in 2021 at a CAGR of 32.9% in the coming years, i.e., 2021-2031.
Electric vehicle communication controller is directly connected as it improves the charging performance of hybrid and electric vehicles. The increase in production and consumption of new electric vehicles is driving the expansion of the electric vehicle communication controller market. The market for electric vehicle communication controllers is expected to grow due to advancements in electric vehicle technology and increased investment by automakers in electric vehicles. The impending energy crisis, as well as the need to minimize greenhouse gas emissions, has prompted vehicle manufacturers to undertake major efforts to lower their vehicles' energy usage. Moreover, they are currently developing vehicles partly or fully driven by electricity, which drives the demand for hybrid and electric vehicles, eventually impacting the market growth.
Global Electric Vehicle Communication Controller Market is projected to project a notable CAGR of 32.9% in 2031.
The growing popularity of electric vehicles has boosted the market for electric vehicle communication controllers, affecting market growth. In addition, the government's desire to reduce carbon emissions is propelling the demand for electric vehicle communication controllers. Furthermore, the demand for quick charging in electric vehicles is likely to boost market growth. The development of electric vehicles and electric vehicle communication controllers by automakers will help the market flourish.
Battery operated segment is expected to grow with the maximum CAGR during 2021-31
During the forecast period, the BEVS category market is expected to increase at a quicker rate. Stringent environmental rules and policies that encourage the use of BEVs often drive the market in this category. The market for electric vehicle communication controllers will also grow as a result of these causes. Due to the increasing sales of plug-in electric vehicles, EVCC represented a large volume share of the market in 2018. (PEVS).
Wired segment is anticipated to grow at a notable CAGR during the forecast period
Within the electric vehicle communication controller market, wired charging was the most popular charging type in terms of sales volume. This is generally linked to the inexpensive cost of conductive chargers for private vehicles and their widespread use.
Growth in production and increasing demand of new cars is driving the market
The electrical vehicle communication controller is directly connected to electric and hybrid automobiles, as it considerably improves the charging performance of hybrid and electric vehicles. Due to an increase in the production and use of new electric vehicles, demand for electric vehicle communication controllers is expected to rise. The electric vehicle communication controller market is expected to grow due to advancements in electric vehicles, charging infrastructure, and battery technology, as well as increased investments by manufacturers in electric vehicles.
Growing government initiatives for electric vehicles is another key market driver
The electric vehicle communication controller sector in the passenger car segment is predicted to grow in response to rising demand for quick charging. Government initiatives and support for electric vehicles, such as lower tax rates and interest rates on vehicle loans, are expected to drive demand for electric vehicles, propelling the electric vehicle communication controller market.
Unavailability of Electric Vehicle infrastructure is expected to hinder the market
The energy crisis and the need to reduce greenhouse gas emissions have prompted vehicle manufacturers to try to reduce the energy consumption of electric vehicles, and they are currently developing vehicles that are entirely powered by electricity, which is expected to drive demand for electric and hybrid vehicles, negatively impacting the market. In addition, the lack of EV infrastructure would stifle market expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The market in Asia Pacific is predicted to grow the most, followed by North America and Europe. During the projection period, it is also expected to be the largest market. China and India, two of the world's fastest growing economies, are located in the region. The governments of these developing economies have recognised the electric car market's growing potential and have taken a variety of steps to entice major OEMs to produce electric vehicles in their home markets.
Several factors were affected by the COVID-19 problem in the automobile sector. According to experts, consumer spending remained low throughout the first several months of the lockout, and purchasing preferences turned toward necessities rather than luxury, badly impacting the business. Despite this, the EV industry has grown as people have become more aware of the dangers of pollution caused by automobiles. COVID-19 also caused a drop in shared mobility, which fueled the EV industry and the EV communication controller market at the same time.
Global Electric Vehicle Communication Controller Market is further segmented by region into:
Electric Vehicle Communication Controller Market Segments:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 74.3 million |
|
Revenue forecast in 2031 |
USD 1,281 million |
|
Growth Rate |
CAGR of 32.9% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
System Type, Vehicle Type, Current Type, Charging Type and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
LG Innotek, Tesla, Schneider Electric, ABB, Mitsubishi Electric, Ficosa, Robert Bosch LLC, Efacec, Vector, and Siemens |
Electric Vehicle Communication Controller Market size was estimated at USD 74.3 million in 2021 and is expected to reach USD 1,281 million in 2031.
The electric vehicle communication controller is a key element facilitating communication between a vehicle and an electric vehicle charger for rapid charging. The electric vehicle communication controller acts as a medium for the exchange of information between an internal battery and the ECU of the vehicle.
The Battery operated segment accounted for the largest Electric Vehicle Communication Controller Market share.
Key players involved in the market include LG Innotek, Tesla, Schneider Electric, ABB, Mitsubishi Electric, Ficosa, Robert Bosch LLC, Efacec, Vector, and Siemens.
Increasing adoption of EV is considerably boosting the electric vehicle communication controller market. Also, government concern for reducing carbon footprints is driving the market of electric vehicle communication controller.
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