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Valued at $97.0 million in 2018, 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.
Among all regions, the European electric vehicle communication controller market is expected to witness the fastest growth during the forecast period, owing to the increasing adoption of electric vehicles and related charging stations in the region. Furthermore, in Europe, the plug-in electric car market stood at around 384,000 units in 2018, registering nearly 33% increase in sales from 2017. Of the total units, 201,280 were battery electric cars and 182,760 were plug-in hybrid electric cars. Thus, growing adoption of electric vehicles and their charging stations is boosting the demand for electric vehicle communication controller in the region.
Dynamics of Electric Vehicle Communication Controller Market
Increasing investment in charging infrastructure is boosting the growth of the electric vehicle communication controller market. Electric vehicles manufacturers and charging component providers are heavily investing in smart and efficient battery charging systems. Companies are leveraging government provisions to produce electric vehicles and charging stations with more capacity and efficiency, thereby driving the demand for electric vehicle communication controller. For example, in October 2018, Chargefox Pty. Ltd. received an investment of $15 million from multiple investors, including a $6 million grant from the Australian Renewable Energy Agency (ARENA). Chargefox will utilize this amount in installing rapid electric vehicle chargers across Australia, which will increase the requirement of the controllers. Hence, rising investment in the charging infrastructure is driving the growth of the market.
Development of new technologies, such as vehicle-to-grid (V2G) for two-way electricity demand management system, offers potential opportunities for electric vehicle communication controller market players. In view of the growing use of electric vehicles and demand for easy accessibility to charging ports, the players in the market are focusing on the development of advance charging stations. The load on electric grids is increased when multiple vehicles are connected to them for charging. To overcome this, the players are focusing on developing the V2G charging technology. This will boost the demand for the controllers.
Electric Vehicle Communication Controller Market Segmentation Analysis
On the basis of system, the electric vehicle communication controller market is categorized into electric vehicle communication controller (EVCC) and supply equipment communication controller (SECC). Of these, EVCC held larger volume share in the market in 2018, owing to the increasing sales of plug-in electric vehicles (PEVs). A total of 2.1 million PEVs were sold in 2018, registering 64% growth in sales recorded in 2017. Globally, the sales of these vehicles are driven by their increasing production and government support in the form of subsidies and incentives to customers for the purchase of these vehicles. For instance, in the U.S., customers of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) benefit from tax credit of $2,500–$7,500, depending on the size of the vehicle and its battery capacity.
The EVCC category is further bifurcated into technology and vehicle type. Based on technology, the market in the BEVs category is expected to attain faster growth during the forecast period. The market in this category can be primarily driven by stringent environment norms and government polices supporting the adoption of BEVs. Such factors will drive the growth of the electric vehicle communication controller market.
Among all charging types, conductive charging was larger category, in terms of sales volume, in the electric vehicle communication controller market. This is attributed to the low price and early adoption of conductive chargers for personal vehicles across the world.
Global Scenario of Electric Vehicle Communication Controller Market
Globally, Asia-Pacific (APAC) held the largest share in the electric vehicle communication controller market in 2018. This is ascribed to the high adoption of electric vehicles and installation of related charging stations in China in recent years. Rising environmental concerns, growing government support in the form of subsidies for electric vehicles and related charging stations, and decreasing total cost of ownership (TCO) are driving the demand for electric vehicles, which in turn, is positively affecting the growth of the market in the region.
Competitive Landscape of Electric Vehicle Communication Controller Market
Major players operating in the global electric vehicle communication controller market includes LG Innotek Co. Ltd., Tesla Inc., BYD Co. Ltd., Schneider Electric SE, ABB Ltd., Ficosa International SA, Robert Bosch GmbH, Vector Informatik GmbH, Siemens AG, and Mitsubishi Electric Corporation.
Key Questions Addressed/Answered in the Report