|Status : Published||Published On : Feb, 2020||Report Code : VRAT4064||Industry : Automotive & Transportation||Available Format :||Page : 185|
The global electric vehicle communication controller market is expected to reach USD 374.1 million by 2024, growing at a CAGR of 33.6% during the forecast period. The global electric vehicle communication controller market is growing at a noteworthy pace, due to the increasing adoption of electric vehicle and several government initiatives taken across the globe. Among the vehicle type segment, passenger cars contribute major share to the market. With the occurrence of high-power batteries in the automotive industry, the demand for fast charging has accelerated rapidly. This, as a result, will boost the demand for fast charging type in the passenger vehicle sector.
The Electric Vehicle Communication Controller act as a key component supporting communication between electric vehicle and charger for fast and reliable charging. EVCC is a gateway between external charger and vehicle ECU (Engine Control Unit) assisting in exchanging the information mutually through communication.
Insight by System
On the basis of system, the market is bifurcated into electric vehicle communication controller (EVCC) and supply equipment communication controller (SECC). Among both the system types, EVCC segment is expected to grow at the fastest rate in the market. In addition, the SECC is the control unit that runs the communication protocol and the segment is expected to grow in sector were vehicle safety is one of the prime disquiets. However, EVCC sector captures major market share in 2018 and is expected to grow rapidly, owing to concerns towards more user-friendly and secure mode of charging EVs.
Insight by Charging Type
On the basis of charging type, the market is subdivided into plug-in and inductive. Among both these charging types, plug-in also known as wired charging mode accounted foremost share in the EVCC market, being one of the most adopted charging methods. However, inductive or wireless charging is one of the most innovative technologies that is aggressively advancing and is expected to be a game changer for the EV market.
Insight by Vehicle Type
On the basis of vehicle type, the market is bifurcated into passenger car and commercial vehicle. Passenger car is expected to account the highest market share in current year. Furthermore, commercial vehicle includes all types of CVs such as LCV (light commercial vehicle), MCV (medium commercial vehicle), and HCV (heavy commercial vehicle) however; the electric vehicle adoption in this sector is less as compared to the passenger cars.
Introduction of Vehicle-To-Grid (V2G) technology in electric vehicle charging station is the major trend in the electric vehicle communication controller market. The V2G technology will enables electric energy to be pushed back to the grid from the battery of an electric vehicle and will as a result help in energy saving.
Electric vehicle adoption is growing rapidly across the globe over the past decade, with the more than five million electric passenger cars sold globally in the year 2018. Europe, China and US are major contributors to the market, with China accounting for approximately 45% of electric vehicle count in 2018. Followed by Europe and US, accounting for close to 24% and 22% respectively. Further, this has boosted the EV charging station growth as well. The total number of charging points active globally in 2018 was projected to be around 5.2 million, growing around 45% year on year. Further, the upsurge was mostly seen in the private charging points. This as a result will impact the electric vehicle communication controller progression in the market.
Absence of standardization in charging infrastructure and diverse government policies and market framework towards carbon emission and fuel consumption may obstructs the growth of the electric vehicle communication controller market.
Geographically, APAC, mainly China is the largest electric vehicle communication controller market as in the region, owing to the largest (around 2.3 million) electric vehicle running on the road. In addition, the region also accounts for noteworthy investment in battery manufacturing, this will further up surge the growth of the China electric vehicle communication controller market in years to come.
Further, US and Europe hold the second and third largest electric vehicle communication controller market share respectively, due to the growing electric vehicle adoption, and the increasing deployment of charging stations. In addition, some of the other developing nations in APAC and Europe are also rapidly deploying the electric vehicle, this as result is also creating a positive impact on the electric vehicle communication controller market growth in the region.
Key players in the electric vehicle communication controller market includes automotive OEMs who are making huge investments in development of new charging technologies and penetration in developing nations. Further, merger & acquisition, collaboration, and new product developments are other key strategies adopted by the vehicle OEMs. For instance, in May 2017, Tesla acquired Grohmann Engineering, a Germany based engineering firm for approximately US$ 150 million to expand their auto-making expertise.
Some of the key players operating in the electric vehicle communication controller market are Tesla, Inc., LG Innotek, BYD Auto, Schneider Electric, ABB Ltd., Robert Bosch GmbH, Ficosa International S.A., Mitsubishi Electric, Siemens AG, and Vector.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research