The latest market report published by Credence Research, Inc. “Global Electric Vehicle Communication Controllers Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 57.23 million in 2020 and expected to reach a healthy CAGR of over 31.9% during the forecast period from 2021 to 2027 to reach around USD 301.36 million in 2027.
Global Electric Vehicle Communication Controllers Market, 2020 – 2027 (USD Million)
Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-communication-controllers-market
The invention of fast charging technologies was necessitated by the evolution of high-power batteries. EVCC aids in the more reliable fast charging of a vehicle. The market for EVCC is likely to be driven by increasing demand for quick charging in the passenger vehicle segment.
Key Trends in Global Market
Advanced Technology in EV
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. Since it improves the charging efficiency of electric and hybrid vehicles, the electric vehicle contact controller is directly connected to them. The increase in production and use of new electric vehicles is gaining traction for electric vehicle communication controller market.
Commercial Vehicles Driving Market Growth
In the commercial vehicle sector, the demand for EVCC is predicted to develop significantly, as these vehicles are used to transport and deliver heavy loads over long distances and require a high range and reliability. In these cars, EVCC can play a critical role in assisting with quick charging. The progress of the electric bus segment has been aided by increased sales of electric buses, especially in China. Numerous nations are anticipated to substitute their current fuel-based bus fleets with electric buses in the near future. During the next few years, the growing tendency of substituting fossil fuel-based public transportation fleets with electric buses would propel the market growth of electric commercial vehicles.
Global Market by System Insights
There are two systems available in the market. One is and Vehicle-based Communication Controller which has maximum revenue generation in 2020. Due to the focus of several manufacturers of EV on the production of this controller and high focus on reduction in carbon emission, this segment dominated the market in 2020. While the other system which is, Supply Equipment Communication Controller is anticipated to gain traction in the forthcoming years.
Global Market by Charging Type Insights
Global market is segmented based on Charging Type as Wired Charging, and Wireless Charging. In 2020, wired charging led the market share, due to the growing demand for quick-charging, which necessitates vehicle ECUs communicating with EVSEs using a regular protocol. However, due to an increase in the adoption of driverless and ridesharing EVs, the wireless charging segment is anticipated to expand significantly in the forthcoming years. There has been an increase in demand for driverless electric vehicles (EVs) in countries like the United States and China, which mainly use wireless charging technology.
Global Market by Regional Insights
The demand in Asia Pacific is projected to expand the most, followed by North America and Europe. In the upcoming years, it is also anticipated to be the largest sector. China and India, two of the world’s fastest growing economies, are located in the area. The governments of these emerging economies have recognised the electric vehicle market’s growth potential and have taken a variety of steps to entice major OEMs to produce electric vehicles in their home markets.
Global Market Competitive Landscape
Most prominent players in the global market include Mitsubishi Electric, LG INNOTEK, Efacec, Siemens, Tesla, ABB ltd., Ficosa Corporation, Engie, Schneider Electric and Vector. The report covers very detailed profiles of these key players.
Global Electric Vehicle Communication Controllers Market by System, 2015 – 2027
· Vehicle-based Communication Controller
· Supply Equipment Communication Controller (SECC)
Global Electric Vehicle Communication Controllers Market by Charging Type, 2015 – 2027
· Wired Charging
· Wireless Charging
Global Electric Vehicle Communication Controllers Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicle Communication Controllers Market: Key Players
· LG INNOTEK
· Mitsubishi Electric
· Ficosa Corporation
· Schneider Electric
· ABB ltd.