Electric Vehicle Communication Controller Market Future Trends, Prominent Players, Industry Impact and Forecast by 2024

The global electric vehicle communication controller (EVCC) market is expected to generate a revenue of $553.4 million by 2024, increasing from $97.0 million in 2018, and is predicted to progress at a 34.8% CAGR during the forecast period (2019–2024), according to a report by P&S Intelligence. The major factors leading to the growth of electric vehicle communication controller market are rising investments in charging infrastructure and growing government support for deploying electric vehicle charging infrastructure.

When system is taken into consideration, the market is divided into SECC and EVCC, between which, the EVCC division held the major share of the market, in terms of volume, in 2018. The rising sales of plug-in electric vehicles (PEV) is creating high demand for EVCC. The adoption of these vehicles has been rising due to the supportive government policies in the form of incentives and subsidies. The SECC division is expected to advance at a faster pace during the forecast period due to the growing installation of charging stations.

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The development of advanced technologies, including vehicle-to-grid (V2G) for two-way electricity requirement management grid, is providing opportunities to the players operating in the EVCC market. As the utilization of electric vehicles is rising, the need for increased accessibility to charging ports is growing as well. Attributed to this, companies in the domain are focusing on developing advanced charging stations. The development of the V2G charging technology will decrease the load on electric grids, if multiple vehicles are connected for charging.

In conclusion, the demand for EVCC is growing due to the increasing adoption of electric vehicle and rising government support.

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