The global electric vehicle communication controller market was valued at $97.0 million in 2018, which is projected to reach $553.4 million by 2024, witnessing 34.8% CAGR during 2019–2024. Based on system, the electric vehicle communication controller (EVCC) category dominated the market during the historical period.
Larger share of the EVCC category in the electric vehicle communication controller market is ascribed to the increasing production and sales of plug-in electric vehicles (PEVs) across the globe. A total of 2.1 million PEVs were sold in 2018, registering 64% growth in sales recorded in 2017. Government support in the form of incentives and subsidies to customers for the purchase of PEVs and environmental concerns are some factors driving the adoption of these vehicles, globally.
Collaborations and Partnerships between Electric Vehicle Manufacturers and EVSE Providers are a Key Trend in Market
Several electric vehicle manufacturers, charging station equipment providers, and developers of charging communication and transaction systems are entering into collaborations and partnerships with each other, to develop enhanced communication systems used for electric vehicles and charging stations. For instance, in July 2019, Fortum Corp., an electric vehicle supply equipment (EVSE) provider, partnered with automobile manufacturer MG Motor India Pvt. Ltd. to set up 50 kW DC fast charging stations for electric vehicles in India. Under this agreement, Fortum Corp. agreed to install charging stations across MG Motor’s showrooms in Hyderabad, Bengaluru, Ahmedabad, Delhi/NCR, and Mumbai.
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Increasing Investments in Charging Infrastructure Supporting Market Growth
With the increasing demand for electric vehicles worldwide, the existing charging infrastructure is required to upgrade for higher efficiency and easy accessibility. To fulfill this demand, electric vehicle manufacturers and charging component providers are largely investing in efficient and smart battery charging systems. Companies are leveraging government provisions to produce electric vehicles and charging stations with more capacity and efficiency, thereby driving the growth of the electric vehicle communication controller market.
Segmentation Analysis of Electric Vehicle Communication Controller Market
Geographical Analysis of Electric Vehicle Communication Controller Market
Among all regions, APAC held the largest share in the electric vehicle communication controller market in 2018. In the region, China accounted for more than half of the world’s electric vehicle sales in 2018; and thus, it was the largest market for electric vehicle communication controller. With regional governments offering subsidies on the purchase of electric vehicles, the demand for electric vehicles and related charging stations is expected to witness considerable growth in the region, further positively affecting the regional market. Furthermore, the governments are also taking initiatives for the installation of electric vehicle charging stations in their countries. In 2018, APAC accounted for more than 65% share in electric vehicle charger installations across the world. Such factors are positively affecting the adoption of electric vehicles and related charging stations, which in turn, boosting the electric vehicle communication controller industry in the region.
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
Market Segmentation by Charging Type
Market Segmentation by Region