Global Electric Vehicle Communication Controller Market is valued approximately at USD 41.08 million in 2018 and is anticipated to grow with a healthy growth rate of more than 33.90% over the forecast period 2019-2026.
Electric vehicle communication controller is a device used for communication amongst the electric vehicle and charger for rapid charging of the electric vehicle. This device not only receives power from electric vehicle supply equipment (EVSE), it also works as the gateway to exchange the data between the vehicle Electronical Control Unit (ECU) and external charger. Increasing sales of electric vehicle, rising government incentives and support towards electric vehicles, increased focus on reduction in carbon emission and heavy investments by automakers in electronic vehicles are the few factor responsible for high CAGR of the market over the forecast period.
For instance, as per the Edison Electric Institute it is estimated that global electric vehicles sales totaled about 312,000 in Q1 2018, up from nearly 58% compared to Q1 2017. Also, it is estimated that number of electric on the road in the United States, is about 8,90,000 in 2018, an increase from number of electric vehicles of approximately 6,00,000 in 2017. Also, Indian government has approved a scheme to spend $1.4 billion to subsidize sales of hybrid and electric vehicles as part of efforts to reduce pollution and minimize dependence on fossil fuels. Thus, rising production of electric vehicle followed by favorable government initiatives is promoting the sales for electric vehicles thereby, promoting the demand for electric vehicle communication controller around the world. Moreover, use of vehicle-to-grid (V2g) EV charging stations for electric vehicles along with increasing demand for wireless charging safety and convenience are the major factor likely to offer lucrative growth opportunity to the market in the upcoming years. However, lack of standardization in charging infrastructure is one of the factor anticipated to limiting the growth of global electric vehicle communication controller market during the forecast period.
The regional analysis of global Electric Vehicle Communication Controller Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of revenue and market share owing to the strict emission regulation standards to cope with increasing emissions, growing demand for electric vehicles and rising industrialization in this region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as rising government initiatives to reduce tax rate on the electric vehicle, increasing penetration of electronic vehicles and presence of stringent emission norms in the region that would create the lucrative demand for the electric vehicle communication controller across the Asia-Pacific region.
Major market player included in this report are:
- LG Innotek
- BYD Auto
- Schneider Electric
- Mitsubishi Electric
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
- EV Communication Controller (EVCC)
- Supply Equipment Communication Controller (SECC)
By Charging Type:
- Wired Charging (Plug-In)
- Wireless Charging (Inductive Charging)
By Electric Vehicle Type:
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
By Vehicle Type:
- Passenger Car
- Commercial Vehicles
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2016, 2017
- Base year – 2018
- Forecast period – 2019 to 2026
Target Audience of the Global Electric Vehicle Communication Controller Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers