The global electric vehicle communication controller market is projected to attain USD 436.5 million, by 2026, and is anticipated to grow at 32.5 CAGR from 2020 to 2026, as per a new report by Million Insights. Advancement in charging solutions along with rising demand for electric vehicles is boosting the market growth. Prominent players in the industry include LG INNOTEK and Tesla, Inc. which are engaging in offering advanced charging solutions.
In addition, the growing trend of wireless charging in an electric vehicle is projected to support market growth. Different automobile manufacturers and OEMs have partnered with one another for developing wireless charging technologies. For example, Continental AG, HELLA GmbH, AB Volvo, and Enide have partnered with UNPLUGGED project for developing wireless solutions. Moreover, the growing adoption of electrical vehicles is proliferating the need for a vehicle to grid technologies (V2G) where in automobile charge ups the batteries. Thus, the development of this technology is estimated to positively affect the growth of the EVCC market.
Government authorities across Germany, U.S., and China have collaborated with institutions like Delaware University and Sandia National Laboratories for developing V2G technology. Additionally, a rising number of private-public partnerships in the development of the electric vehicle communication controller (EVCC) is boosting the need for wireless solutions. For example, in 2012, Exelon Corporation, and other OEMs along with the government of the U.S have formed the Mid-Atlantic Grid Interactive car consortium which is intended for V2G technology development.
Key manufacturers in the market are Tesla, Inc.; ABB, Ltd.; BYD Auto; LG INNOTEK; Mitsubishi Electric; Ficosa; Robert Bosch LLC; Vector; Schneider Electric; and Efacec.
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Further key findings from the report suggest:
• Supply equipment communication controller segment is projected to propel at a significant rate due to rising need for fast charging solutions.
• Based on charging type, wireless charging technologies are projected to grow with the highest CAGR during the forecasted period.
• Battery EVs segment is projected to expand with considerable pace owing to the increasing number of OEMs initiatives towards EVCC development.
• Asia Pacific is anticipated to witness significant growth due to supportive government regulations regarding electric vehicles.
Million Insights has segmented the global electric vehicle communication controller market based on system, charging type, electric vehicle type, application, and region:
Electric Vehicle Communication Controller System Outlook (Revenue, USD Thousand, 2015 - 2026)
• Vehicle Based Communication Controller
• Supply Equipment Communication Controller (SECC)
Electric Vehicle Communication Controller Charging Type Outlook (Revenue, USD Thousand, 2015 - 2026)
• Wired Charging
• Wireless Charging
Electric Vehicle Communication Controller Vehicle Type Outlook (Revenue, USD Thousand, 2015 - 2026)
• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
Electric Vehicle Communication Controller Application Outlook (Revenue, USD Thousand, 2015 - 2026)
• Passenger Vehicle
• Commercial Vehicle
Electric Vehicle Communication Controller Regional Outlook (Revenue, USD Thousand, 2015 - 2026)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East & Africa